Offer price help needed in Northern Utah!

[Joseph Davis]

So I was listening to the podcasts the other day - and I could have heard wrong - but a guest said that they always come in at 70% of the asking price and then deduct rehab costs below that number. When I run this out for some of the properties we are looking at in Northern Utah, the offer is coming in way low - sometimes at 50% of the asking price. My realtor doesn't seem to think this is reasonable, and I kinda agree with her. I'd love to get these properties at this level -but it isn't happening. What we are trying to do is find rental properties & have NOI of at least $500/month per unit after all expenses. We don't want to carry a note for more than $150,000. Our goal is to have 40 cash flowing properties in 10 years - purchasing 4 per year. The problem I'm seeing is that all of our estimates are way below that $500 number. The only way to change it is either put way more money down (not going to do that) or get the purchase price way down. Any ideas? Am I looking at this wrong or being unreasonable? We are new - so that should explain a lot. :)