Let’s be honest: Real estate investing can be a lonely business, especially when you’re starting out and haven’t found your “group” yet. Sure, you meet with sellers and talk with lenders, but at the end of the day, we’re typically one-man bands. So what’s the problem with being your own boss and being a team of one?
Well, for starters, you likely don’t have anyone to bounce ideas and questions off of. There are so many scenarios and strategies in this industry that even the most experienced investors are still learning each and every day. The market and technology are constantly changing, and it’s important to stay knowledgeable in the business. In my experience, this means learning from other investors.
As the founder of a real estate mastermind group, I’ve found you can only learn so much from books and online courses when it comes to real estate investing. This business is all about relationships and making smart moves — moves that come from your experience or from someone you know and trust.
This is why real estate investors who have an abundance mindset and talk strategy with other investors are the most successful in my opinion. They aren’t scared of sharing the “big secret” to investing because there are so many strategies and an endless number of motivated sellers. Even if they share how they do their follow-up or how they get their offers accepted when they aren’t the highest and best, you aren’t going to put them out of business. There’s more than enough to go around.
Connecting With Other Investors
I’ve found that in a professional organization or mastermind type group, there can be over a hundred different investors who are completely open to sharing their files, strategies and lessons learned because they know they’ll get what they give, tenfold. They understand that together, we’re all able to grow faster and easier. I can’t tell you how many times a week I see a quick question posted in my group with multiple answers and offerings to hop on a call to discuss.
No matter what group or organization you find, it’s important to find other like-minded investors who have an abundance mindset and understand that together, everyone wins. I think we’ve all heard the saying about being the sum total of the five people we surround ourselves with most.
When building your support network, consider:
• How many deals you’re currently doing.
• How many deals you want to be doing.
• What strengths you bring to the table.
• What areas you can improve upon.
• If you are ready to be vulnerable and take criticism constructively.
• If you’re ready to grow on a personal and business level.
You might find a local group that meets in a coffee shop once a week. You might find a nationwide organization. You might find a few other investors near you that you trust and “click” with. Go with whatever decision is right for you.
Developing An Abundance Mindset
When you’re first getting started in the industry, join Facebook groups that are related to local real estate investing (specific to the market you want to invest in). Be a fly on the wall and see what others are posting about. Absorb as much as you can.
It’s common to see people ask for a mentor or coach without having done any work in learning the business themselves. You need to put in the work to figure out the foundations of the industry, which you can do from YouTube videos, watching other investors, attending local meet ups, etc. Investors are often willing to help out, but to spend the time teaching you everything would take too much of their time.
Learn everything you can to show that you are a hard worker, are eager to learn and have been putting in the time to get your business off the ground. In my experience, most investors have an abundance mindset with others who they trust and who clearly value their relationship.
As we become more seasoned investors, having these valued relationships can increase our opportunities to help others in the business. We’re more capable of providing expertise from firsthand experience. We’ve been in your shoes and don’t mind shortening your learning curve.
There’s a fine balance between learning on your own and creating relationships and learning from others. Lean on others and ask questions. Be there when someone else needs help.
The question is: Do you have an abundance mindset?