157 – Are You Creating a Private Mastermind?

In this episode, I dig a little deeper into the concept of surrounding yourself with like-minded individuals and eventually creating what I call your own private mastermind. I won’t be talking about your team – realtors, accountants, title agency, or contractors. Instead, I will be talking about your core group of friends in this industry and how they can help shape your business.

I have met a lot of people during my time as a real estate investor. Some have remained friends, some have become very close friends, and others I met once and never spoke to you again. There are various reasons why this happens, and just because I talk to someone once and never again doesn’t mean that I didn’t like them, or that they were not a good person. What it usually means is that I didn’t really have the opportunity to get to know them, we just didn’t have a lot in common, or we just didn’t click. It happens. It’s not a bad thing. You shouldn’t force yourself to hang out with people who you don’t enjoy being around.

Who you choose to spend time with in this industry can have a profound influence on you and your business. We have talked in the past about you being the average of the five people you hang out with most often. If that is true, it makes sense to try to hang out with the most positive, successful, great people that you can possibly find.

What usually ends up happening is that you gravitate towards people who have similar  attitudes and goals as you, which is a good thing. I can think of 4 to 6 people that I talk to most in this industry. Most of them are more financially successful than I am in real estate; meaning that they close more deals, and make more money. Other people I am close to do not close more deals, do not make more money than me, but I think that they are incredible, and know that they will reach the level of success that they are striving for.

The key is to hang around people who help push you up instead of pulling you down. Also, it is a very cool thing to become friends and colleagues with people in this industry who have strengths and knowledge that you do not have. Sometimes you end up being friends with people who are very closely aligned with your skills and knowledge. That’s fine too, but I always love to hang out with people who have attained a high level of success in this industry in an area that I have not yet tackled, or have not yet become that successful in. Associating with these people will make you much more well-rounded, and will create your own little informal mastermind.

I talk a lot about mentors, coaches, and masterminds. They are all fantastic ways to reach your goals much more quickly. Over time, you will create relationships and start to form bonds with people in the industry who can fill in the gaps in your knowledge base. This is like having your own private mastermind of people that you can call up or email anytime you want and get answers to your questions. Some people pay thousands of dollars per year or per month for this kind of access to experts. You can have the same thing if you pay attention and take the time to create lasting business relationships with people in your industry.

Having this podcast has created a very unique and awesome opportunity for me to create relationships and build friendships with people in this industry who live thousands of miles away from where I live. I love the ability to get to know real estate investors outside of my local area. In a very short amount time, I have definitely formed a few close friendships that I’m sure I will have for years to come. All of these relationships have developed because I put myself out there and made an attempt to get to know people.

You can do the same thing in your local area. I know that I had my own little mastermind before I ever started the podcast. My mastermind was made up of super successful, very intelligent real estate investors in my community. My network has grown since starting this podcast, but you don’t need a podcast to accomplish this. Just go out and start meeting other investors; get to know them and, if it all possible, try to add value to their business before ever asking for anything in return.

About the author, Mike

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