Is a bad buy and hold deal possible?

[Jordan Sutherland]

Hey guys, i'm pretty new to REI, and I had an intetesting conversion with my grandfather the other day. My grandpa has a pretty impressive portfolio of SFR and small multifamilies worth about $5,000,000.... and it's all paid off! He started from scratch 40 years ago and steadily accumulated his wealth starting from nothing. We were analyzing a propery i was interested in and he told me something interesting. We were talking about what price i should offer for this property and he told me this: "Don't worry too much about the price, just make sure it's the right property. I have never bought a property that didn't make me a ton of money, as long as I held on to it for 10 years." I'm 23 years old and my goals are in buy and hold investing, so I thought maybe this was absolutely true, or maybe at least a little bit. What do yall think?