Hey Moguls, Doug Van Buskirk back again…
No matter where you are in your career as an investor, today’s lesson is going to be one of the most valuable you’ve read in a long time, if you choose to implement.
When I ask real estate investors what their biggest challenges are, I typically get the same couple of answers:
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Don’t have time to invest around my job
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Don’t have money to invest
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Don’t have the know-how
Think about your own situation for a second. What’s your biggest challenge?
So today, I’m going to talk to you about why I believe that time, money or know-how aren’t really your biggest challenges. In fact, there’s actually a key “X-Factor” that’s missing from a lot of investors’ repertoire….
And that’s an Inner Circle of investors or entrepreneurs who “get you” and who work as a support system.
When we really dig deep, almost every investor I know feels kind of isolated, like they’re on an island.
Their bandit sign campaign brought in 17 motivated seller leads this week! But there’s not a single person they can share that with who actually gets it. Sure, friends and family will be happy to hear the good news, but they don’t really know what it’s like to hammer those signs up and wait OCD-style for the phone to start ringing.
We all need people who celebrate our successes AND deeply understand our struggles.
You’ve taken the first major step simply by getting involved with Real Estate Mogul, so you’re in the right place – where ideas are shared and picked apart and where opportunities are presented for everyone’s gain.
But, if you’re still itching to take your business to the next level…
I highly recommend pursuing a small-group Mastermind setting.
A big benefit is the support system, but that’s only scratching the surface of what you’ll get out of a Mastermind.
Each and every one of us approaches life and business from a very narrow perspective. It’s not a bad thing – it’s just that the way we interpret the world and the way we interact with the world is based on our life experience up to this point.
The more perspectives we can incorporate into growing our business, the better position we put ourselves in.
We can eliminate blind spots and make sure that we’re not vulnerable to things that we may not have thought about on our own.
But here’s the most Important thing…
Support and new ideas are awesome, I think you’d agree. But in all of my Mastermind experiences up to this point, there’s been one transformative element that I believe you can apply as well:
Competition and Accountability.
Not a “me or them” kind of competition, but a friendly competition… and drive to raise your own standards.
I’m in a Mastermind right now with guys and gals running multi-million dollar businesses in North America, Asia, Latin America and Eastern and Western Europe.
When I’m too tired to keep working, or I want to knock off early, guess what I think about?
I think about them saying, “Come on, really?” I think about our next call together and having to say that I didn’t hit the targets I committed to hit in my business.
As I’m sure you know, it’s pretty easy to go back on a commitment to yourself. Heck, no one will even know… except yourself, and you’ve already come up with a bunch of great reasons why you can’t follow-through, right?
Look, it’s happened to me more times than I can count. However, I find that it happens much less when I know I have to answer to someone else about it.
Are you starting to see how a Mastermind can be the X-Factor that allows you to make the most out of all the hard work you’ve put in so far?
And, man, we haven’t even talked about the benefits of tapping into the networks of everyone in your MM group (Six Degrees of Separation anyone?).
The possibilities are endless.
So how the heck do you get involved?
Maybe you’re thinking, “This is all great Doug, but I don’t know any investors who I can Mastermind with – that’s the problem in the first place!”
Touché.
Well, as we look ahead to how you’ll implement this lesson, I’d like to give you 3 options to consider, with the preface that you’ll very likely need to get resourceful!
Option 1: Pay for it
I typically only join paid Mastermind groups, because when people pay for stuff, they tend to take it more seriously. And it usually (but not always) guarantees a high-quality group of successful people.
The energy of the group is a big component of the Mastermind’s power, and obviously you’d like to have the energy of highly successful people (including yourself).
But what if that’s not financially viable for you?
Option 2: Find an already existing, free Mastermind
Just because it’s free doesn’t necessarily mean it’s low quality. You’ll just need to do your due diligence before committing time and resources.
The group doesn’t have to be strictly real estate investors. In fact, it’s better when it’s not! Sometimes the best thing for your business is a fresh perspective from someone completely removed from your way of thinking.
I’ve actually never been part of an “all investor” mastermind, as I think diversity is a big part of the draw.
Before you go searching, get clear on what you want AND what you can contribute. The process is absolutely a two-way street!
Option 3: Start your own Mastermind (talk about establishing credibility as an investor!)
Remember, there are investors all over the country who are dying to connect with other like-minded investors who understand them (one of the reasons that Mogul is such a breath of fresh air).
Once again, you’ll need to get clear on what you want and what you can contribute.
Think about how easy it is to connect with people all over the world because of the internet...
Do you think you could find a couple investors who would like to join that kind of group?
I hope you just pumped your fist and said “Heck yea!” Because it’s true.
No matter which option you take, I highly recommend starting by reading Napoleon Hill’s Think and Grow Rich. The entire book is required reading for any serious entrepreneur, but if you need to hold off on reading the whole thing, just skip to Chapter 10 “Power of the Mastermind: The Driving Force.”
You’ll get it right from the horse’s mouth, as Mr. Hill was the first to popularize and explain the collective power of the group.
Cheers,
Doug Van Buskirk
Post your thoughts and feedback below.
Do you ever feel like you’re on an island in your business? If so, how has that affected you? What’s your biggest takeaway from this lesson? Look forward to reading and responding to your comments!
Recognize the endless benefits that come from being part of Mastermind-type groups
Join either a paying or free Mastermind to being reaping the rewards and sharing your goods as well
Start your own group if you can’t find one you like