We have said this before and we will say it again: Build a team of empire builders and empire protectors*. But today, I want to go beyond that. I want to talk about building your Tribe.
First, ask yourself, who do you:
– Call before you write an offer?
– Text when you’re feeling stuck?
– Ask “Is this a good idea?”
If you don’t have a quick answer, start networking and building your tribe.
If you can answer quickly yet those two to four people do not invest in real estate, you need to welcome real estate investors into your tribe.
More than ever before, you need people rooting for you. Without it, you may not fail but you will not succeed as quickly as you can with the right tribe cheering you on and validating your investing decisions.
It will be near impossible to reach your goals if you have people telling you “that won’t work,” or “real estate is risky” or worse yet, you have someone you love telling you, “I know a guy who bought a house, sunk all this money into it and lost a bunch of money. Is that what you want?”
Those are not your people.
If you are reading this, chances are you already know you want to invest in real estate.
Mitch** was sitting in your shoes in February of this year. He owned zero rentals but he knew he wanted to invest in real estate. So, he searched online for a group of investors who had already done what he wanted to accomplish.
Mitch knew he didn’t need to listen to a million different podcasts, read a hundred or even fifteen different books. Or maybe he had already done that? Instead, he joined the ROI Inner Circle in May. By June, he was under contract on his first out-of-state investment property. He’s not unique.
Another Inner Circle member also joined in May. He, too, owned no real estate investment properties.
“I had never done a deal before but after meeting some of the other members and networking with them, they were able to help me make my first purchase,” he said.
Within 45 days, he was under contract on his first out-of-state investment property, too. In fact, 17 deals went under contract with Inner Circle members within the first 45 days of them joining the Inner Circle. This is no coincidence.
“Before I joined, I had never done a deal before,” one member said. “It really gave me the confidence in my ability to be able to research deals and find how to do them and be willing to make the jump into real estate.”
The right team will help you achieve more than you can on your own. Have you ever seen a good deal but you felt unsure so you didn’t write an offer? Only days or weeks later thinking, “That was a good deal! It cash flowed and I think it had 11% cash-on-cash returns!” As investors, we have all passed on deals that we regret.
Now, you can ask 100 of your closest friends who also invest. Don’t let another deal pass by because you’re not confident.
I knew early on that I needed a tribe of like-minded investors to show me the way. So, I joined Jennifer Beadles on an Addicted to ROI Investor Trip to Nashville last October. On that trip, I went under contract.
By surrounding yourself with investors who have been in your shoes, you not only have people cheering you on but also showing you the way.
That weekend, I got a text from my agent in Kansas City. He knew my criteria; he knew I was serious about investing. His text was simple: “you need to buy this”with an address.
I opened the link, I crunched the numbers, I leaned over to Deena Iverson, who was sitting next to me at the time. She looked over my numbers, critiqued them a bit and I submitted an offer that very night.
The next morning, I got a text message from my agent, “offer accepted.”
It is a nice story to read but I’m telling you it felt even better being me! I not only got exactly what I wanted but I had my actions validated by someone I greatly admire. Deena is retired because of real estate investing. Her husband, Dennis, was able to retire ten years early because of their smart investing decisions. These are the kind of people I want sitting next to me not only when I need to make a big decision but also on a weekly basis when I’m not feeling motivated or when I am feeling down because all my capital is tied up and I’m “house broke” again.
These are the kind of people you want in your corner all the time.
Here’s an example of my tribe pushing me. I paid off my car earlier this year. I was excited to have a fully paid-off car and less debt (hello, better DTI). I shared my small win with my accountability group. You know what one of them said?
“Great.” with a small pause and little enthusiasm, “Now, what are you going to do with that extra $300 a month? Where will you deploy that?”
Now, that’s the kind of tribe I want: one that pushes me to always keep my eye on my goals.
Combining quality time with business. Here at Agents Invest, we understand its important to have like-minded investors in your corner helping you along your investing journey, we truly believe no one succeeds alone. Real estate is a team sport.
Two last things I want you leave you you with:
Did you know you can predict your future?
Simply, take inventory of the three to seven people you spend the most time with. They are a direct reflection of you. If they’re achieving their goals and striving to be a better version of themselves, it will push you to do the same.
If they are negative or have a victim mindset, you are likely to be dragged down with them.
The people you surround yourself with matter. If you want to change your life, change the people around you. For me, changing the people I spend the most time with has raised my expectations for myself or what Jennifer calls my “financial thermostat.”
In 2015, I wrote in my journal, “I will own 9 doors by 2029.”
Now? I want to own 9 doors by 2021. Actually, now I am not even counting doors. I am looking at a better metric: cash flow.
What changed between 2015 and now? The people I hang out with.
Use this time of restructuring the way we live, work and play to take inventory of who you spend your time with. Because who you surround yourself with is everything.
You want a big life? You want the freedom to pursue your passions, spend time with your family, travel, and give back to your community? If those closest to you are not already living the life you want to live, go find a new tribe.
*We define Empire Builders and Empire Protectors here.
**Names have been changed for confidentiality