Why Brett Favre Would Make a Great Real Estate Investor
It’s Monday evening, and as is often the case, I find myself doing whatever I’m doing with Monday Night Football on in the background. I’m not a fan of either of the teams that are playing, but it’s the NFL and it’s in high-def. Maybe when my wife gets off the phone with her cousin it’ll get switched to Grey’s Anatomy or something, but for now I’m getting a little football fix.
Ron Jaworski, a former quaterback and current analyst/commentator caught my attention with his evaluation of tonight’s quarterback play. He borrowed the old real estate axiom of “location, location, location” to describe how a successful passer delivers the ball to his receivers in a way that allows them to make a play, while limiting the risk of an interception.
Well, being a successful, licensed, full-time, professional football fan - I can tell you with certainty that there’s another element to becoming a successful quarterback that Jaws has just omitted from his analysis.
Completing a pass in the NFL is about putting the ball in the right location for sure, but any coach or player will tell you that just as critical is the timing of the pass. A ball has to be delivered right on time in order to have a chance to be caught. The game just moves too fast - even the slightest hesitation leads to a missed opportunity, or worse.
Jaworski’s mantra should be “location, location, timing.” Which sounds like something my Dad said recently about real estate.
Of course, the location of a property is the one critical element that can never be changed and has the most significant impact on its value. But the other element of a succesful real estate purchase has to do with timing. Making a mistake with regards to timing can be the “fly in the ointment” of an otherwise sound financial decision. And the risk isn’t just in possibly buying at the top (apologies to those who bought in late 2005), but also in not buying at or near the bottom.
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