These investors who have a lot of properties, large bank accounts, and can live a life of luxury did not get there without pitfalls.

There have, and still is, a lot of luxury apartments and development of old mall stripe being built.

I don't agree..I bought my first luxury car in 2010, a BMW 535i.

Over the years, I've expanded to bigger deals like development sites, apartment buildings, commercial buildings, and luxury homes. 

And as an investor in NYC, he is a salesman (as we all are to some degree in our markets).There is a great article in NY Times that came out earlier this year on the nightmare of owning in those tall luxury condos that are shooting up in the city. 

Luxury apartment owners and large SFR landlords WILL definitely drop rents significantly, and more probably, lose units to foreclosure.

Ohio's ad is a perfect expression of this phenomenon. (2) When an organization has the luxury of testing an entire population, they are finding that as many as 36% of the people that test positive for COVID-19 are completely asymptomatic (https://www.wbur.org/commonhea...)!

Obviously lower tier markets will require more volume than higher luxury markets for both license to make good money.  

Has anyone seen success renting in a luxury type of market? 

There have been a half dozen 150+ unit luxury apartment built in last couple years as well as a new hospital and Rapid expansion of the community college.