Overly competitive market- need help

[L. Brown]

Hello BP,

I really need some advice. I bought my first duplex in 2020, where I rent out the larger part of the house and live in the attic apartment. The plan was to live in it for a year and buy another investment property (a duplex or higher that I would live in). High rocketing home prices, increases in the mortgage rates and insane competition has kept me from buying my next property. Living in the attic apartment was ok for 1 year but we are not into year 3 and I can't take it anymore. 

At first I wanted to buy close to where I live, but it's a high cost of living area and I would consistently get beat out by people offering way over asking/market and/or cash buyers. So I decided maybe I would look farther out, but alas, the same experience. The last property I looked at had 25+ offers and was under contract a few days after being listed. I am somewhat surprised as I thought the high interest rates would keep some from buying. I guess not.

 I admit, I'm pretty frustrated and not sure how to move forward. I would welcome any suggestions you may have.