Aclassic motivation book, Think and Grow Rich, brought to our attention the concept of building a personal “master mind group.” The author, Napoleon Hill, describes a business strategy that centers on the idea of building a strong group of people who will serve as your counselors and advisers, and who will help you over the years as your career progresses. We both believe strongly in the merits of this strategy, and we’ve incorporated it into many aspects of our lives.
In the real estate world, for example, we have expanded upon the concept to include a broader network of people who collectively can achieve a common goal of business referrals. It has worked for us, and we suggest that you try it on for size. Your group will probably start small and then grow over the years. Most likely, some members of your network will drop out for their own reasons. In other cases, you’ll find a way to drop them.
What’s important isn’t how big your group is at any one time, but rather, how effective it is for you. If you are just starting in real estate investment, building your master mind network may be one of the most important things you do. It will not only energize your business, but it will also create synergies within your group—and helping other people is also good for you, in the long run.
The first step in building your master mind network is to discover your real estate niche and then to exploit it by becoming the best in that niche. Maybe your reaction to this prescription is to say, “But I don’t know what my niche is!” Don’t worry about it. You’re reading this book. You’ll attend a couple of real estate investment classes, if you haven’t already.
You’ll do your homework, in the sense of talking to people who are already in the real estate business. It won’t be very long before you start to find your way. You will gravitate toward the type of real estate that is right for you and that takes full advantage of your particular talents.