When you’re trying to find the best values in any market, you’re looking for a diamond hidden in a huge pile of manure. To find those rare diamonds you have to expect to spend virtually 100% of your time looking through shit. That’s what keeps other people from finding it first. If you want to spend all of your time looking at diamonds, go to the jewelry store and pay their 1000% markup.
That was my explanation of the need for patience when three real estate deals in a row fell apart a few years ago. Finding value isn’t for the impatient. Most of your time and research come to nothing and that can become very frustrating. The longer it takes, the easier it is to convince yourself that you have to pay up to get something worth buying. But you don’t. An individual – not handcuffed by a prospectus or investor pressures – can always keep their criteria unchanged and wait for something better. That’s a big advantage.