Masterminds - pros and cons

[Christy Tay]

The last few weeks I have been certain that real estate is something I want to do and honestly believe that I can. Like going into any new, you do all you can to learn about the subject. So I have been reading and studying non-stop, attending networking meetings, even joined an REIA group.

Many articles have stated that it might be a good decision to get a coach or a mentor. Tonight that topic came up in the REIA group. To me, I see a lot of benefit in joining them -- the network, the mentorship, like-minded mentality. This all comes with a heavy price tag, though -- 20K. It is 20K that I do not have. If I were to join, I would need to take out a loan. This is what I have been debating all night. 

People of Biggerpockets, are you a part of a program/mastermind, and has the return been great? Or what are some of the pros and cons? What would you do if you are a recent grad and starting from scratch financially?

Thanks for reading.

[Michael Wagner]

Masterminds and Coaches are an incredible way to achieve very high levels of success....but I wouldnt dive into that yet even if you had the $20K. Others are right to say that you can gleam A LOT of information for FREE here on BP and at your local REIA. I would start there and establish a baseline level of knowledge and experience and only then consider a coach or mastermind group. That way you can most efficiently utilize the program. As an example, I could go out and hire the best gold coach in the world but if I have never swung a club, I'm paying A LOT for someone to show me how to swing a club. On the other hand if I go out and learn the basics, I am giving my coach a bit more to work with and the progress we make will be much more in line the the substantial costs.

Once you achieve a certain level of success, the write coach or mastermind group can catapult you to levels that you didnt realize were possible!

Just my two cents!