Impossible to buy anything right now..

[Firoz K.]

Rookie investor here.. just bought my first rental property a few months ago but impossible to buy the second one- even with interest rates over 7% here, every property I make an offer on has 7-10 competing offers with most getting 30-50k over asking. What's one to do ? Keep making offers? Its looking harder by the day to make any cash flow on any of these properties..

[Russell Brazil]

It's always hard. Rates are too high so your debt service is too high. Rates are too low so there's too much competition. Inventory is too tight so theres too much competition. Inventory is too low so the market must be ready to crash.

At every point in history people believe the circumstances at a given time make it too hard, make it impossible to invest in real estate.

The key to succeeding, buy year in and year oit regardless of market conditons. Adjust your expectations for the market to match what the market conditions are. Some years you will feal good about your purchases. Some years you will feel bad about them. But if you invest consistently, in 10, 20, 30 years from now, youll be rich and thankful you stuck to your plan.