I have come across what appears to be a good deal in the central FL area. I just came across it today so I haven’t done any homework on it. I was just curious about assigning a contract on a multi-million dollar home. Is this normal? Is there anything that I should do different?
Where is it located in FL? What do the numbers look like?
If you don’t have any buyers lined up, you might think about getting an option on it instead.
Just an idea.
Steph :cool
The type of people who buy multimillion dollar homes are often not afffected by the economy. They are kind of above and beyond it.
Still, it is difficult to sell a multimillion dollar home. It takes a lot of time.
People with that much money often want to build their own to get exactly what they want.
If you want to sell a multimillion dollar home, it must be in absolutely perfect condition, and very up-to-date, or else a completely authentic period piece.
You can flip at that level, because no one will buy a fixer. So you can get the fixer, fix it up, and sell it. The fix up part is cash intensive, because you can not cut corners on quality.
It seems that you are not from FL yourself. It is not a problem if deal is really great but you could see all previous replies, you have to deal with a lot of waiting time, to find a right person for these big money. Is it a really, really good deal?
its about 58% of appraisal. Do many investors focus on high dollar homes?
The high dollar fixer can be a very good niche. No rich person will buy a house that isn’t perfect. People with serious money do not do manual labor, and the fix and flip guys are not usually all that interested.
You can get a high level fixer for an extremely good price becasue you will be the only buyer interested. Just be aware that your holding cost and the cost of the improvements can be astronomical. So it isn’t a game for folks who don’t have access to cash.
One thing that you must understand if you are going to work with high priced homes, is just exactly what rich people will buy and what they aren’t interested in. They do not have middle class tastes, so what works for a nice middle class home might be the wrong thing to do.
thanks for the replies, I think I’ll let this one go, don’t think I’m ready for it yet.
Hold on! If you are wholesaling, what holding costs are there?
Instead of thinking of the reasons why it wont work, find the reasons why it will.
What do you have to lose by marketing it anyway?
Get it under contract for 30 days and keep renewing until either you sell it, the seller gets fed up or you yourself want to quit. But dont fall and stay down at the first hurdle. At 58% of market, I dont think it matters what category the property is in.
If I told you there was a buyer looking for that exact property, would you take the trouble and effort to try and find them?
I also know that rich people buy inperfect houses. It depends what they are going to do with it. No, there aren’t 100s of them lining up. But how will you know until you find out?