What was it like investing before The Bubble?

[Riley F.]

For those of you who have been investing >10 years, and have accrued properties before the 2003 time period, what was it like buying properties before the bubble really started to pick up. The reason is I ask is because it seems when I read any real estate book, the strategy the author advocate seems to be entirely predicated on: 1) The time period the book was written and, 2) The location of the author.

Some books talk about how if you can buy CLOSE to the 1% rule, you should get close to or slightly cash flow positive and be fine. On the other hand, "Investing in Duplexes, Triplexes, and Quads: The Fastest and Safest Way to Real Estate Wealth", written in 2006 by a man in the Florida market advocates buying tons of property with $0 down and says to expect approximately 8% appreciation a year - LUNACY!

So I'd like to hear from some folks on the site. Pre 2003, were you using the 1% rule, able to buy at discounts, buying at auction, MLS combing, REOs, marketing for leads, all of the above? I'm sure the volume of REOs was substantially lower, but what type of discounts were you seeing? Was there less competition for deals or substantially more? Does marketing still work in a normal market, etc?

Would love to hear what these guys have to say:

@Jay Hinrichs , @Darren Sager , @Brian Burke , @Jerry Puckett 

Thanks in advance!