One thing I keep noticing: The investors getting the best deals are usually the most prepared. Not necessarily the smartest. Not the richest. Just ready.
They already know: their financing options, their buy box, their exit strategy, By the time newer investors figure it out, the deal is gone.
Being prepared is certainly important, but I'd suggest success today is more a function of "shots on goal".
Sellers still want pandemic prices, interest rates remain in the 6's, competition for renters is increasing with the rise of apartment construction, and the cost of expenses like maintenance and insurance keeps going up. This means fewer properties that makes sense on paper. The successful investors are the ones spending more time looking for houses, making more offers that work for them, and negotiating more. They may have 29 offers get rejected, but the 30th one doesn't. Based on my own experience, I imagine newer investors are making fewer offers and only on properties that look best on paper. It can take time to get over the fear of making an "insulating offer".
What's slowing me down right now? Time and money! Not enough money to buy all the properties I want, and not enough time to make more.