I’m a big fan of analogies, so here’s an unsolicited one for your consideration today. What’s the baseball of business you ask? Real Estate investing – and in my case, long term rentals.
I never played much baseball, but from my distant observations there seems to be a heck of a lot of standing around. In fact, some might even think while watching the majority of the game… “Hey! I can stand around in a field pretty darn good. I should try out! Those guys make a gajillion $$$”. Then, every once in a while there is an incredible burst of athletic ability needed to make that triple play. Lunging, diving, sprinting, these athletes have to come out of hibernation and execute flawlessly to win.
I’ve found this to be very similar with Real Estate. Most of the time, there isn’t a ton of action when you’re taking care of your investments – you’re standing in the outfield waiting. But, every once in a while you’ve got to spring into action and make the play. The initial purchase (hunting, negotiating), renovations, finding tenants, maintenance issues – these are our triple plays.
Are you in the field right now, or having a pint on the sidelines? Let me know in the comments.