Unless you are trying to attract a really high-end luxury renter who asks about carpet type, I would do lower grade carpet because you’re in at a lower cost for when you have to replace it, and you will have to replace it with renters.

Purchase price: $465,000 Cash invested: $100,000 This property was purchased with the eventual plan to redevelop it into a luxury single family residence.

If you're doing a basic cosmetic flip of a median valued house in a strong market, the risks are going to much lower than if you're doing a fire-damaged rebuild of a luxury mansion in a city where values are declining.The higher the risk, the more return the investor is likely to be looking for.

Not only do you have the luxury of living in a beautifully renovated home, but you didn't have to do the work.

When you have luxury properties (you mention 2.8 mil purchase) it is likely what the appraiser says is the market rents is going to require a LARGE down payment to cash flow and probably two expensive appraisals. 

I'm wondering if any of you have experience dealing with high end real estate. My market, Southern California, is one of the most inflated markets in the nation and so housing prices are through the stratosphere.

Do...

Your job gives you the luxury of being able to fix your house, while fixing others alsoOriginally posted by "**********":Louie,Dont quit your day job, I didnt!

Motivated buyers and sellers don't have that luxury which is why there's little or no difference between seasons or around the holidays.Unfortunately there's no way to back up that statement with data because no one tracks motivated buyers and sellers seperately from all the other sales.

With a 203k, there is no limitation on what type of work you can do beyond "luxury" items (No Pools - though there is an allotment of up to $1500 for pool repairs).

Currently, a handful of small developers are building one or two luxury homes at a time.