What kind of cap rate for blackstone and the like?

[Pat Martin]

Just curious what kind of cap rate would one of these big investment companies make on their single family rentals? I am only getting about 8% after all expenses, capex and property manager. I feel I'm buying close to the best deals in town getting about the cheapest labor for repairs and getting market rent. It seems to me that with all their overhead they can't be getting that great of a cap. Thoughts?