Thursday, July 8, 2010

Investing 101: Do What Works For You

"Courage is rightly esteemed the first of human qualities because it is the quality that guarantees all others."

- Winston Churchill

Lately, I've been receiving a lot of questions from folks regarding advice they have received from other investors (both online and offline) regarding investing advice and what types of opportunities to pursue. The main question has come down to, "I was told to do this" or "I was told not to do this" - what are your thoughts?

My own personal belief is that most times nothing is ever black and white. Everyone is going to have different experiences on what they like/don't like and what works for them/what does not work for them. And, even more - people have different goals and different personalities.

Even on this blog, I've mentioned time and time again that I am not here to convince folks to invest in mobile homes. This blog is merely here to share my stories and adventures investing in mobile homes.

I am not claiming that mobile home investing is the best type of investment vehicle out there for folks. Why?

The reason why is that it's different for everyone. Not everyone is going to enjoy investing in mobile homes, not everyone will have favorable experiences with it - it's all a matter of personality, what you like/don't like and what works for you and what does not work for you.

(Note: If you're interested in learning about why I enjoy investing in mobile homes, feel free to check out this article I wrote).

In the past, I've known of other investors who have done a "Lonnie" deal or two who just didn't feel mobile home investing was for them, that's ok. Most recently, there was a blog post by my fellow blogger J. Scott on his experience with the mobile home business - he decided it just wasn't for him to pursue it at this time after his experience.

So, you see not everything is always black and white. And, I see a lot of investors out there who put things in black and white terms - this is dangerous. It's going to be different for everyone.

In the beginning, there were a lot of times where I personally sought advice from other investors more experienced (both online and offline). I found many (but not all) to be very black and white in their advice to me. And, you know what?

If I had listened to their advice, I may have not pursued a handful of opportunities that turned into deals. From my first deal to moving mobile homes, I was told not to pursue these types of opportunities for one reason or another.

Looking back, I'm glad I made the decisions that I made. And, I made them based on the rationality and belief that I could make these opportunities happen. In the end, it was sticking to my gut and knowing in my mind - I can do this.

It's good to listen to the experiences and advice of others. But, you do not always have to follow their advice - just listen. And, then you need to make your own decision - listen to that little voice inside of you.

Honestly, if you believe in what you do and do what it takes to make things happen - you will succeed.

As said in the movie, Pinocchio, "Always let your conscience be your guide."

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!

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Esi said...

I totally agree with you. There are some rules to live by and known facts in RE, but nothing is ever black and white. What will work for one may not work for another. Wholesaling is perfect for me right now and I love it.I received an email from a stranger earlier this year telling me otherwise and saying i'm wasting my time wholesaling, I should be building wealth with rentals. Because it works for him, does not mean it will work for me at this time. Great post as always. You can't force anyone to invest, you can only tell your story and hope to inspire others.

Shae said...

Brilliantly stated, Rachel.

Greg said...

I agree Rachel. We are all presented with different opportunities. We have different financial conditions and we have different tastes. We also have different goals for our investments to achieve. How can REI be that black and white given so many differences? Good stuff Rachel.

Mobile Home Gurl said...

(Esi) Thanks, Esi! Wow, that's pretty wild that a complete stranger would take the time to give you investing advice and tell you what you should be doing. This is exactly the type of thing I see investors doing all the time. I can even see it first hand on the forums. I think a lot of people forget that everyone is different and have different situations and goals. Also, I think a lot of investors out there who may be seasoned really forget how it's like to be new in this business - it gets to their head. And, I hear from a lot of folks who get down because an investor(s) really put them down - I think sometimes it can be kind of an ego trip for some. Honestly, for me at the end of the day all that matters is getting to my goals and doing what I need to do - not showing off and trying to make others seems like I know more than them. Thanks for sharing your thoughts!

(Shae) Thanks, Shae! I felt I had to write about this as it's something that has been coming up a lot. I think there are a lot of good people out there who are just starting out and don't know which direction to go - they get this type of black and white advice from others. And, that is kind of dangerous - everyone is different and have different situations and goals. Thanks for stopping by! :)

(Greg) I definitely agree, Greg. A lot of folks out there see it like that - they are very black and white. What I've learned that not everything is for everyone. For me personally, landlording just didn't work for me. Though, I know a lot of successful landlords out there who have made it work and prefer to just keep acquiring rentals. And, that's ok. I think a lot of times we kind of try things out (like I've suggested here for those interested in the mobile home business) and see if we like it. And, if we do we just continue with it. If not, we don't. It's kind of a simple concept yet there are some who just don't see it that way. Thanks for stopping by Greg, it's nice to see you on here!

Anonymous said...

Great post. Another thing that can be intidmidating when you're new to real estate is the personalities you run into. A lot of full time RE investors I have met have "intense" personalities. This can be overwhealming for someone starting out. Fortunately I am wise enough to just listen and learn from these inidividuals, like you said, but draw my own conclusions and formulate a plan of action based on what I'm comfortable doing. Thanks again for the great post.