Real Estate Mastermind Meetings are a Must

Scott Costello All, Blog 10 Comments

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 continue to invest in probate in Morris County?

This was a question I asked in one of my last posts, Using My Money Else Where.  The suggestions and information I received from the group helped me answer the question.  For one, my probate lead provider doesn’t supply leads for Mercer County because he actively markets to that area and doesn’t want the competition.  That combined with the fact I’m getting responses from my mailers has lead me to continue to market to Morris County.

Over the past week I’ve advertised on Craigslist to try and sell some of the leads and have gotten a few hits but nothing has gone through just yet.  I’m going to continue that path for the next 30 days, posting every other day, to see if I can get some one who is interested.

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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Scott Costello

Scott is a part time wholesaler, but full time real estate investing addict! As his family grows and his free time shrinks,He has been slowing building his wholesaling business over the past 7 years in between life events.Drive, dedication and never giving up are his strengths.
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Comments 10

  1. Pingback: The Benefits Of Attending Real Estate “Mastermind Meetings” | Real Estate Investing News Watch Blog Aggregator

  2. Scott –

    I have a couple of Craigs List accounts like you. I do have a question for you re: posting your houses for sale.

    When you are posting a house for sale on the site are you leaving off the exact address and just putting an area so you don’t get shut down?

    Thanks
    Sharon

    1. Post
      Author

      Sharon,

      I haven’t yet gotten a house under contract to advertise on craigslist so maybe your question is best answered by someone who has.

      To find buyers I just browse the ads and look for “we buy houses” and anything about foreclosure

    2. If you are linking to a site that has your property don’t put the full address, but also make an ad where there isn’t a link or anything and has all of the details of your property.

        1. Right. Sometimes people just want to know everything right then and there. Yet some people think you are more legitimate if they are taken to a website

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  4. Scott,

    I like that you’re having such positive results with your coaching program. Next week I am meeting with my coach for the first time and am really psyched to get started. I hope I have a great experience like you!

    Eileen-WI

    1. Eileen,

      It’s just very important to trust what your coach is telling you. I have many reservations about doing things because of fear, but knowing you have the full support of someone else is a great thing.

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