We spent the weekend with friends at their lake house pulling the kids on the tube and tearing it up on the jet ski’s.
What fun! It is pure exhilaration flying over the water at 50 miles per hour! (and a great relief when you slow down and your 5 year old is still there!)
My friends purchased the perfect family get away on one of the most exclusive lakes in the entire state through . . . you guessed it – a short sale!
People ask me all the time . . . “Ben – we see all your students making hundreds of thousands of dollars on these deals – I don’t get it – how can someone make so much money on one deal?” There is a simple answer – you have to play with high end homes! Look – a $100,000 profit is a ridiculous, disproportionate, unfair, and hard to get profit on your average house. However, on a 2 million dollar house – a hundred thousand dollars is a measly 5% spread – same fish, just in a much bigger pond. When you play with larger dollars – more of them can stick to you.
Look, there is absolutely nothing wrong with doing lower priced deals. (I received a thank you note from a customer with a picture of him literally standing on his head he was so excited about the $3,000 profit we helped him make!) The Short Sale is the same amount of effort, the same process, and the same paperwork – the only difference is that when the deal closes, there are a few more “zero’s” on the check.
The deal, however, is different on high end homes. The people are different, the agents are different, the attorneys, title companies and other professionals tend to be more sophisticated and have sharper questions. So if you want to ride the big wakes – I’d suggested spending some time getting accustomed to big deals.
