Network Your Way to Financial Freedom!

How important is networking? I’m sure most of you have heard “your network is your net worth” or “you are the average of the 5 people you spend the most time with”. How true do you believe that to be? For the go-getter that thinks they can “do it all on their own”, it’s easy to dismiss those statements. I was one to think that I didn’t need to network to build a real estate portfolio, and I was right to an extent. I could build a portfolio and do everything on my own, however the growth would have been slow, and my portfolio would be small. Since I’ve started networking on a regular basis, my growth, knowledge and portfolio have grown significantly.

“Your network is your net worth”

My last 2 deals came strictly out of networking. One was an off-market deal where I approached a seasoned investor with a large portfolio. I thought they might have some smaller multi-families they might want to sell and guess what…they did! That deal would never have come if I hadn’t asked for it. The other deal was an on-market property brought to me by my agent. It was an out of state duplex that I had noticed browsing the MLS but didn’t see the real potential until my agent proposed it. They had toured it with another investor and instantly thought of me. I was the first person they called!! Had I not been connecting with that agent regularly they would have called someone else.

Every time you speak with another person, you should be learning. It may be learning a new way of doing something, a perspective you hadn’t thought of before, potential deals, potential partnerships, referrals for team members, thoughts on markets, etc. You may also learn how NOT to do something, or who you don’t want on your team. Networking has unlimited potential and is one of the most important things you can do as a real estate investor.

It’s very important that you are networking with like minded individuals who are not comfortable with complacency. If your network is crap, then my guess is that your net worth is crap too. Athletes typically hang out with other athletes, drug users with other drug users, musicians with musicians and so on. So where do you want to be in life? Figure that out and hang out with people who are already where you want to be or are on their way there.

“You are the average of the 5 people you spend the most time with”

Who are you spending time with on a daily basis? Are those people supportive of your efforts and goals, and working daily to improve themselves? If you hand around 4 people who are successful in the field your pursuing and then 1 high school friend who still parties like they’re in a frat house, that one person will have a huge negative impact on you. You can score 4 100’s on tests and then on the 5th score a 20, to end up with an 84 average vs the 100 you had before. 1 bad apple can spoil the bunch.

You want to surround yourself with people that will push you and help you to become a better you! If people in your group are not like minded in the area of personal growth, then I would recommend limiting the time spent with those individuals. Don’t get all worried, you don’t need to cut these people out of your life if they aren’t toxic. If you do have toxic people in your inner circle (those that bring you or others down or seem to have no motivation in life) then you should cut ties with them, family or not. A leech is a leech, so don’t justify spending time with them because of ancestry.

I am a very self-motivated person, however even I need someone to kick me in the ass every now and then. This is exactly what an accountability partner does. The ass kicking should be a 2-way street, where you hold them accountable too. Surrounding yourself with people that are driven for continuous improvement helps you progress when you might otherwise be stagnant. It’s easy to let yourself down, but most can’t stand the thought of letting others down. Having an accountability partner who shares the same vision has been one of the, if not the most important change I have made in my investing career as well.

**Please like and share if this has been helpful in any way, as you may be helping someone else start their journey to financial freedom.*