If you can find the right buy and holder yes they'll pay more but its a smaller herd of buyers in that group. 

Over time by not short selling with the fear of the herds of a market crash they do better than others.I can tell many investors can't stomach the ups and down of the stock market.

I herd it's really good!

Is there radiant heat in those floors?  

Now you have homeowners with a herd mentality based on emotion  to use their new houses as ATM's in the future and inexperienced investors with a little coin and banks saying they want to lend again.I had a bank president call me the other day.

It's junk to me because it doesn't produce a decent return and everything is predicated on the herd mentality of " Real estate is back so let's go buy a property before we lose out!

There are others who have used the "build a herd and fence it" strategy.

If things continue to slip from there, then I agree that you might have a problem and it's possible that you hired the wrong person.Managing one project is like herding cats:Managing three is certainly a challenge!  

There are times where other asset classes outperform RE.Look at our recent financial crisis.During the crisis, gold spikes up (herding into safety assets).During the beginning of the post-crisis (2010-2012), stock market way outperform the real estate market (at least certain parts of the country).  

I funded his deals when he started in Detroit.. and like the person above said those were not great deals in the long run.. but no Detroit deals bought in 2002 to 2004 were no matter what Turnkey company you bought form the market crashed.. simple as that.Nicks clients then moved to INdy and did quite well.. then nicks clients moved to Vegas before the herd and they have all doubled their money .. ( again the buy and hold product you can purchase at the back end of these things.)