Posted by Hank FL on October 26, 2003 at 13:13:26:
People that rise to the “top” fast & furious often come down the same way. The lives of the wealthy are often just as chaotic as the lives of others. Sometimes worse - they have more rope to hang themselves, no ?
The upper end market for homes in many markets has not been as strong as the middle & lower end markets.
And the values on these expensive houses aren’t as cut & dry as lower priced homes. Comps are harder.
Big Fat Checks with Luxury Homes - Posted by Steve
Posted by Steve on October 22, 2003 at 19:28:47:
Has anyone taken the seminar by Marco Kozlowski “Big Fat Checks with Luxury Homes?” Just curious if anyone has any opinions whether they enjoyed it or not.
Thanks!
Re: Big Fat Checks with Luxury Homes - Posted by rm
Posted by rm on October 23, 2003 at 21:35:20:
Nope. Just read the promo for it- it’s a well-written piece, isn’t it?
Concept is sure tantalizing, too.
Our “upper-end” market has been soft since July 2001… and has really taken a dump in the last 90-120 days.
Not sure if this is the time to get in or not.
I asked my attorney a few months back, “If you ever got smart and terminated your license to get into RE investing, what market would you focus on… what can you think of that nobody else is doing, and there’s good profits in?”
His reply: “High-end rehabs. NOBODY’s doing them. Nobody knows how.”
Big Fat Guess - Posted by Hank FL
Posted by Hank FL on October 24, 2003 at 09:20:13:
I saw the promo.
The guy looks like a LeGrand student like Robyn Thompson, who took LeGrand’s rehab stuff to a new level; Jeff Kaller, who took LeGrands FC stuff to the next level; and now there’s this guy, who looks like he’s taking the LeGrand straight option to a higher level.
Legrand has been preaching options on upper end homes for years and this guy actually listened.
So I’m thinking he gets an option on a 2.2 million dollar house for 1.4 million. Now many of these houses in this range are not mortgaged, btw.
If the house needs paint, and other “minor” stuff, he pitches a rehabber/contractor he knows to “partner” w/him. “Look at all this equity!!!”
Then it’s the 5 day/no dicount method of selling.
To find the deals he drives through exclusive neighborhoods and pounds “I Buy Million $ Homes - CASH” bandit signs next to all the stop signs and gaurdhouses 
I’m sure if we all put our heads together here at CREonline we could figure out the rest.
This is interesting.
Re: Big Fat Checks with Luxury Homes - Posted by Dimpil
Posted by Dimpil on October 24, 2003 at 05:40:38:
Frank McKinny does mutli million dollar rehabs.
However, IMHO, there the gap between the rich and poor is getting wider and wider. AND the need to have good credit to afford anything is getting more prevalant each day.
So, I’m going to stick with low income to moderate income as these are the people more effected by credit issues, can’t get loans and such but will come up with the $$ to lease, rent etc.
Also, I’d check with a broker on my states lending laws. The tougher they get the more brokers go out of business and the more lenders stop lending in that state. This creates a GA sitution, where you have a tons of people (professionals and such) who can not bank qualify, few alternate and sub prime lenders and more lease purchase/owner financing opportunities.
GA has had a ton of alt and sub prime lenders leave because the laws got tough. Max ALL fees 3% which leaves tons of people with B-C-D credit who can’t get a home because they have no lenders.
However, they do have a high rate of rental vacany in low income areas, many investors over bidding for properties creating another issue. Over pricing.
Re: Big Fat Guess - Posted by firefox
Posted by firefox on October 26, 2003 at 12:52:12:
>So I’m thinking he gets an option on a 2.2 million
>dollar house for 1.4 million. Now many of these houses
>in this range are not mortgaged, btw.
Why are they selling so cheap when they’re not being motivated by a huge mortgage payment? I like the idea, it just seems like there would be a lot fewer motivated sellers per capita in the high end ranks. Of course, you don’t need many…
Re: Big Fat Guess - Posted by j.man
Posted by j.man on October 24, 2003 at 12:37:57:
another guy that does this is HOUSEROOKIE. He uses
only options and nodiscount method with no rehabs. I can see flipping 10-30K profit but man 6-7 figures?
Someobody please show me how…
please please…