Luxury property/How can I be sure if it's a deal?

Question

Normally, I wholesale ugly properties. But for luxury ones, how can I be sure if it's a deal? What are the numbers?

Bob S. · Answer

Hi, go to your local RE meetings, you will find others doing deals like

Bob S. · Answer

If you do not know the numbers then do not do it, Its all about the numbers, PLEASE do not try this yet, you are not ready. Connect with someone doing deals, learn then apply what you learn

Eliott Elias · Answer

What's the difference?

Dimitra Manou · Answer

It's hard to find someone who is doing those kind of deals. I'm trying to learn everyday but I don't want to be stuck at learning and don't try anything. Because trying is also a part of learning process. But that thing with numbers...it's true. Thank you

Dimitra Manou · Answer

Yes it's a rental community. The comps are $754,882 ( But those homes don't have all those features, buildings and sqf as this property does). There are homes $1M but have one more bath. This property has 4 buildings and it's waterfront. There aren't really many comps (like this property) in the area.It's a 4bd, 4ba, 4.800 sqft with fireplace, build in 2002, spa included. Construction materials: masonry. Foundation: Concrete.Exterior features: stone, wood, in 3 acres, single family home, has waterview and the house is near the river,pier. The roof is replaced and in general the house is in good condition and last year the seller has done inside/outside repainting. There are also 3 other buildings: 1) detached garage 1,800sqf 2) a barn 1,000sqf 3) and a 5,000 sqf house. The seller says 1,8M, Zestimate is 1,6 M. What's the right price for this one and what else should I look for?

Ricardo Hidalgo · Answer

Is this a rental community? what are the comps and finishes like? what is the entry price point to the neighborhood? which features does this one offer or who was the architect behind the build? All of these considering takes into account for establishing value on a luxury product. Look at replacement cost and chances of someone building something alike.

Luxury property/How can I be sure if it's a deal?

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