Good idea to start mailing the lis pendens. Especially in Florida, on the high end homes. You will find the sweet spot with investing, is the bread and butter homes. However, I did do very well right after 9/11 buying and selling higher end homes. Here are some ideas/strategies.
1. High end homes are the first to slow down in sales and the last to rebound. So when you get these houses, you have to come in with lower offers to the banks to sell the house fast.
2. Banks are more willing to give you a few extra weeks to close the deal with a high end home. Why? Because the pool of people who play in this market is slim.
3. You do market the higher end homes slightly differently. We would do Free Standing Inserts in newspapers to sell high end homes. Signs work okay, classified ads, didn't bring good buyers. I would market to agents, mortgage people, lawyers, etc. I would also mail neighborhoods where
someone would move up from. Example: My Neighborhood is full of homes 275k to 475k. These are middle of the road homes in Charlotte. Across the street are two neighborhoods with homes starting at 650k up to 1 million. If I had a home in the higher end neighborhood, I'd market into my existing neighborhood and one's like it in a 5 mile radius.
4. You sell schools, luxury, etc.
5. Try and stage it if you can.... I've put cars in the driveway, rented furniture, etc.
6. They will rent. To self-employed people who "make no money". These work as owner financed.