And How You Can Put it Into Practice
Remember back in school when your teacher would organize group projects?
If you were lucky, you’d have some of your friends with you or even the really smart kid who’d do all the work.
In school, group projects rarely accomplished what they were supposed to. There were always those kids who didn’t carry their weight or “forgot their work at home.”
But when it comes to real-world, life changing skills like real estate investing, learning in a group is always better than doing it yourself.
Tackling real estate with a community of people around you is more efficient than by yourself because …
- Mentors / advisors can clarify any issues you have
- You learn more when discussing with others
- It expands your access to information
Let’s start with the first one …
1. Mentors and Advisors Can Clarify Issues
Unlike in school where students had equal levels of understanding on a given topic, the right real estate group should have quality mentors.
Mentors are there to help you with any questions or problems you may have. But not anyone can be a mentor – in order for them to be successful as a teacher, they need to have accomplished what you’re working towards.
The reason that’s so important is because they can guide you down that path. Since they’ve already done it, they can tell you how to achieve your goals while avoiding pitfalls and mistakes.
Let me give you an example …
Let’s say you want to get involved in real estate investing. You want to build your portfolio and since you know the value of a mentor, you want to get plugged into a community and hire a coach.
And let’s say you already found yourself a community but you’re still deciding on a coach. You have two options:
One coach is where you are right now – learning the ropes of real estate.
The other coach has a multifamily real estate portfolio valued over $300M.
Which one would you hire?
Why’d you choose the second one? Because he clearly has the skills, knowledge, and the experience that you want to have.
The mentor is arguably one of the most important pieces of a group and greatly contributes to the success of all the members as a whole.
So make sure you find a good teacher.
2. You Learn More When Discussing With Others
Teaching is the best form of learning.
To be fair, it’s not like you’ll be preparing presentations and giving lectures, but there will be discussions.
It’s story time …
I hold an event called Deal Maker Live and it walks investors (primarily new ones) through the 4 pillars of the deal making process.
- Deal flow: learning how to get brokers to send you off market deals
- Deal analysis: using the Syndicated deal analyzer to analyze those deals
- Deal capital: raising capital using my proven scripts
- Deal ready: putting it all together to make an offer
It's amazing how fast people learn when they work in groups and bounce ideas of thoughts off of each other.
3. Expand Your Access to Information
What happens when you put people with different backgrounds and experiences into a room with each other?
You’ll get tons of stories, angles, insights, and many different views. Speaking to a variety of people expands your access to information.
If you do everything by yourself, you only have your personal lessons to draw from. But when you’re in a group, everyone has their own tips to avoid failure and pursue success.
That’s extremely valuable. It’s why researchers use focus groups, not focus individuals.
It provides insight and understanding and you can pull from that to get what you want done.
I hope this was helpful to you, not only as an investor, but also as an entrepreneur.
These tips don’t just apply to real estate investing and the education associated with it – they’re applicable to anything you want to achieve.
The journey is easier when you have a tribe surrounding you. Good luck and I’ll see you out there.
