If 1% of properties are good deals, who is buying the other 99%?

[Justin H.]

I've read repeatedly that it takes a lot of searching to find a great deal, or even a workable deal. If that's the case, who is buying all these other properties?

I know there are plenty of bad/failing landlords, but by definition they're going to be in the game for less time and own a lot less property than successful owners, so I don't see how they could make up a majority of deals.

Is it simply that the industry is lucrative enough that even people making bad deals can still stay afloat? Is the recent surge in housing prices over the last couple of decades contributing to this?