Long Term and Buy/Hold in Memphis, TN/What does long term mean?

[Patrick Scifres]

I would like to pose a question, and a little bit of advise.  I do not think this can be stressed enough to investors, young and old.   It seems that several times a month, an investor crosses my desk that purchased a "long term" product and they're having difficulty getting out of the market.  I know we are not fortune tellers and cannot predict the future, but the definition of "long term" or "buy and hold" is important. 

"Long term' in my opinion is 7+ years.  It is impossible to plan 10 years down the road, you can try, but life happens.  These investors I'm speaking of, have most likely called everyone for an opinion and speak as if they were not sure of what they purchased in the first place.    

My advice is if you're making a commitment to becoming a real estate investor, through the good, the bad, and most of all the ugly times.  Be prepared and fully understand the meaning of the words, "long term"

I am curious to what the BP communities position is on the definition of "long term" and what they tell their clients?