I have been looking for blue collar homes in Southern California. We have some. I am seeing more and more luxury homes with FMV from 1.5 Million and up (way up)that are vacant, and have motivated sellers but I am so new that these bigger homes are scary due to the numbers. It's just head trash because I know I will not have to pay the tab.
My question is regarding the math in the offers. Are there any different rules or basics one should know "regarding luxury homes" before considering a focus on proposing assignments or IEE deals as explained in Dean's book?
It looks like one could make 10K with far less equity in these big suckers, but I don't have a buyer's list for Luxury homes at this writing. Is this also something that should be promoted at 40% - 50% below FMV, or are their any different rules for the bigger homes I should consider? Just wondering.