Patience is a virtue
but it's hard to come by!
I have to constantly remind myself to wait for the good deals instead of jumping on everything that comes on the market.
We live in a small (2100 pop) town in MO. Right now, nice SFH rentals are in very short supply. Most of the landlords seem to be of the "it's just a rental" mindset, which of course only leads to tenants with the same attitude. Our investment plan involves buying distressed properties and making them into nice rentals.
We did one rehab last year, finished one last week, have one ongoing, and close on one house that actually needs very little work beyond new appliances today. That's a very full plate for a husband/wife DIY team that also runs a totally unrelated business where we are the only employees!
We have qualified tenants practically begging for our houses, so it is very tempting to jump into a questionable deal just to get another property available to rent. If the properties were available, we'd buy 10 more houses today. We see an opportunity, and we want to be the ones to take advantage of it, but we can get ourselves into trouble if we don't take care.
Lord, give me patience, and give it to me right now!