About one month into my Iraq deployment last year (2019), I got an email from a friend about a real estate-focused mastermind group for military members and veterans. I found this intriguing, as I had recently read the book Tribe of Millionaires by David Osborne and Pat Hiban (of the Gobundance mastermind) which outlines the benefits of a mastermind group via a fictional story. Surrounding myself with like-minded individuals of a similar background for the purpose of self-improvement sounded appealing to me. I’m always interested in bettering myself and learning more, so this seemed like a logical next step in my personal development. I told my friend that I was interested, but I wouldn’t start it until I came back from deployment. Fast forward a few months, and I submitted my application and joined the mastermind.
It’s been roughly 10 weeks since I started, so I thought I would give some insights into what it’s like being in a mastermind group. Members are divided into 5-6 person ‘squads’ who are encouraged to meet weekly to discuss highs and lows of the previous week, long-term goals, and short-term goals for the week ahead. One person gets to deep-dive into what they’re working on and any problems they’re facing. These are usually in the context of real estate and personal finance, but we discuss fitness goals and work problems as well. In addition, there are roughly twice-monthly webinars for the entire mastermind with more experienced speakers from different real estate backgrounds. These provide a tremendous amount of value because you can ask questions and interact with these individuals.
So What Are the Benefits?
Accountability
This is a huge advantage to being in a mastermind group, and it pays off regularly. Once you are in a squad, you lay out all your goals – short term and long term. My squad helped me realize that I hadn’t set my goals high enough, so I made bigger goals. This reiterates the fact that we are only restricted by the limits we place on ourselves. I couldn’t see this fact myself, but these guys showed me that I could accomplish more.
When you outline your goals for the upcoming week, your squad members will follow up with you during the week and make sure you’re actually doing what you said you would do. Also, the beginning of the weekly meetings involves discussing if you met your goals from the previous week. Some of my past goals have been reading 50-100 pages per week of any book, exercising daily, and reading an article about real estate syndication every day. What good is a goal if there is no follow up to ensure it has been achieved?
Networking
“You are the average of the 5 people you spend the most time with” said Jim Rohn. Networking is probably the most substantial long-term benefit to a mastermind group. Our mastermind in particular has a good mix of beginners and more experienced real estate investors. Some are into lending, some fix-and-flip, some prefer the simple buy and hold strategy, and some do all of those! You also have a wide array of people with experience in different asset classes, such as single family homes, apartment buildings, self-storage, mobile home parks, and more. There seems to be a healthy combination of people looking for deals to invest in, and people with deals that need capital to get started.
Personal Development
Many people join masterminds because they have a good idea of what they need to do to get moving in the right direction, but they just need that bit of encouragement from like-minded individuals. It’s also a fantastic forum in which you can bounce ideas off of others. The group is diverse enough such that whatever problem you’re having, there’s probably someone else that has had a similar experience. Or they’ve read an article/book or listened to a podcast about it.
Is A Mastermind for You?
As with life in general, the more effort and time you put into your mastermind experience, the more you get out of it. Some members are more involved than others, and there is a direct correlation between time spent and value gained. On a similar note, the more you give the more you get. If you are willing to give to others (be it knowledge, time, or money) the universe will pay it back many times over. It’s also inherently rewarding to help others and see them grow. Though it is certainly not for everyone, I have personally enjoyed the mastermind experience so far, and will continue to participate as much as I can in the future.
Have you been in a mastermind group? Tell me your thoughts in the comments section below. Also, the War Room Real Estate Mastermind Group is always looking for military members and veterans who want to learn and grow and help others. Send me an email to learn more.