You are the 5 people you spend the most time with and if you want to be a real estate investor, chances are you need to adjust who you’re hanging around. Problem is, most of us don’t know any real estate investors personally. Enter the world of masterminds.
First off, what is a mastermind? According to Napoleon Hill, credited as being the godfather of mastermind groups, masterminds are: “The coordination of knowledge and effort of two or more people who work toward a definite goal purpose with a positive mental attitude.”
Success is rarely a secret, especially in the real estate investing community. The real estate investing community is an incredible community. Most investors are willing to share what has worked for them in the past and help you along the way, but if you don’t know anyone in that community, how do you tap into it? Again, enter the world of masterminds.
Top 5 Reasons to Join a Real Estate Investing Mastermind in 2022
- Support & Accountability: going to the gym will simply put you in better physical shape. But find a workout buddy, surround yourself with other gym rats and you’ll imperatively start producing a much healthier you. Joining a real estate investing mastermind is the exact same concept. You surround yourself with people who are doing what you want to accomplish and you’re held accountable to get your reps in. “Each week we have folks show up late to our virtual calls because they were focusing on completing their tasks. They didn’t want to show up to the call and face the group without accomplishing what they committed to accomplishing.”
- Follow in the Footsteps of Success: When it comes to real estate investing, success has left HUGE clues. No need to try and reinvent the wheel and when you join a mastermind, you get immediate access and the ability to tap into those resources and people who are further along in their investing journey.
- Form Lasting Relationships with Amazing People: by joining a mastermind, you’ll be spending hours each month with its members. You get to increase your network immediately and get to know some amazing people who are willing to help you. Also known as a resource to form lasting partnerships to help grow your real estate investing experience and portfolio.
- Build Your Confidence: whether you’re new at real estate investing or focusing on a new niche, surrounding yourself with people who are successful in that area will boost your confidence.
- Get Out of Your Comfort Zone: growth happens outside of your comfort and joining the right mastermind means you’ll constantly be challenged. Challenge yourself to join and you’ll know you found the right group when you exit the meetings feeling challenged and motivated to do more.
But how do you know? How do you know which mastermind is right for you?
5 Things You Need to Consider Before Committing to a Mastermind
- Definite Purpose: Back to Napoleon Hill’s definition, is the prospective mastermind group you want to join aligned with your “definite purpose”. Does the prospective mastermind align with your goals, your niche, your strategy for investing?
- Selection Criteria: some mastermind groups will accept anyone and everyone and grow to thousands of members while others are super selective with whom they extend an invite to join. The later, more exclusive masterminds lead to longer-lasting relationships while the former focuses on the volume of information.
- Cost: there is a huge range when it comes to the cost of joining a mastermind. From the Free (pay for what you get) to the “Guru” $40,000-year tags. My suggestion is to commit to one that will challenge your financial thought process. Don’t embark on an extreme, “if this doesn’t work I’m filing for bankruptcy” mission, and also stay away from the “free” stuff. Find a mastermind that is just above what you were wanting to pay for one. It’ll challenge you and also make you commit more seriously.
- Your Goals: what do you want to accomplish out of joining a mastermind? When you talk to the membership team for the said mastermind, do they convey your goals align with the goals of the mastermind? When you walk away from the mastermind in 12 months, 24 months, or even 36 months later, will you have accomplished what you set out to accomplish?
- Time Commitment: how much time are you willing to commit to mastermind activities? Completing your tasks, attending sessions, either virtually or in person. I recommend allocating 6-12 hours a week for completing tasks and attending sessions for the W2 Capitalist Mastermind, but this # can vary widely depending on the structure and flow of the group you join.
Jay Helms, Founder of the W2 Capitalist Podcast and Mastermind, exited the rat race after 6 years of side hustling in real estate investing. After being laid off due to COVID in May 2020, Jay’s made it his mission to help one million people create multiple streams of income, achieve financial freedom, or build legacy wealth through real estate investing. In the W2 Capitalist Mastermind:
- members have collectively closed on over 1,500 units in the second half of 2021
- 10% of our members officially resigned from their W2 positions in 2021
- over 80% of members double their portfolio or flipping experience within the first 12 months
Jay currently holds over 200 units in his portfolio and has been featured on dozens of podcasts including BiggerPockets, Millennial Investing – The Investor’s Podcast Network, and Millennial Millionaires through Real Estate.