Real Estate Mastermind Meetings are a Must

Posted on 01. Oct, 2010 by in General

September 27, 2010 by Scott Costello

I’ve always heard other successful investors like Steph Davis, David Alexander, Steve Cook and many others credit much of their successes to master mind meetings.  For those that aren’t quite sure what a Master Mind group is, it’s a handful of like minded individuals who meet every so often to talk about their business, share ideas and hold each other accountable.

As part of the coaching program I’m in there is a mastermind meeting with Jon and the other students once a month.  This past weekend was my first meeting and I must say that I can definitely understand why so many people rave about them.  Even though I have a strict rule about no real estate investing on the weekends, these meetings are very important to my success so I had a chat with my wife who agreed it was a good idea to go.

In total, the meeting lasted about 4 hours.  The way it worked was that each person went over their progress from the last meeting and then brought up 3 areas/questions in which they believe they needed help with.  At this point the others would chime in with advice to help solve the problems.  I brought up the following…

What is the best way for me to spend my limited time in order to be successful?

I got some pretty good advice and I also found out that there where 2 other people at the meeting who are in almost the identical position I am in with work, family and rei.  Here is a quick hit list of ideas that I got…

  • Get a call service to help filter seller calls
  • Call people back during lunch hours and right after work before eating dinner and working out
  • If I don’t have time for a deal or it’s out of my area, refer it to another person in the coaching program and work it together
  • Hire a help to hang bandit signs, and answer phones

I got a lot out of the suggestions and I realized I’ve been handling my time a good way this year.  Until I get things rolling I need to get the most bang for my time as well as buck!

Should I try and involve my wife more in my Real Estate Investing?

It’s always good to have help and with out opposite work schedules, having Valarie participate would make some of the daily tasks much easier.  My biggest hold up was that she never has really shown much interest and if I forced her to help, or if she was just helping because she loved me, we would end up in some unnecessary arguments.

Some of the other students suggested that I bring my wife to one of the meetings.  That may help, but it also may backfire depending on the meeting.  What happens if she talks to someone that just lost 20k on a bad deal?  She’d be even more against this.  Jon gave me some good advice to just let things go as they have been going.  Val understands what I’m trying to do and it’s obvious she doesn’t want to know all the details.  In the end I agree completely.

I look forward to the next meeting!

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