High End Flipping, Houston

[Logan Holmes]

Good morning everyone,

I have the opportunity of doing some high-end flips and/or new construction in the central Houston area in established neighborhoods with high comps.  These would be my first flips/new construction as an investor, but I am in home construction and have a lot of experience there.  I was wondering if anyone had experience in jumping into higher end flips and the risk vs reward there.  My goal is to earn capital for long term holds (apartments), while not having to do a lot of small margin flips.  I would like to reach margins around 20% and already have a great source of financing.  

One question I have: Is there a limit to what a buyer is willing to spend where they don't want/need a fully custom house or is it just case by case?  I was thinking that the biggest spenders would probably want something that is unique to them, but if I was building in a neighborhood with comps around 1.5m, would it be okay to go with a popular designer instead of having to finding an end-buyer at the beginning and designing the house with them?  I am referring mainly to interior selections but also exterior as well.  

Any other advice is appreciated.

Thanks for any and all help!