Warren Buffett’s long-term investment outlook has proven successful over the years, with Berkshire Hathaway (NYSE:BRK-A) outperforming the S&P 500 in total returns by about 84% over the past 20 years. If there is one thing that has made Buffett one of the most successful investors in history, it is his commitment to his strategy.

Buffett is not opposed to investing in real estate. In fact, he has invested in several real estate investment funds (REITs) over the years and currently owns a large stake in Store Capital Corp (NYSE:STOR). However, he knows that it doesn’t make much sense for him to be in the homeowner business.

Buying and managing real estate is more of a business than an investment, and Buffett knows his time is better spent choosing companies to invest in than running a real estate business.