There's bidding wars, institutional investors overpaying, and the masses assume because it's an REO so it must be a deal regardless of what the numbers say.

We have all experienced wiping out a year or more of positive cash flow in a single expense or numerous expenses in quick succession but realise over the long haul we will/should come out ahead if we buy right.

You still get high cash flow but you don't have to go through an all out war every single day.

My last 3 out of 4 transactions had no bidding wars.

I almost won a deal I wasn't even in the same ballpark as numerically, but my responsiveness and willingness kept me in the conversation long enough to get a sincere "thank you" which I don't underrate,I can't argue with saving money, I encourage it!

As for me my family has been in the rental business since before the second world war and have advanced far beyond hobby level regardless of the size of our operations.

I believe there are numerous opportunity left on multifamily deals where price point of around 800k-3m  where most institutional buyers are not looking at. 

Consider this - given you have a “bidding war” and the interest you have had in the unit, it’s reasonable to say that you have underpriced it.  

So definitely not a war zone by any means! 

The properyt I am currently looking at is on Linn Drive Glenville, is this a war zone?