We all remember the cute fables we heard as kids, but few realize how these tales can have a dramatic impact on our real estate investment decisions.

I won’t spoil the ending for you just yet, but let’s take a look at how the fast and loose Hare investor compares to the slow and steady Tortoise investor:

• Hare buys the third property he sees because he’s anxious to get started, while the Tortoise looks at more than 10 properties before finding the one that is right for him.
• Hare has his buddy the carpenter look over the house to see what it needs, while the Tortoise orders and pays for a full home inspection.
• Hare passes on pulling a permit for the new roof and plans to install it on the weekend when code enforcement isn’t working, while the Tortoise applies for the permit and is told “at least three weeks.”
• Hare paints the entire interior white because he got a good deal on the paint, while the Tortoise has his sister in law — an interior designer — stop by to help select some eye-catching colors.
• Hare decides to sand and paint the old kitchen cabinets to save a ton of money, while the Tortoise buys new boxed cabinets on sale at the local home improvement store.
• Hare throws down some seed on the patchy lawn, while the Tortoise lays new sod in the front yard and plants a few flowers in the beds.
• Hare schedules an open house for the next Friday, hoping that he’ll have all the work done in time, while the Tortoise wants to wait until all the little details are taken care of so it shows “just right.”
• Hare holds his first open house and gets only three lookers because of the lack of curb appeal, while the Tortoise has so many people come by he can’t talk to them all at once.
• Hare finally signs a contract with the first buyer willing to make an offer, while the Tortoise negotiates with two different interested buyers during which time he gets both buyers prequalified.
• Hare’s contract falls apart because of the financing contingency and he has to hold the open house again, while the Tortoise’s contract closes on time.
• Hare — after making two extra mortgage payments that he did not count — is hoping this new deal closes soon, while the Tortoise has already cashed his proceeds check and is out scouting his next foreclosure investment.

So how did all this play out?

The Hare got started sooner, spent less money on repairs, was first to finish the repairs and hold his open house, went to contract twice before the deal closed and actually netted less money because of the lower contract sales price and extra mortgage payments he made.

The Tortoise, meanwhile, got a later start, spent more money on repairs, was the last to finish his repairs and hold his open house, closed in 30 days at a higher contract sales price with the first qualified buyer and actually made considerably more net profit on his deal.

The moral of this foreclosure fable?

In the long run, slow and steady, persistence and attention to detail will always win out over a fast and shoddy, get rich quick, “don’t care” attitude.