High End/Luxury Real Estate Experience?

Question

I'm wondering if any of you have experience dealing with high end real estate. My market, Southern California, is one of the most inflated markets in the nation and so housing prices are through the stratosphere.

Does anyone have any experience dealing with 2mil+ properties? I'm looking to do wholesaling here, though I'm curious how lucrative it would be to try to work at that level. I know the assignment fees would be higher but I'm not sure if I could find investors willing to buy the properties. Can anyone shed any light on my situation? Any help is highly appreciated!  :mrgreen:

Scott Allan · Answer

Out of state investing could be tough if you don't have all of your priorities handled up front.  Property management is always good to know of before you buy out of state property.  Some firms as myself offer turn-key investment opportunities which means everything is covered including property management.  You'll never know till you try though.  Most people have fantastic experiences with it.

N/A N/A · Answer

Well maybe not so much LA as the outlying cities. The million dollar property I was talking about however is actually in one of the beach cities just beyond Orange. I'm still wondering how I'd be able to move a property of that size after I'd gotten it under contract, because of the size it would detract from your casual investors.

As for the market, I'm sure you're right, so I was thinking of focusing on the outskirts of LA county, Pasadena, West Covina, and places in Orange county, like Anaheim. The inland empire and regions around there are expanding very quickly, and so that's another option.

Thanks for the help biggerpo! I'm curious then, if I should expand out from the sunny state. I have contacts in Nevada, Arizona, and Washington, its just I'm a little scared to do my first deal out of state. What do you all think?

Joshua D. · Answer

Southern Cali is a tough place to get started.  I'd consider looking outside the cities and focus on the ex-burbs.  There are still glimmers of opportunity to be found if you look, but in LA and SD, you're likely to be spinning your wheels a LOT!  Good luck.