i looked around the room and i KNEW...how far ahead i was mentally over everyone else in the room.

For years, I formed a mental strategy to find a multi-family house and house hack just like all the BP Legends.However, as I look through the MLS during COVID, I notice it's still nearly impossible to find a descent Multi-fam property in Bergen County at around $400K.As a result, Im contemplating shifting my focus a bit and purchasing a single family house instead.

"The toughest battles are the ones we have within ourselves" I love this quote and agree 100%.I've always admired the discipline, grit, dedication, and mental toughness displayed by my 2 marine step-brothers.I think my favorite part of your story was that your made the decision with intention to get more from life.

@Luke Carl @Avery Carl I like that mentality!

I also charge a 500 deposit (not a fee as I think fees create an "I already paid for the damage so I wont care quite as much" type of mentality, whereas a deposit is something they can get back if no damage so they are more pro active - this is just basic human nature ) and given my market and the type of rentals I own (new build Class B MF) I charge a minimal pet rent of 25/month per pet pet rent. 

From a numbers standpoint, that's fine because 110k-115k invested for above 2k in monthly rents is pretty solid... but just the amount of mental effort it takes to manage an out of state rehab (especially with a property manager for whom rehab isn't a priority). 

Be mentally, financially and team-wise prepared so you can stay in the game.Lessons learned in this case study:Building up reserves are what prevent nervous breakdowns and heart attacks ;-) I'm sure @Omar Khan can write up a blog or two on this topic ;-)Our chosen and vetted team on the ground is to thank for our being able to sleep at night.It seems to ring true to many when @Jason Powell points out the "rule of waves" or "when it rains it pours."

@Corby Goade Love the mentality!  

Without this kind of mentality, cleverness and insightfulness, you are simply not going to make it.Yes focus on making a deal ASAP.... but not for those reasons.

The mentalities of real estate investors like us and the decision makers for REOs can be vastly different.