News last week of a surge in luxury home foreclosures has many ready to step up their game and turn their real estate investing sights on flipping million dollar homes. So where do you find buyers for these properties?
The questions real estate investing pros ought to be asking themselves is who has that kind of money or borrowing power and how do you reach them?
Of course a million isn’t a lot any more but if you are flipping houses in the multi-million dollar range you had better know your exit strategy. So who is making and holding all the money these days?
There still seems to be plenty of angel investors with money and the tech start up crew, those geeks you love to hate. However, it is interesting to see Facebook’s Mark Zuckerberg hasn’t made the new daily rankings of the world’s wealthiest individuals – the Bloomberg Billionaires Index. However, it is encouraging to see many on the list increasing their wealth significantly over the last year.
Don’t forget doctors and especially chiropractors, franchise owners and the growing number of writers hitting the big bucks. If you can’t find them here at home, then it is clear that there are plenty of investors overseas looking for a piece of the American pie.
So how can real estate investing companies reach these individuals who probably don’t have their numbers listed in the phone book for telemarketing to?
Direct mail could be an option. What zip codes are America’s wealthiest crowds living in today? Mailing lists and even email addresses can be bought, rented and even perhaps less expensively scraped from the Internet.
If you are going to advertise then what do they read? Which online publications or news sites do they hang out on and which higher end magazines do they subscribe to?
There are millions to be had from real estate investing in luxury homes, just hone in on your targets and close those deals.