New Jersey!! Why is it so hard to find my first deal.

[Mathew Williams]

Hey Guys

I been searching for my first investment property for a few months now. I am looking for a 3-4 family to live and rent. In my search i noticed that the market is really hard to find deals. I was told  to look for a cap rate of 12% or more . If i do find a property that can get me that cap rate i usually get outbid by people paying over the asking price. What should i do? Should i wait till it’s a buyers market again?