What is a Mastermind Group?
Is it just us or has the term Mastermind really caught fire the last couple years? It’s nothing new, with the term going back to Napoleon Hill in the 1920s. What easily could be dismissed as simple networking groups in the past, have been re branded with a catchy new phrase and added purpose. But the idea is a powerful tool that has really helped us grow Wildhorn Capital, to the point we’ve been able to fundraise tens of millions of dollars, and own over a thousand apartments. In our experience a Mastermind Group is a gathering of usually six to twelve individuals who are linked by a common thread. This could be something as specific as industry or location or something as broad as a shared level of ambition of desired goals. Usually there is some facilitator or admin of the group that requires meetings of the group to happen (in person or online) at some sort of regular cadence.
I’m a member of 3 regular Masterminds—a local one in Austin focused on all things Commercial Real Estate, a virtual Real Estate Mastermind that meets monthly comprised of just multi-family operators, and a entrepreneur-only group that gets together every 6 weeks. My business partner is a part of two other Real Estate Mastermind groups. These groups are integral to how our business operates. In fact we believe in this concept so much that we’re about to launch an invitation-only real estate Mastermind group for folks wanting to build their own multifamily portfolio like we have. It’s a valuable setting for experienced operators and those with the ambition to get in the game. In addition to all of this, I have a business and life coach I speak with every 2 weeks. Needless to say, we’re big believers in the power of the Mastermind, and in surrounding yourself with quality, like-minded people.
Real Estate Mastermind Group Benefits
Looking back, I don’t believe we would have turned our first investment property into a $100+mm portfolio without being a part of these groups. They provided us with a number of benefits early on that include:
First and foremost the entire point of a Mastermind is to push yourself towards whatever you are working towards. Break that down one step further and establish S.M.A.R.T. goals that can be communicated to your group. It’s the group’s responsibility to ensure you are knocking down these goals.
- Brainstorming and Idea Generation
Creativity can be elusive and as a friend says, “Is a dish best shared”. Almost every meeting I find myself hearing something from one of my group mates that instantly sets my neurons firing in a way that I would never have thought of by myself. Bringing that thought to the larger group lets our brain trust pull at the idea further, which has led to quite a few moments of true innovation.
- Mindset Setting & Emotional Support
Being an entrepreneur is exhausting. There I said it! It’s true though, and sometimes being able to whine a bit to a group of folks who have walked the same path as you is therapeutic. What’s most important though is that in my groups we are able to acknowledge each other’s stress but we do our best to lift them up and establish a healthy mindset to get back on that trail and keep pushing forward.
- Comparing Notes & Experiences
This is especially true for real estate Masterminds or other industry specific groups. The amount of best practices we’ve learned from other operators is long and has resulted in better profits across all of our deals. Talk about seeing ROI!
Some of the suppliers, trades and lenders we rely on have been introductions that resulted directly from these groups. A simple but effective benefit
- Friendships & Meaningful Relationships
We’ve partnered on deals, been exposed to private investment opportunities, made friends and been on a few golf trips based on the relationships we’ve made in our groups. As an adult how many opportunities do you have to make meaningful connections that pass the superficial? Another great benefit.
- Up-Leveling Your World
This one is probably one of the biggest benefits we’ve seen. They say that you’re the average of the 5 people you spend the most time with. I can tell you that everyone I’ve met in my Masterminds have been truly impressive and MOTIVATED people. In my constant search to seek out and surround myself with quality, successful people our real estate Masterminds have been a total game changer.
So obviously we think Masterminds are pretty amazing, no matter what industry you are in. We’d highly encourage you to find one, or start one. If you need help with ideas or topics to talk through, or you want to talk to us about our group, as always feel free to reach out.