Mastermind events are these great events generally put on by one or more experts in any given field. Some people might also call these conferences. Same idea. Generally, I attend real estate investing masterminds and I attend multiple masterminds a year. Many different people from different walks of life and expertise are either speaking or attending the events too. It will help you to meet some mentors, build a network, and hopefully get answers to any questions you might have.

I just attended a mastermind in Dayton, Ohio. My good friend, Jerry Green, hosted the mastermind. He has a business called Real Estate Solutions and has been in the real estate space for many years.

As a real estate investor, you don’t need to only go to real estate masterminds. You can go to masterminds for marketing, sales, and small business operation.

Listen to the episode here!

Why Attend a Mastermind?

I attend these frequently enough because I think they are great opportunities to get great ideas out in the open and work on them. Time is a valuable currency and masterminds can help you fast track ideas because of the networking and the ability to work through new ideas or issues you have.

  • Could you learn all the things at the mastermind on your own? Sure. It would take more effort and more time, but you could do it and save yourself a little cost. Time can be argued as more valuable than money. But, that is your decision to make.
  • As you start to get successful in whatever real estate investing you choose, you will need to network with the people who are the level of success above you. They will understand what more money in a business can do to a person, what stressors there are, and how to get through them.
    • You don’t have to ditch the people who are the level of success below you, but networking with people who are where you would like your business success to be is better than staying with people who aren’t actively looking to achieve more success.
  • If the mastermind is smaller, you can sometimes get to a Q & A. You will tell the group what pain points you have been having for whatever amount of time and they might be able to offer you a solution in 5 minutes. YOU HAVE BEEN STRESSING FOR WEEKS OVER THIS PROBLEM THAT SOMEONE ELSE SOLVED IN 5 MINUTES. That, right there, should make it worth it to you.

The Nuggets of Knowledge I Received

  • Amanda Holbrook was on my show a few weeks ago and she talked about self-directed IRA account and doing real estate deals in them. The episode is great, but I got so much more information from Amanda at the mastermind.
    • At the end of the day, your self-directed IRA (which should be a Roth IRA), is one of the best IRAs you can get. They take the taxes out before it goes into the Roth IRA, meaning you can take it out tax-free and without a capital gains tax.
      • That means you are tax-free after age 60 because of your retirement account. No income taxes at all.
    • You can open a self-directed IRA account with only $500. You can buy real estate in your IRA account. All the gains go into the account.
    • You can even wholesale a contract from the IRA acoount.
    • This means that the entire deal done inside the account is tax free. You keep the entire net amount. None goes to Uncle Sam.
  • Setting up funds for real estate investing.
    • I learned how people get paid and how to structure the fund.
    • I also learned I can wholesale to my own fund!
      • There are some rules to it, but it can be done. The investors get an equity piece to the wholesale and I get the assignment fee.
  • Me, as the visonary entreprenuer, needs to focus on the things that I am good at and the things that I enjoy doing.
    • Everything else needs to be off-loaded to the people who want to do it.
    • It’s not super easy because you have to create systems and communicate how things should be done. It doesn’t just happen the minute you hire your first employee.
    • Heads up, if you have never hired someone before, this is not going to be easy and there will be times when you think hiring a person completely sucks.

Therefore…

Masterminds, especially for those who are real estate investing beginners or real estate entreprenuers, can give you so much value. Not all of them are going to be homerun masterminds, but most of them will offer you some value. It’s good to network with like-minded people. It’s good to learn new things and save yourself time.

Don’t Forget!

If you love the returns of real estate investing, but don’t want to deal with any people, you have the option to be the bank. You can be part of a trust or a fund. Right now, I have a fund set up for accredited investors with over $5 million in assets. The fund has preferred interest and 70% profit sharing. Visit me at investwithdrmatt.com to find out if you have the opportunity to invest with us.

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