Mike Hambright is a real estate investor, mentor and coach, and is the Founder of FlipNerd.com and the Investor Fuel Mastermind.
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Over the course of my career in real estate investing and coaching, I’ve found that there are two types of real estate investors: those who have a support system of other investors and those who seem to be on an island. We either have a solid group of real estate investors who are both local and national that we can lean on and learn from, or we’re trying to figure everything out on our own, often as a solopreneur.
Don’t get me wrong — most of us start off as solopreneurs with maybe our spouse as our partner. We learn through trial and error and navigate our way to varying levels of success.
What I also see though is that once we start observing and talking with other investors, we are able to break through the plateau that many of us reach and are able to scale our businesses and flourish as real estate investors.
Honestly, we need to get out of our own way and admit that we’re stronger with a support system.
When I look at my inner circle of friends, they are all real estate investors. We talk shop and lean on each other day in and day out. Whenever we find something that is working for one of us, we share it because we’re all more successful that way. It’s an abundance mindset.
While the fundamentals of real estate investing haven’t changed much, the strategies and tools people are using is always evolving and you have to stay on top of it or you’re going to be losing out to the competition. You have to keep your edge.
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This is why having a support system can be so powerful. My favorite vehicle for connecting with a network is a mastermind group; I even founded my own. You’re immediately introduced to other investors who are ready to give 100% and help you reach that next level.
When you’re surrounding yourself with real estate investors with a similar mindset to you, it’s much easier to grow your business through tactics you learn from the network. Being able to casually chat with others in the industry about vendors, new laws, handling difficult situations with title, market conditions, etc., is going to save you time, headache and money.
Trial and error in this industry can be costly. But a small nugget of wisdom can save or make you so much money; knowledge sharing is an advantage you don’t want to miss out on.
In addition, friends who aren’t in the real estate investing industry don’t typically “get” what we do. They’re so used to traditional real estate that it’s often hard for us to talk about our work without their eyes glazing over in confusion. They’re used to the 9-to-5 structure that we don’t always conform to, because we’re our own bosses. We more commonly have the luxury of working when we want to, as much as we want to and having the freedom to spend time with family whenever we want. It’s just a different lifestyle.
When your inner circle includes other real estate investors, some of the best ideas are shared casually during daily conversations. So ask yourself — who is in your inner circle, and do they really “get” what you do?
Forbes Real Estate Council is an invitation-only community for executives in the real estate industry. Do I qualify?