You're right to intimate that the elasticity of supply is low, but what I'm trying to point out is that the consumer is now much more able to move to where the supply is high than ever before.The substitution effect doesn't appear to be influencing consumers with respect to these high-end real estate purchases--instead we're seeing something closer to the income effect, where a consumer increases their demand quantity as their income rises.

Effective, sustainable, profitable, and delivers the optimal return on your time, skill, and money.One of my favorite Warren Buffett quotes, "Price is what you pay, value is what you receive".The investors I know that are most successful and who I most want to emulate, challenge me to focus on asking more powerful questions that will likely lead to more powerful answers.Here are some resources and areas of study that I have found to be extremely valuable.1) Public libraries & especially law libraries (nudge nudge wink wink) contract law, real estate cases and guide books that are state specific.2) Understanding title 3) Public record searching4) Studying marketing and human behavior: What influences people to say yes or no?

The discussion of wages influencing rents is absolutely fascinating to me.

They schedule the BPO, I'm there everytime to influence: low comps, repair estimate, reference to the declining local job market, list of sex offenders in close proximity....

Someone here said that the LA wouldn't have any knowledge of other offers or influence in getting your offer accepted.

Attorney has realistic client control and more influence over seller than you, in this case.Reduce your deal basic terms into about 7 essential line items, such as:1) Consideration2) Terms3) Possession4) Inspection 5) Title6) Escrow7) Buyers vestingNow that you've spooked the attorney, it will be harder to close.

But...If you aren't aware of the long running battle surrounding LL stock, there is a considerable short position including some activist investors and hedge fund managers who have been accused of using their considerable influence to provide misinformation about Lumber Liquidators (LL) and their products in an effort to profit from the drop in stock price. 

He knew about -business, -legal issues, -tax issues, -marketing, -sales, -promotion, -networking, and most importantly he knew about people (psychology).The first thing he did was tell me that you have two ears and one mouth, and y should listen more than I talk.Second thing he did was have me read "How to Win Friends and Influence People" by Dale Carnegie. 

Here are some steps to get started.Step 1) Develop your Business Model (Who is your ideal seller, buyer, neighborhoods, etc)Step 2) Build a Team (Leverage their experience, Realtor, Attorney, Contractors, Surveyor, Home Inspector, Environmental Contractor, Architect, Structural Engineer, Stage, Photographer, Title Company, etc)Step 3) Understand your market like the back of your hand (Have a Realtor set you up on HOT SHEETS so you get automatic listings sent to your inbox and you can start getting a pulse on the market)Step 3) Find a Deal (Package the deal and show supporting evidence that it's a good deal, get an appraisal if you have to) Include the following: Company Bio w/ your team members on it, Property Details, Property Tax Card, Scope of Work, Pictures/Video, Comparables, Financial Analysis, Due Diligence Items, and Contact Information.Step 4) Find Private Lender Prospects- Sphere of influence, networking events, ask for referrals, ask CPA, ask attorney, etc.

Stanley influenced a lot of individuals with his ideas, both directly and indirectly.