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In the game of baseball, the home run often steals the spotlight. It's the majestic swing, the crack of the bat, and the euphoria of watching that ball sail over the fences.
Yet, behind those towering home runs lie numerous strikeouts. The home run makes for great stories.
It creates excitement, but I don’t think you want to have more strikeouts than wins when you are dealing with money and investing.
Far too often, investors are fixated on hitting a home run immediately. They chase the allure of flipping a property for a quick and hefty profit, banking on a rapid $100k turnaround. They dive into preconstruction projects, hoping to cash in on the surge in property values upon completion. Or they jump into the stock market, betting on a particular stock skyrocketing to astronomical heights.
Instead of swinging for the fences, opt for a solid hit. You're not aiming for the fence; you're aiming for a base hit – a single or a double. In the world of real estate, these base hits translate to smart, calculated investments that build wealth steadily over time.
Consider the analogy of hitting a single with a single-family home purchase in a GOOD area.
You make a solid investment, nothing flashy, just a good, reliable single-family property. Then, you advance to second base by leveraging opportunities like legal second units or creating them yourself.
We then literally steal third base by having this land grab that we have done, now with the ability to add a legal garden suite or garage unit conversion. Something that literally a few years ago would have been illegal in most cities in southern Ontario.
Once we get to third base and you have 3 or 4 income streams coming in off this one property,this is where the magic happens; it literally feels like a player overthrew the ball to home plate and we literally walk in and score a run.
Sure, hitting singles and doubles won't have the crowd roaring or the champagne popping. There won't be instant gratification or overnight success.
But as you round those bases methodically, strategically, you'll realize that the slow and steady approach wins the game.
The thrill of the home run may be tempting, but it too often comes with a higher risk of striking out.
In contrast, the steady rhythm of singles and doubles may not draw as much attention, but it builds a solid foundation for long-term success.
So, next time you step up to the plate in the real estate game, remember: it's not about the flashy swings, but the strategic hits that lead you to victory.
