November 20, 2007

Learning from a millionaire investor

Tim drives a beat-up, rusted pickup truck and looks no different that the guy next door. But he is the proverbial millionaire next door.

Tim is a real estate investor. Currently he has about 50 rental properties, a new land development project and some other projects. He started making money when he was in school fixing cars, then moved to carpentry, then to fixing investment properties ... I have been considering investing in rental property so I wanted to seek some advise from Tim.

Tim not only enlightened me on real estate investing, he showcased some other qualities which we can all learn from.

Passion - Tim has pursued his passion. He did not go to college to chase a degree but to learn. Even in college he started making money by doing what he was good at (fixing cars). Real estate investing is not a chore for him but each project is an adventure. He enjoys it and that makes a huge difference in his life - monetarily and emotionally.
Lesson - "Follow your passion."

Humility - Tim was down to earth, pragmatic and respectful. He was willing to spend an hour with me and counsel me on the nuances of the rental business. His philosophy was simply - I help you today and someday you may help me.
Lesson - "There is always something to learn. Keep an open mind."

Frugal - Tim was not driving a luxury sports car or wearing expensive clothes or jewelry. He was wearing regular clothes and eating lunch with me at a regular restaurant. His net worth is in the millions but there was no ostentatious display of wealth.
Lesson - "Value what you have and appreciate it."

We know it's all about hard work, perseverance, passion and humility but seeing a real life example is truly motivating.

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