The Mastermind Principle
Hello fellow investors!
I recently did an interview with an online TV show. For the most part, the interviewer wanted to know what my background was, how I “made it” as a real estate investor, what my “success traits” are, and so on. While the interview was supposed to be about me, I did my best to give the viewers as many success tips as I could.
Some of those were persistence, determination, self-educating, goal setting, time management, passion, work ethic, and living by the golden rule. But I also gave a success tip that not everyone is familiar with. I emphasized the importance of being part of a mastermind group.
The terms “mastermind group” and “mastermind principle” were coined by the late Napoleon Hill, author of the #1 bestseller, Think and Grow Rich. Here’s how he defines the mastermind principle…
“The Mastermind principle consists of an alliance of two or more minds working in perfect harmony for the attainment of a common definite objective. No two minds ever come together without a third invisible force which may be likened to a “third mind.” When a group of individual minds are coordinated and function in harmony, the increased energy created through that alliance becomes available to every individual in the group.”
While that quote pretty much sums it up, the video below goes more in depth. It’s of Napoleon Hill himself reading an excerpt from his book. He recorded this video during or soon after 1937, so it’s definitely a throwback. (But that made me enjoy it even more!) Here you go …
If you’re trying to make it big in real estate, I highly encourage you to form your own group so that you can benefit from the tremendous power of that third, invisible mind. Here’s how:
1. Attend local real estate investing meetings on a regular basis and accumulate a sizable list of contacts over time. You can also build up these contacts by contacting wholesalers on MyHouseDeals.com and/or posting deals on MyHouseDeals.com. You’d be surprised how many people say that their favorite part of the website is “networking.”
2. Then reach out to a few of these contacts and try to get to know them on a deeper level. This will likely involve meeting up for lunch or coffee.
3. Arrange for you and the 5 or 10 contacts with whom you get along best to meet on a regular basis to discuss your real estate goals and challenges. And whalla! That’s your mastermind group!
I wish I had done this as a new real estate investor. It could have really helped speed things up. After all, it took me eight months to do my first deal. Talk about frustrating!
But I have been much better about applying the mastermind principle since starting MyHouseDeals.com. For the last three years, I’ve masterminded through a group called EO, which is short for Entrepreneurs Organization. It’s not just for real estate investors. It’s for all business owners.
We talk about issues pertaining to marketing, employees, overall business strategy, managing growth and more. While all of our business are so different, they’re all the same in so many ways. Not only have I gained a lot of ideas that have helped to make MyHouseDeals.com what it is today, I’ve also made a lot of great friends. It’s a great side benefit!
We even go to annual retreats to “bond.” This was new to me. I was never involved in Boy Scouts and never joined a fraternity, so I missed out on all that stuff. But you know what, “bonding” can actually be more fun than I initially gave it credit for! Here’s a pic of me and my group after we spent two days playing games and goofing off at a members ranch…
Don’t do like me and wait so long to get involved with a mastermind group. After all, dramatically increasing your profits while simultaneously forming lasting friendships seems like something you’d want to do sooner rather than later!
So what’s your next action step? Join a local organization that arranges mastermind groups. Or form one yourself. That way, you get to pick the members, and it’s FREE. (I’m sure you like that part.)
Until next time, happy (and profitable) masterminding!
Doug Smith
Founder of MyHouseDeals.com
