Is Real Estate Investing A Marathon, Decathlon Or Sprint?
Is real estate investing a race of speed, or is it more like an endurance race or decathlon?
You can approach real estate investing any way you like. Some may be inclined to rush and be highly motivated to go all in at full speed. Others take a very slow and long approach. Which works best? What are the pros and cons of these mindsets? What’s it really like?
The Sprint
Taking big and swift action is required if you want big and quick results. If you are throwing yourself all in to wholesaling houses or fixing and flipping and need it to put money back in your pocket by the end of the month, you had better hustle. You can do it, but you’ll have to go flat out, make decisions quickly and make no excuses.
Just 30 days could change your life. Yet, there are potential pitfalls and downsides of only being a sprinter.
It can make it tempting to take shortcuts and make unsustainable moves. Just like those marathon cheaters taking an uber to the finish line or Lance Armstrong in cycling. This is even true for those in buy and hold real estate and multifamily. These are the people trying to sprint, when they are really in a marathon.
You may burnout by going too fast. Or you might wake up and find you’ve smashed your 5 year goals in just 2 years, but didn’t make a plan for how to maintain it after that.
The Marathon
Others see real estate as a marathon. A really, really long race. One which requires a lot of stamina and endurance, patience and a lot of repetitive tasks.
If you end up living more than 5 years, then real estate really is a marathon. Quick results are great and possible, but once you are in the lead, you need to stay there. You don’t want to burn out after the first mile and throw in the towel. Yet, if you get too comfortable in the lead, there are plenty of people behind you looking to pass you.
There are some ways that real estate investing is not like a marathon at all. It’s not just one smooth track. Opportunities are always changing with the market and economy and other trends. There may be times to sprint, slowdown and pace yourself and to pause or leap.
The Decathlon of Real Estate
In reality real estate investing is probably much more like a decathlon or Spartan race. Days of both sprinting and long distance, as well as specialized skills in jumping, throwing and pole vaulting.
It requires many different skills. You’ve got to find the deals, fund the deals, flip the deals, and train in between.
To master it for quick progress and staying a champ for the long term, you’ve got to know when to do what, and where to focus. It’s smart to choose what to excel in, and it takes wisdom to know when to sprint or pace yourself.
If you live in a very seasonal real estate market this should be pretty obvious. Though in addition to larger real estate cycles, every year can bring its time to sprint, and cool down.
One of those coming up is back to school season when families are hyper motivated to sell and buy and move before the new school year starts. Ready, set, go...
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