March Madness, College basketball and real estate investing. How could they have anything in common? Actually we can learn some valuable lessons that we can apply daily to our real estate investing business.
After several weeks of March Maddness it was finally time for the “Final Four”. Then the championship game. Duke University vs. Butler. The top two collegiate basketball teams met on Easter Monday and basketball fans found themselves sitting on the edge of their seats as the excitement from the game radiated from the T.V. screen.
The players did not acquire their basketball skills overnight. It required years of endless practice and commitment to reach the championship level. They absorbed the knowledge and guidance from their coach, worked as a team and applied it to their performance on the court. Each game they played on their road to the championship required the teams to create a game plan specific to the team they were facing. As investors we must have the same commitment, vision and desire to reach our investing goals .
1. Love the game. Success in real estate investing comes from more than just thinking that investing sounds like a good idea or that it is something we might want to try for a while. We have to create a love for investing and acquire the knowledge and skill necessary to stay focused and committed for the long term.
2. Enjoy what you do. Investing is made up of many things. Searching for the right property, creating a business plan, developing an investment team, putting together estimates, marketing, acquiring education and more. Not everything we do is easy and we face many challenges . When we enjoy what we do we can overcome the challenges and reach our goals. As a rehabber there is nothing I enjoy more than finding the perfect “distressed property” and transforming it into a home that will help improve the neighborhood and will welcome buyers.
3. Develop endurance. It is not the person who starts the fastest, but the one who finishes that matters. Investors must have the commitment and endurance to finish the game.
4. Plan for detours. I can not remember a real estate transaction that went just as planned. Every real estate deal has its own unique “detours” as we navigate through home inspections, appraisals, creating financing, working with contractors, marketing and endless other challenges. Being flexible, acquiring the ability to expect detours and knowing how to respond positively will result in a successful project and in a successful real estate investing business.
5. Create a winning game plan. Someone once said ” Plan your work and work your plan”. Every real estate project must have a plan. This is our guidance system from start to finish. It outlines your outcome and the action necessary to get there. Include your project details, who will be on your project team, and what your desired outcome for the project .
What we witnessed during March Madness was that the skill, mindset and ability required to reach this level of excellence was created over time and not at just one game. Our real estate investing skills also take time and hard work. Apply the lessons we can learn from basketball and see yourself in the real estate winner's circle.