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I normally spend the last week or two of December every year reflecting on what I have accomplished in the past year and thinking about what I want to accomplish in the coming year. At the end of 2007, I looked back at the downward trajectory of my net worth during the year, and decided that continuing to do the same thing in 2008 was not a very good plan. I made the decision to start a real estate investing business and to regain some level of control over my financial future.
For the first three months of 2008, I did research on starting a business and read everything I could get my hands on that dealt with real estate investing. At the end of March I set up my LLC and bank account, and ordered some business cards. It took another six months to get up the nerve to start making offers on properties. I finally bought my first foreclosure on 10/31/08.
It was about this same time that I met Jim, Karen, and Kiet by attending the free monthly real estate investing seminars that they were offering at the time. I learned a great deal from these free seminars, so when they announced that they were forming a new Mastermind Group right here in Greensboro, I decided to give it a try. I joined the Triad Mastermind Group in February 2009. In hindsight, it was the best decision I could have made to move my business forward. I have never regretted it.
There is a tremendous amount of essential information available on the Triad Mastermind Yahoo Group – including forms that would cost hundreds of dollars to acquire on your own. The “chat” forum is also a great resource, both as a means of communication amongst the group members and as the venue for asking questions that come up as you encounter new situations in your business. Books, DVD’s, audio tapes, etc. are good training tools, but they only offer a one-way transfer of information. You cannot ask questions to clarify things that you don’t understand. In this business, a small misunderstanding can cost you thousands of dollars. It is invaluable to be able to ask questions and get answers quickly through the Yahoo Group.
The monthly meetings provide education, inspiration, and accountability. Not only do you get group feedback and suggestions for dealing with your own roadblocks, but you learn by participating in brainstorming solutions for other people’s issues. Everyone is at a different place in their business, and everyone experiences different problems at different times. I usually learn how to either avoid or overcome several potential business problems during every meeting. I have only missed one meeting in the past year, and that was because I was too sick to get out of bed.
Monthly coaching calls give you the opportunity to discuss specific situations in depth with an experienced mentor. It is a great time to ask for guidance on the overall direction and future of your business. Business planning is a key concept that you will learn by belonging to this group.
Jim, Karen, and Kiet continuously seek out new information and contacts to enhance their knowledge and skills. They spend thousands of dollars every year working with attorneys, CPA’s, financial advisors, and their own mentors to build their real estate investing business the right way. They freely share this information with their coaching students and sincerely want them to succeed. The support network that they have developed through years of hard work is available to you. Your “team of professionals” has been assembled for you, and is always being expanded and upgraded.
One of the most valuable aspects of being part of this group is the ability to do joint ventures. I have personally participated in five joint ventures since joining the group in February 2009. Four of these have been with Jim, Karen, and Kiet, and the fifth was with another member of the group. Each one of these transactions has forced me to learn a new set of skills.
In the past year I have done transactions through my self-directed IRA; used land trusts and personal property trusts for asset protection and privacy; bought properties “subject to” existing loans; lease-optioned properties to tenant-buyers; sold a property on agreement for deed; learned rehabbing skills and how to deal with contractors; gained property management skills; and purchased an REO property. I can honestly say that I would never have been able to successfully do all of these things on my own.
And if all this is not enough, Jim, Karen, and Kiet are just wonderful people to know on a personal level. They have achieved a high level of success by working very hard and helping a lot of other people along the way. They love teaching and sharing what they have learned with others. I am very grateful for the opportunity to learn from them and follow in their footsteps.
Steve Martin – Samart Properties, LLC
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