Do you have a “Master Mind” group?

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In Napoleon Hill’s book, Think and Grow Rich, the ninth step towards riches is called “Power of the Master Mind”.

If you haven’t read this classic yet, add it to your reading list immediately.

Many of the most influential people in business attribute much of their success to this one book.

I’ve probably read it 8 or 9 times now… and just started reading it again. Because as Jim Rohn says, “Repetition is the mother of skill.”

Let me give you a quick background on the book… then we’ll dive into what is meant by the “Master Mind” principle and why it’s vitally important to your success, and we’ll finish up with steps on forming your own Master Mind alliance group.

Think And Grow Rich by Napoleon Hill

In 1908, as part of Napoleon Hill’s work for a magazine, he interviewed Andrew Carnegie. Carnegie’s company, US Steel, was the first billion dollar company in the world…. and he believed that success could be distilled into simple principles  that would make it attainable for anyone to achieve great financial success.

Carnegie commissioned Hill to go on an exhaustive 20 year study of 500 of the most successful people of their time.

Hill interviewed Henry Ford, Theodore Roosevelt, John D. Rockefeller, Dr. Alexander Graham Bell, Charles Schwab, Thomas Edison, among many others…

… and in 1937 published, Think and Grow Rich, which would become one of the most influential and best-selling books of all time.

This work is referenced as the “science of personal achievement”. And yes, it’s a science.

The “Master Mind” Principle

Hill says…

“The “Master Mind” may be defined as: Coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.

Economic advantages may be created by any person who surrounds himself with the advice, counsel, and personal cooperation of a group of men who are willing to lend him wholehearted aid, in a spirit of perfect harmony. This form of cooperative alliance has been the basis of nearly every great fortune.”

After 20 years of studying the most successful people in the world at his time, he realized that if you analyze the record of anyone who has accumulated a great fortune (even those who accumulated modest fortunes) either consciously or unconsciously employed the Master Mind principle.

So, if you’re not currently in Master Mind group, it’s time to form one… asap!

How to Form Your Master Mind Alliance Group

Here are a few simple steps to form your Master Mind group…

Step 1 – Read Think and Grow Rich

Step 2 – Define your Master Mind group’s purpose

Maybe you decide that your purpose will be to forward your own and other member’s real estate investing businesses.

Step 3 – Set a goal for when your first meeting will be

Step 4 – Invite potential members

If you don’t know who to invite, it’s time to start networking.

If you’re group is going to focus specifically on real estate investing, start by going to your local REIA meetings. Call all the real estate investor marketing in your area… seek out like minded people who want to grow their businesses through cooperation… and invite ‘em to participate in your Master Mind alliance.

Step 5 – Decide when, where, and how often you’ll meet

I’m in a Master Mind group that meets quarterly in person. We have four members (all biz owners) – a publisher, an attorney, a musician, and myself. We rotate where we meet based on where each member lives.

I’m in another that meets monthly by phone.

Alrighty, now get out there and form your Master Mind group.

If you have any questions, comments, or thoughts, toss ‘em in the comment area.

- Patrick

P.S. – One of my Master Mind groups met recently in Cabo… gotta love “work” when it calls you to a beautiful tropical location :-)

Check out this little video from the weekend…

Pretty cool, eh?

P.S.S. – If you’ve decided to start your own Master Mind group and follow the steps outlined above, tell the world about it in the comment area. Who knows… maybe you’ll connect with someone here who would be perfect for your group.

Tags: Andrew Carnegie, Master Mind, Master Mind alliance, Master Mind alliance group, Master Mind group, Napoleon Hill, Napoleon Hills Think and Grow Rich, Personal Development, Think and Grow Rich
Posted in Cool Stuff, Personal Development, Tips and Tricks | No Comments »

How to Overcome Distractions & Keep Focused on Your 2011 Goals

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In today’s post, Rob Russell of The Real World Investor shares 5 tips to help you stay laser focused on achieving your 2011 goals (and btw… Rob’s one of our PMBP member’s who is kicking some serious butt in today’s market… he’s getting private money and closing deals right and left… go Rob!)…

Hello fellow Real Estate Investors,

I must admit, with the invention of social media, I-phones, I pods, and who knows what those brilliant marketers are working on next, keeping your focus on your goals in 2011 is going to be a challenge!

I’m speaking from experience.

You see, even after a 10-year stint in the Army where I was hand-picked to be trained as a “sniper” and where I developed incredible mental focus and clarity, I struggled after I got out of the service.

Luckily I had the mental fortitude and discipline to develop my own systems and habits that keep me focused and on track to reach my goals.

As you get to know me more, you will see that one of my passions is to help out my fellow investors and share what I’ve found works best in “THE REAL WORLD”!

With that said, here are my top…

5 Tips & Tricks to Overcome Distractions & Stay Laser Focused on Your Goals

(I’ve spent the last 20 years fine tuning these… enjoy :-)

1) Develop a Weekly “Roadmap” to Follow

What works for me is a template I have developed that I call my “Weekly Performance And Accountability Progress Sheet”. In a nutshell, I break up all the areas of my Real Estate Business, and  put down 1-4 tasks that I want to accomplish in each area for the week.

2) Develop a “Mini Roadmap”

Each day I develop a simple and easy to follow checklist of the 5-10 tasks that are most important for me to get done that day. I draft this up in an e-mail and put it on my clipboard and carry it with me. I review it often, and check off a task when I complete it.

3) Stay FLEXIBLE and ADJUST as you go

You have to realize that we live in an imperfect world, and you are going to have to work around that. If you don’t complete some tasks for that day, carry them over to the next day. Also realize that sometimes your priorities will change and you might just take something off the list as a more important task (higher income producing) comes along.

4) Guard Yourself Against “TIME VAMPIRES!”

Let’s face it, as you go through a typical day you are going to get into situations where you can feel yourself getting sucked into a task, or talking to someone and you get that feeling you are starting to drift off target!

That is where you need to ask yourself “Is what I’m doing right now, the best use of my time, and getting me closer to my goals?”.

Be honest with yourself, and if the answer is NOT EVEN CLOSE, stop doing it immediately. If you’re in a conversation, politely look at your watch and tell that person  “I’m sorry, but I really have to run, I have a few things I still need to get done today”.

5) Keep a Daily Journal of Your Progress Towards Your Goals

I know what you’re thinking right about now… “Man this guy sure likes to write a lot, I’m never going to find the time to do that much writing, I’m way too busy!” Here is my answer to that, MAKE TIME! This will help motivate you to write down your goals:

In 1979, interviewers asked new graduates from the Harvard’s MBA Program and found that :

=> 84% had no specific goals at all

=> 13% had goals but they were not committed to paper

=> 3% had clear, written goals and plans to accomplish them

In 1989, the interviewers again interviewed the graduates of that class.  You can guess the results:

=> The 13% of the class who had goals were earning, on average, twice as much as the 84 percent who had no goals at all.

=> Even more staggering – the three percent who had clear, written goals were earning, on average, ten times as much as the other 97 percent put together.

(Source:  “What They Don’t Teach You In The Harvard Business School”, by Mark McCormack)

Pretty darn cool!

Ok, I have to run! I have a few more tasks I want to get done before I wrap up my day!

Talk to you soon,

- Rob Russell

The Real World Investor

P.S. – Here’s a pic of my wife, Kristi, and I hanging out with Patrick in Portland at Ron Mead’s Probate Mastery Conference. Good times!

________________________________

If you would like a copy of Rob’s “Weekly Performance and Accountability Progress Sheet”, go to The Real World Investor and toss your e-mail in the sign up box on the right hand side just below the video.

Tags: creative real estate investing, goal setting, Personal Development, private money blueprint member, real estate investing, Rob Russell, The Real World Investor
Posted in Personal Development, Tips and Tricks | No Comments »

Swipe This Negotiating Tip to Get Seller Financing

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I was talking with one of my friends recently, Justin Lee, who shared a great negotiating tip to get seller financing.

Not sure about you, but I LOVE seller financing.

… because any amount of the purchase price that the seller is willing to accept in payments over time is less cash that’s needed at closing. Thus, making it easier to get the deal done.

Plus, the less cash you put into a deal, the higher your return on investment.

So, when Justin shared this valuable nugget of negotiating wisdom, I had to relay it over to you.

Check out the video below…

(the quality of the video isn’t very good… but the quality of the content makes up for it :-)

Got another negotiating tip you would like to share?

Toss your tips, comments, and questions in the comment area.

Happy Investing!

~ Patrick

P.S. – What do you think of my second home???

Tags: negotaiting real estate, negotiating tip, owner carry back, owner financing, real estate financing, real estate financing strategies, real estate investment financing strategy, real estate negotiating, real estate negotiating tips, seller financing
Posted in Negotiating, Real Estate Investment Financing Strategies, Tips and Tricks | No Comments »

5 Strategies to Build Your Wholesale Buyer List + Free Form

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You’re about to learn 5 simple ways to build your wholesale buyer list.

Why do you want a wholesale buyer’s list?

Because…

… wholesaling property is the quickest way to make a buck in real estate investing. It’s not uncommon to make $3K, $5K or even more on a wholesale deal (as you’ll see in the video).

To wholesale a property, you find a motivated seller, put a contract on the property, and assign it to a buyer. That’s it.

So, I put together a little video to show you how to build your wholesale buyer’s list… that way, when you have a great deal you would like to flip for quick cash, you can do so.

(note, this video was for our Private Money Blueprint students… but we got such good feedback on it, I had to share it with you too :-)

Also, after you watch the video, make sure you download the free wholesaling form.

How to Build Your Wholesale Buyer’s List

Check out the video below…

Like I said, pretty simple right? This isn’t brain surgery or anything.

Ok, here’s the link to download your free wholesale buyer questionnaire…

>> Grab Your Wholesale Buyer Form – Click Here <<

Got a question, comment, tip?

Toss ‘em in the comment area.

Happy Investing!

~ Patrick

P.S. – One of the best things about wholesaling is that you don’t need cash or credit. I made $10,000 on my first wholesale deal when I was just 22 years old!

If you’re interested in learning more about wholesaling, grab this FREE 7 day mini-course.

Tags: how to build wholesale buyer list, how to build wholesale buyers list, real estate investing form, real estate investing forms, rei forms, wholesale buyers list, wholesaling real estate, wholesaling real estate contract, wholesaling real estate form, wholesaling real estate forms
Posted in Business Management Systems and Tools, Real Estate Investment Buying Strategies, Real Estate Investment Selling Strategies, Tips and Tricks | No Comments »

19 Tips for New Real Estate Investors

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In today’s post, Bailey Harris shares 19 real estate investment tips on researching, buying, selling, and taxes…

Real estate can be a lucrative investment. It can also be a financial nightmare if you don’t know what you’re doing. If you have been thinking about investing in real estate or if you have already made the decision to invest in a property, the following tips will help you increase your chances of success.

Research Tips | Real Estate Investing

1) Get the lay of the land. You should be familiar with appreciation and depreciation, property management, and general real estate before making any significant investments.

2) Compare property values and rents in the neighborhood you plan to invest in. The list prices and average rents on nearby properties will give you the best gauge of what a home is worth in that area.

3) Research the neighborhood carefully before purchasing a property. Are there schools, jobs, entertainment venues, and other things that tend to draw tenants and home buyers? Does the neighborhood have a lot of crime? Are there any plans to destroy or build property in the area in the near future? These are just a few of the questions you should be able to answer.

4) Network with other real estate investors to get an understanding of how they operate. Learn from their successes and failures so that you can become a better investor.

Buying Tips | Real Estate Investing

5) Get your money together or get pre-approved for a loan before you begin the negotiating process. This will give you some leverage with the seller and make closing a breeze.

6) Always personally inspect a property before purchasing it. If you aren’t sure what you’re looking for, hire a home inspector to examine both the house and the site it’s built on.

7) Know how much money you will need to prepare a property for sale. If this number is not correct, you may never be able to sell the house for a profit.

8) Do not buy the first property you see. There are lots of houses for sale. Take time to evaluate your options and choose the best real estate investment opportunity.

9) Be a tough negotiator and get that property for the smallest price possible. The less you spend, the more you stand to earn. If you can’t get the price down where it needs to be, walk away and find a new property.

Tax Tips | Real Estate Investing

10) Consult with a tax adviser before making any real estate investments. This will help you understand the tax consequences of your purchases and turn good investments into great investments.

11) Keep good records. This cannot be stressed enough. You should document all of your expenditures, profits, and mileage. Keep all of your receipts and make notations of who, what, when, and where in case you need explanations for the IRS.

12) Hold your property for at least 12 months if you want to reap the long-term capital gains tax break. Turn it around quickly (less than 12 months) and you will pay the same tax rates on your gains as you do on your income.

13) If you buy and sell multiple properties each year, consider doing so under the name of a corporation or LLC versus your own name. The IRS sometimes classifies people who buy and sell multiple properties as “dealers.” The dealer designation prevents you from getting capital gains tax benefits.

14) Remember that tax laws can change rapidly. If the success of your investment relies entirely on the current tax code, you could find yourself in financial trouble.

Selling Tips | Real Estate Investing

15) Real estate investors do not always make good contractors. If you aren’t good at fixing or building things, find someone who is before undergoing a major improvement project.

16) Focus improvements on kitchens, bathrooms, and bedrooms. These rooms are almost always the biggest selling points in a house.

17) Market your properties in any way you can–advertisements, social media, open houses, agent tours, and virtual tours. Good marketing can help you sell your property faster and for a better price.

18) Hire a good agent if you don’t have time to do all of the work that goes along with selling a house. An experienced agent can show buyers around, negotiate on your behalf, and handle all of the paperwork so you don’t have to.

19) Be realistic about the market. If you expect to sell a home within a week for an above average price, you will inevitably be disappointed when it doesn’t happen. It takes time to sell real estate. If you are realistic and persistent, you will have a much better investing experience.

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Guest post from Bailey Harris, who writes about homeowners insurance for www.homeownersinsurance.org.

Tags: bailey harris, beginning real estate tips, homeowners insurance, real estate investing, real estate investing tips, real estate investment tips, real estate tips, rei tips, tips for beginning investors
Posted in Real Estate Investment Buying Strategies, Real Estate Investment Selling Strategies, Tips and Tricks | 2 Comments »