If you’ve missed Gavin’s virtual flip in Maui, make sure you check it out on his website. He loved it so much that he’s decided to repeat the process in the South Arcadia area of Phoenix. For real estate flippers who are interested in the challenge of a bigger project, or who just want that bigger payoff, Gavin has some tips for how you can get a property up to the high-end price tag.
The high-end seller isn’t going to be a normal burnt-out landlord or desperate property owner. You’ll need to go in prepared to show proof of funds, your past portfolio, and your website. They’ll want proof that you can handle a property of their caliber. But go in savvy, warns Gavin because the money is made when you purchase the property. If you can’t negotiate a good price from the seller, then no amount of remodeling is going to make this property worth your time and money.
In Phoenix, because the neighborhood matters, sometimes it makes more sense to buy a property and tear it completely down. But for a place like Maui, it made more sense to remodel the existing structure. This is going to depend on your market, so Gavin walks through some scenarios that you need to consider as you go looking for high-end properties to purchase.
And of course, none of this remodeling can be done without a team. You’re going to need a team that can handle high-end properties, including lenders that work in this space, contractors who are familiar with the finishes on these types of homes, and Realtors who can find buyers that can handle the price tag. Expanding your network is going to be vital as you take on this new challenge.
Watch and Learn:
Listen and learn:
- Creative financing just won’t look the same when you’re dealing with 7-figure properties, so Gavin talks about why you’ll want to double close.
- Gavin’s tips for expanding your network to find upscale contractors for these larger and more expensive properties.
- Sometimes purchasing a property and tearing it down to rebuild from the ground up is the best approach for high-end properties, and sometimes it’s not.
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