If you have any questions about turnkey or the Birmingham market, feel free to reach out any time.Clayton

What I keep finding out is that my target price is always at least 20% below seller's asking price.Here are my rules/metrics:total economic loss after property is stable is 12% (15% in lower quality areas)incremental rent growth after the property is stable is 2%expenses grow by 2%/yearproperty tax is 90% of the purchase price multiplied by a local tax rate (usually doubles tax from whatever seller pays)payroll $1000-1200/unit regardless of the property size (brokers claim that 30-units don't need payroll but I don't believe them :-) )reserves of $300/unit counted in expensesexit cap rate is 100 basis points higher than current cap rate (e.g. exit at 8% if current cap rate is 7%)cash-on-cash ROI 10%+ starting in the second year; first year may be lower if this is a value-add5 years total ROI (assuming sale) is at least 100%IRR 15%+ over 5 years (al ROIs are net to investors after 20% sponsor override)I can adjust may metrics to some degree but in order for me to get to the seller's acceptable price I have to adjust most or all of them to unsustainable levels.So, what should I do other than keep underwriting and waiting until the market turns down and all of a sudden my numbers would make sense for a seller?

They may never reach it or they may go over 50% take your pick.What will it cost to replace your roof in 25 years or what will your rent levels be at.

Ton's of good stuff here for you to learn.For a HML you can reach out to @Bob Green to see if he can help.

If you are looking to invest in Memphis, TN I would suggest reaching out to him.James Wachob

Besides the transaction/holding/etc. costs, you now know what you can roughly pay for land.Feel free to reach out if you want to chat a bit more about it.

If you are trying to reach cash buyers nationwide, you could mail to a ton of cash buyers using something like Findcashbuyersnow, but it costs about $2,500 for access.

Please reach out directly with any questions and I look forward to crossing paths soon.

It's best to reach those eager investors by all means if I wish to get a bigger piece of the pie.

Be sure to check out all the resources the site has to offer such as the Ultimate Beginner's Guide to Real Estate Investing:  https://www.biggerpockets.com/real-estate-investin... and the free course:  https://www.biggerpockets.com/courses/a-beginners-...If you have any questions I can answer for you, feel free to reach out anytime.