I then found 3 properties from wholesalers in areas that I invest in regularly and purchased the properties with a hard money loan.

It is possible to get 90% of your purchase price and 100% rehab funded as a first timer in 1-4 units.  

First, congratulations on purchasing your first property together.

But unless you get a value-add property, purchasing real estate really doesn't make much sense in this environment?

Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I frequently hear that someone purchased a new property because their real estate agent told them they could get X amount for rent, when in fact, the market comps don't support that amount.

Is this for a primary purchase or build to rent/sell?

Yes quite a few of our 5,000 options have rate and term or purchase!

That ensures you don't spend it on other things and know exactly how much you have to spend on the next purchase.

You can increase returns with leverage (that is a mortgage) or with value add (renovations, additions etc).I think cap rates (rents minus expenses divided by purchase price) on commercial and industrial is higher with less work involved, but its more expensive than I can afford--so I know next to nothing about that land.