Episode 27: Why You Need to Join a Real Estate Mastermind Group
David Phelps, D.D.S. owned and managed a private practice dental office for over 21 years.
While still in dental school, he began his investment in real estate by joint-venturing with his father on their first rental property in 1980. Three years later, they sold the property and David took his $25,000 capital gain share and leveraged it into thirty-one properties that produced $15,000 net cash flow within 15 years.
Multiple health crises suffered by his daughter, Jenna (leukemia, epilepsy and a liver transplant at age 12), caused David to leave the practice so that his time could be spent with his daughter. Unfortunately, a divorce and failed practice sale provided additional setbacks that he had to work through.
Today, David is a nationally recognized speaker on creating freedom, building real businesses and investing in real estate. He authors a monthly newsletter, “Path to Freedom” and hosts “The Dentist Freedom Blueprint” podcast. Freedom Founders Mastermind Community has grown to over fifty members, providing the pathway to freedom for many professional practice owners. He is also a huge advocate for joining a real estate mastermind group and explains why in our conversation.
“The greatest risk in life is doing nothing.” – David Phelps
What you’ll learn about in this episode:
- David’s story
- How David started his real estate mastermind group for medical professionals
- Why work hard — save — and retire doesn’t work in today’s world
- Leveraging other people’s time, experience, and access to deal flow
- How to make up for lost time with real estate investing
- The great interest rates available right now
- Why owing money during inflationary times is actually good
- How deals are brought to members in David’s mastermind groups
- How much it costs to join the group
- Why David created the group
- How doctors should find private money
- Why — no matter what your niche is — you need to join a mastermind group