There is tremendous value in meeting with other investors to talk over different investing strategies… from finding deals to completing rehabs to the best landlord practices… you can benefit from their experience and knowledge. Your local investor group is a great source for this type of information swapping, but there is another level of masterminding that you may not have considered.

I adapted the idea that I am about to share with you from a practice that certain large automobile dealerships employ. What they do is set up small mastermind groups that meet annually from different dealerships around the country to share their best practices, successes and failures.

If you transfer this idea to investing, you can see the benefits of having non-local investors to swap strategies with. Without the fear of your competition, your non-local colleagues are sure to be much more forthcoming with their best investing secrets, with the hope of benefiting from your candor as well.

So, how might you go about founding your own national mastermind group? A good place to start would be to peruse various advertising that has been posted by investors on online sites like Craigslist in markets other than your own. Places to look would include ads for rental properties, ads to buy houses, and ads creatively selling properties. The ones that look like they’ve been investor placed, and are employing interesting strategies that you’d like to learn more about, are good candidates for you to pursue with a friendly phone call. You can introduce yourself and propose your mastermind plan to see if they’re interested.

Or, if you prefer a more direct, come to you approach, you can place your own ad looking for interested investors. Either way, imagine the benefits of learning about what your non-local colleagues are up to in their markets and feeling free to test out their strategies in your own market.

Until my next post,

James

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