Be patient, the world will come to all in good time.

Once they realize what is happening they will not move forward.So just stay patient and work the MLS for a distressed deal.

And the people I have spoken to say this is a "tight" market.Should I be patient for the right deal?

this one actually came a few weeks ago. it's an interesting story.i was on vacation with my son in florida while my wife stayed back during the xmas holiday to rent out 3 houses. we had just fired our agent who we used to just list and show the houses on the MLS.anyway, while i was in florida i saw a 2k sq ft house in livonia that had an in-ground pool. the house showed super rough and the pics were terrible. it was listed for 189.9ki texted my wife and said "go and buy this house". she called the agent and he said "been on the market for 3 weeks, no calls. has 5 bedrooms".we had been looking for a long time for a larger home for us and she jumped at the chance to see it. it ACTUALLY Has 6 bedrooms, not 5. the listing was wrong.i offered 100k, no inspections. they came back at 132. we settled on 122k, pulled a loan so that we could preserve the rest of the cash for the future purchases. closed 4 weeks later (mid february)ARV on this house is close to 230k.I knew i could not start working on this house until about June. i also knew that it would take about 30-40k to fix it how i want it fixed for us to move in there, so that meant we could move there in august.2 weeks ago we went out to dinner and while driving i had an epiphany. i told my wife, "we will rent this house AS IS, no updates besides filling in the pool for $1,300. rent it for 1 yr, while the MLS dries up". this house updated could rent for $1,800-$2,100 per month.she texted immediately tenants in #4 and offered to them to move in this large house since they need the extra room. they signed a 2 yr lease last week and they are ECSTATIC.I will rent #4 and increase the rent from $1,100 to $1,300 since they have been there for 4 yrs.the tenants already resurfaced the floors at #25, will put pergo in the living room and change carpet upstairs. here's the pool - all 41k gallons of it. 2" pump is about to pump it out.here it is uncovered, pumping away.here is my concrete guy who is filling this pit as i type.the moral of the story.... just have multiple options. and be patient. is it nice to have a huge house so that you can spend 10s of thousands to fill it up with furniture?

Below is how I break down the 50% rule to my clients here in Connecticut.The 50% is a short term & long term view of maintenance that needs to be and will need to be done.It is much better to have adequate reserves than to be "chasing" that money for years after a significant unplanned repair needs to be made.Now, if the subject property has ZERO deferred maintenance and I mean ZERO, maybe there is some wiggle room, but I would still stick to the 50% rule.This way when repairs do come up you can take care of them and not leave them neglected because money is tight.Overpaying for a property impacts a lot of things including the ability to be patient when filling vacancies along with being able to address maintenance issues when they arise.Just my $.02.

Just be patient and stick to your screening criteria to find the right tenant. 

That is the kind of deal that people who are patient in waiting for a deal but lightning fast on execution can get even in hot markets.

Are you patient?

Look hard enough and you can find something that will need work, but getting contractors is difficult.But you can find good investments if you are patient and thorough in your search.

Just be patient and enjoy the process.