Rehabbing million dollar homes

[Doug P.]

I run my own business and a customer of mine is into real estate. He has multiple houses for sale that he has remodeled but one that I wonder about is listed at over 3 million. He told me he completely remodeled the entire house himself and I'm am sure he is expecting a profit. By the way it is an amazing house.

How many people are into things like this? How would you get financing?

[Will Barnard]

I have thought about it, but you must allow for longer holding costs in many cases. These types of homes can take a much longer time to sell.

How would I pay for it? Cash + private investors or partners.

The RE crash has not only hurt the lower and middle class, but also the upper class. There are many distressed sales and REO's available in the high end RE. Basically the same process, only adding a zero or two to the numbers.