Thursday, May 27, 2010

Investing 101: The Secret to Success

Video Link

Since it's been awhile, I thought I'd touch upon an "Investing 101" type post and get away from the case studies this week. I'd like to touch upon a topic that has come up time and time again - how to get started investing in mobile homes.

Lately, many have expressed interest about wanting to get started (especially after the article I wrote for my pal Julie at Rev N You this month). Though, the question that has come up time and time again has been, "What is your secret to success?"

Well, I'm here to say the secret boils down to one word: PASSION. Period.

Without passion, it's really hard to make things work. Passion is what drives motivation. Motivation fuels persistence. And, persistence is the key to achieving success in any business.

So, you see it is passion that is the foundation to motivation and persistence. Without passion, motivation and persistence simply cannot exist. Passion is the key to success.

If passion is the key to success, many have asked "How can I get the passion that you have? How can I motivate myself the way you have?"

Quite honestly, passion is internal - it must come from within. No book, no seminar, no motivational speaker will give you the passion you need for success - it must come from you. And, you alone.

(Note: I've answered so many of these types of questions that I felt the need to address it).

What you must do is first figure out your passion - what is it you feel passionate about? And, from there create a plan to help you achieve it.

For me personally, my passion came from the fact that I did not want to be a landlord anymore - I wanted total financial freedom. And, I saw mobile home investing as a way to achieve total financial freedom and truly derive passive income that would allow me to enjoy life and do the things I want to do - not the things I had to do.

And, it was this passion of wanting financial freedom that really fueled my motivation and persistence to do what it takes to achieve success in this business. Though it took a lot of time and effort, it has paid off in the end.

(Note: In this post, I talk about it taking me 6 months to learn my market and another 2 months to do my first deal. In total, it took me 8 months to do my first deal. Though this seems like a lot of time and effort invested, all my hard work has paid off in the end).

So many people struggle in this business and wonder why. I hear of so many who have said they do so much but still can't find any deals. Many give up easily and end up returning to the life they have - it is the life they are comfortable living.

In order to make a change in your life, you really need to have the passion to to make that change. Without passion, it's going to be a struggle - a struggle to lead a life that you may not be passionate about.

Quite honestly, my passion has come from what I want - not what others want. If you are content with the life you have now, it's ok.

Though, if you are not then it's best to think about the type of life you want to lead - what is it you feel passionate about that will enable you to make a change?

Focus on what you want - not what others want. Sure, the mobile home business can be fun - it's a way for me to achieve financial freedom.

On the other hand, there are others who do not want total financial freedom. They want to constantly work (even if it be a business) and need that feeling of importance - they need that feeling of others needing them. And, that's ok - everyone has a different path.

As an example, I introduced the concept of mobile home investing to a fellow investor. Now, this investor is a rehabber by trade - their pride and joy is in rehabbing homes. This investor decided to give mobile home investing a try by doing a "Lonnie deal."

After all was said and done, this fellow investor said that this business is boring - receiving a monthly check for $200 was not exciting. This investor really wanted to do something that was more involved and didn't mind work like rehabbing - it was the passion to create and be more involved that fueled this investor's work. So, this fellow investor went back to rehabbing. And, has continued ever since.

So, you see now - passion is everything. Passion will fuel motivation and enable you to persist despite the odds. The key is figuring out your passion. When you know your passion, nothing else will matter - everything else will fall in place.

I'm going to leave you here with a video here from Gary Vaynerchuk that inspired this post.

(Note: If you're interested in reading more, feel free to check out this post I wrote awhile back. Thanks for reading!)

Happy investing!

p.s. Feel free to leave comments on any post either here and/or my Facebook Page. Comments are always welcome, thanks for reading!

Video Link


Julzb said...

Rachel - great post!! I think it all comes down to the big WHY. Why are you doing what it is you do ... for me that WHY really is freedom and the desire to become the best me I can be so I can contribute the most to the world.

Anyway - thanks for the shout out in there!! And for another great post!!!

Mobile Home Gurl said...

Sure, glad you enjoyed it!

I agree - it all does boil down to the big "why." I guess for me the "big why" is just having the freedom to do the things I want to do - not what I have to do.

I've become a bit humbled through experience and have really learned to appreciate the smaller things in life. Before all this, I had a taste of the fast life and learned it just wasn't for me. Too much time involved doing things I had to do - not what I wanted to do.

Now, things are much better - I can do things I truly enjoy such as writing, reading, hiking and watching movies :)

Thanks for sharing and for stopping by!

p.s. Cool screen name, I like it!