I Have this fantasy that I'll buy a $30k property put $10k in rehab and get $1100 in rent.

My rule of thumb is that as long as the seller is in reality land and not fantasy land from a price perspective then I am not saying a thing on the telephone.

Your going to need to do direct mail and be the sellers only choice.10 caps for stabilized multifamily in decent areas were trading 2 to 3 years ago.Now everybody of course wants to buy them at that but they are not out there hardly at all anymore.You will get claims of a lot of 10 or 11 cap but they are claiming fantasy holding costs numbers of 25 or 35% in a C area when it will run 55% to 60% costs per year.

I think for my meeting tomorrow will be to talk him down off the fantasy $100k number.

Here are a few morsels of reality, not fantasy:- Small Business Administration loans could rise to above 9% by year-end.- According to a recent survey by consultant PwC, which last month polled more than 700 US executives and board members across a range of industries half of respondents said they’re reducing headcount or plan to.- 52% have implemented hiring freezes. - Four out of ten are rescinding job offers, and a similar amount are reducing or eliminating the sign-on bonuses that had become common to attract talent in the tight job market.

This sounds like some kind of Law & Order fantasy episode.  

Or do you fantasies of quitting your job and running to full-time REI as an employment alternative in three years or less?

suspect results may vary.. website says 6%  that's a fantasy.. only people that lend at 6% ( which is currently lower than commercial bank rates)  are family or really close friends doing you a solid.with no way of knowing for sure.. but I know lots of private lenders and is one.. and none of us would put our name on a list. 

. :)  I actually did some looking (fantasying) about doing what you just mentioned.

Definitely not where I live, Vancouver, where 1% rule is just a fantasy (I think it's more like 0.1% in Vancouver).