If you are a newbie, you will not believe the conditions tenants will tolerate rather than getting prompt, proper, repairs done.I just re-rented a luxury home where the prior tenant never complained during a five year tenancy about anything, and due to very unusual circumstances a thorough interim inspection was never done:Range hood inopClothes dryer inopGarbage disposal inop5 of 7 exterior area lights inop; two interior circuits inop1 of 6 toilets inop3 of 5 air conditioners inoppool sweep inop5 sets exterior french door handsets so pitted you cut your hand opening the doorsrodent infestation in atticAll this in addition to nearly a complete repaint, stripping and resealing floors that had improper products applied, replacing 4 rooms of carpet, and minor miscellaneous items.Believe me, I would have MUCH preferred to make these repairs as they occurred, paying out of the cash flow, rather than having the owner fork over nearly 20K to make it rent ready again!

I eventually want to get into high end luxury real estate.

Show them the benefits rather than just telling them the details.Create a Virtual TourWe have the luxury today of virtual tours that buyers can use to “walk” the property without even being there.

Putting money into renovating your home which you are not planning to sell anytime soon is not REI.In your position I would put in the bare minimum into renovations, perhaps sacrificing a bit of quality and luxuries .

To maximize your returns, you may want to consider more effectively targeting the luxury travel market sector.How Can You Market and Brand Your Vacation Rental to Appeal to Luxury Vacationers?

The fix and flip market (especially for high-end, luxury properties) is so hot because wider margins exist.In contrast, Chicago has seen median home sales prices increase 32% from $167K to $221K during that same time period.

Investing while still renting or purchasing a multi unit and living in one unit is more advantageous until the point in time where your investment income is such that you can throw it into a personal home as a luxury purchase.

But's hey it's luxury condo in vincinity of NYC.

I went to see what he was doing and he was building 1/2 dozen houses in a luxury development in Westchester.

For my first 4 rentals I will have the luxury of bringing low money down since I am planning to go owner occupied on my first four.