Trying to pull the trigger on several multi family deals

[Seth Murphy]

I've got several all cash deals I need to make happen on a timeline and I'm having trouble pulling the trigger even though I'm under a strict timeline for an exchange. I'm purchasing 40+ units and have found properties that fit within the 200% rule for exchanges that have cap rates from 6.21 to 8% which is good in my area. The rents are low and we can see the work that could be done to improve units. My research shows an opportunity for a very good return on the money invested in low cost improvements. The sellers pricing is pretty sane, but I refuse to pay full price, as the 50% rule for expenses doesn't cover my paranoia regarding future issues. I have a bad year model where I take things out to 67%. Based on this, I want to come in about 10% below asking. I've got friends that would hit at 25% below, even with good numbers at list price, but I don't want to frustrate the sellers to the point that we don't end up doing business and I'm known for being too nice for my own good. There are not a lot of deals in my area that fit the profile I need and proximity to home, office, tool storage, and vendors is a big deal to me. I'd love to talk with other owners in multi-family and compare notes. Bottom line, I think I've found the right properties. Finding the motivation to spend money I have to spend is the hard part. Thanks in advance for any good ideas or conversation.