Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
I just read @brandonturner goal article and I was starting to get annoyed at it since he was bad mouthing goals. Then it got better when I realized he wasn't bad mouthing goals, but saying you can't have just goals and he was right. You need an action plan, but that action plan starts with goals. So here are my goals and a brief action plan.
Flip 20 houses in 2016. I flipped 9 in 2015, but I could have done a lot more with a better rehab process. My main focus right now is improving my rehab process. I have 10 flips now that will get me off to a good start.
Buy 10 rentals. I bought 5 in 2015, one of which was a duplex. I plan to refinance 8 of my current rentals to bring in more cash and lock in 30 year fixed loans. This will also help me with my portfolio lender.
I want my real estate team to sell 200 houses. We sold 127 in 2015 and we have two new agents who are just getting some traction. The nice thing is my teM is selling more and I am selling less.
Some other random goals are hitting 500,000 views a month on my blog, buying an Aston Martin v8 and working towards getting an exotoc car dealership.
buying an Aston Martin v8 and working towards getting an exotoc car dealership.
Uhmmm... I liked you before. Now I REALLY like you. Huge automotive gear head. Especially an exotic guy. Wife wants a GTR. I'm thinking I may go SRT Viper for a bit then head in a more exotic direction!
Part of what got me into Real Estate was to be able to drive high end cars. I would rather have a decent personal residence and two ridiculous cars in the garage vs a castle and a Yaris.
buying an Aston Martin v8 and working towards getting an exotoc car dealership.
Uhmmm... I liked you before. Now I REALLY like you. Huge automotive gear head. Especially an exotic guy. Wife wants a GTR. I'm thinking I may go SRT Viper for a bit then head in a more exotic direction!
Part of what got me into Real Estate was to be able to drive high end cars. I would rather have a decent personal residence and two ridiculous cars in the garage vs a castle and a Yaris.
Vipers are awesome and incredibly affordable. When I start a dealership it will be built around affordable exotics.
Vipers 20k for some models!
Ferrari 355 or 360. 60k
Gallardos 80k
Aston Martin vantage 30k
Lotus Esprit v8 30k
Bentley, rolls, Maserati,
I don't think people realize how affordable some of these cars are.
Vipers are awesome and incredibly affordable. When I start a dealership it will be built around affordable exotics.
Vipers 20k for some models!
Ferrari 355 or 360. 60k
Gallardos 80k
Aston Martin vantage 30k
Lotus Esprit v8 30k
Bentley, rolls, Maserati,
I don't think people realize how affordable some of these cars are.
Huge Maserati fan. Really like even the older Gallardo cars. For me I want to swap them regularly that way I get to try a whole bunch of different exotics.
Vipers are awesome and incredibly affordable. When I start a dealership it will be built around affordable exotics.
Vipers 20k for some models!
Ferrari 355 or 360. 60k
Gallardos 80k
Aston Martin vantage 30k
Lotus Esprit v8 30k
Bentley, rolls, Maserati,
I don't think people realize how affordable some of these cars are.
Huge Maserati fan. Really like even the older Gallardo cars. For me I want to swap them regularly that way I get to try a whole bunch of different exotics.
That's why I want to get a dealership!
My current collection consists of a 91 mustang 5.0 convertible with supercharger.
Vipers are awesome and incredibly affordable. When I start a dealership it will be built around affordable exotics.
Vipers 20k for some models!
Ferrari 355 or 360. 60k
Gallardos 80k
Aston Martin vantage 30k
Lotus Esprit v8 30k
Bentley, rolls, Maserati,
I don't think people realize how affordable some of these cars are.
Huge Maserati fan. Really like even the older Gallardo cars. For me I want to swap them regularly that way I get to try a whole bunch of different exotics.
That's why I want to get a dealership!
My current collection consists of a 91 mustang 5.0 convertible with supercharger.
86 Porsche 928 five speed
2010 Audi s4
1999 Lamborghini diablo in monterey blue.
Really like the Audi s line cars. Do you film any videos on YouTube with the Diablo? For a new gen viper I'm looking at 70-85k which makes me half tempted to go older Gallardo for the sound and name. But I plan on doing tons of road trips next year so I'm leaning towards a viper then getting something different.
Vipers are awesome and incredibly affordable. When I start a dealership it will be built around affordable exotics.
Vipers 20k for some models!
Ferrari 355 or 360. 60k
Gallardos 80k
Aston Martin vantage 30k
Lotus Esprit v8 30k
Bentley, rolls, Maserati,
I don't think people realize how affordable some of these cars are.
Huge Maserati fan. Really like even the older Gallardo cars. For me I want to swap them regularly that way I get to try a whole bunch of different exotics.
That's why I want to get a dealership!
My current collection consists of a 91 mustang 5.0 convertible with supercharger.
86 Porsche 928 five speed
2010 Audi s4
1999 Lamborghini diablo in monterey blue.
Really like the Audi s line cars. Do you film any videos on YouTube with the Diablo? For a new gen viper I'm looking at 70-85k which makes me half tempted to go older Gallardo for the sound and name. But I plan on doing tons of road trips next year so I'm leaning towards a viper then getting something different.
Yes, I have a YouTube channel. Search for mark Ferguson or investfourmore. I have videos of the diablo and 928.
But the way Maserati ghibli (old version) is one of my all time favorite cars. I have a friend in northern Colorado that had about 80 cars including 2 ghiblis and about 12 lambos. He runs an exotic repair shop in town and works on my diablo. That's hisnshop below with a 79 Countach.
I see you have a lot of success under belt mark what would you say is
The best advance on funding more rental properties to keep leveraging and moving ahead?
Making a good income helps. I use money from flips and being an agent to buy more rentals. Buy below market, make repairs and you can refinance to get much of your money out. Just make sure your properties still cash flow.
I love that goal! My 16 yo wants a property before her next birthday. We're working on it...
I'm working on more than one though. I figure she can retire with 5 SFR...but the loans are in my name. The way it works is we are both (+ wife) on the LLC's that own the properties. Since she can't own an LLC until she's 18, we are the managing members. She learns how to manage the LLC's until she's 18, then if she has it under control, we "slide out" of the LLC's and she takes over. If she's not ready yet, then we continue to control them, but she reaps most of the benefits.
I love that goal! My 16 yo wants a property before her next birthday. We're working on it...
I'm working on more than one though. I figure she can retire with 5 SFR...but the loans are in my name. The way it works is we are both (+ wife) on the LLC's that own the properties. Since she can't own an LLC until she's 18, we are the managing members. She learns how to manage the LLC's until she's 18, then if she has it under control, we "slide out" of the LLC's and she takes over. If she's not ready yet, then we continue to control them, but she reaps most of the benefits.
That is very cool. I would caution against givng too much to someone that young. Sometimes we need to find out own ways without a cushion that is always there to fall back on.
I love that goal! My 16 yo wants a property before her next birthday. We're working on it...
I'm working on more than one though. I figure she can retire with 5 SFR...but the loans are in my name. The way it works is we are both (+ wife) on the LLC's that own the properties. Since she can't own an LLC until she's 18, we are the managing members. She learns how to manage the LLC's until she's 18, then if she has it under control, we "slide out" of the LLC's and she takes over. If she's not ready yet, then we continue to control them, but she reaps most of the benefits.
That is very cool. I would caution against givng too much to someone that young. Sometimes we need to find out own ways without a cushion that is always there to fall back on.
I would caution the same thing. In my daughter's case, she's been in training for this since she was 6 years old...and doing "pluses and minuses" on the back of placemats at lunch with with me.
I love that goal! My 16 yo wants a property before her next birthday. We're working on it...
I'm working on more than one though. I figure she can retire with 5 SFR...but the loans are in my name. The way it works is we are both (+ wife) on the LLC's that own the properties. Since she can't own an LLC until she's 18, we are the managing members. She learns how to manage the LLC's until she's 18, then if she has it under control, we "slide out" of the LLC's and she takes over. If she's not ready yet, then we continue to control them, but she reaps most of the benefits.
That is very cool. I would caution against givng too much to someone that young. Sometimes we need to find out own ways without a cushion that is always there to fall back on.
I would caution the same thing. In my daughter's case, she's been in training for this since she was 6 years old...and doing "pluses and minuses" on the back of placemats at lunch with with me.
That's awesome. My dad has been an agent since I was -1 years old. It was nice having that support, but I also think it stunted my growth as well. I read somewhere out brains do not fully develop until we are 25 so that could have been part of it as well!
I love that goal! My 16 yo wants a property before her next birthday. We're working on it...
I'm working on more than one though. I figure she can retire with 5 SFR...but the loans are in my name. The way it works is we are both (+ wife) on the LLC's that own the properties. Since she can't own an LLC until she's 18, we are the managing members. She learns how to manage the LLC's until she's 18, then if she has it under control, we "slide out" of the LLC's and she takes over. If she's not ready yet, then we continue to control them, but she reaps most of the benefits.
That is very cool. I would caution against givng too much to someone that young. Sometimes we need to find out own ways without a cushion that is always there to fall back on.
I would caution the same thing. In my daughter's case, she's been in training for this since she was 6 years old...and doing "pluses and minuses" on the back of placemats at lunch with with me.
That's awesome. My dad has been an agent since I was -1 years old. It was nice having that support, but I also think it stunted my growth as well. I read somewhere out brains do not fully develop until we are 25 so that could have been part of it as well!
I know this is off topic a bit Mark,but what would it take to own an exotic car dealership?
Good question! I am working on that plan now. I figure I would start out small with the following steps.
1. Get some kind of location, nothing too fancy or big. Need a decent sized building to store cars and hopefully something that could be added on too if I needed to expand in the future.
2. Get my dealers license. You have to have a location to get a license in Colorado and it cannot be your house if it is only zoned residential.
3. Get a Bond and insurance, etc.
4. Start buying cars, the nice thing about a dealer is they don't pay sales tax, licensing fees etc. And many car expenses could now be deducted from taxes. I would buy only a couple lower dollar vehicles and then build from there.
buying an Aston Martin v8 and working towards getting an exotoc car dealership.
Uhmmm... I liked you before. Now I REALLY like you. Huge automotive gear head. Especially an exotic guy. Wife wants a GTR. I'm thinking I may go SRT Viper for a bit then head in a more exotic direction!
Part of what got me into Real Estate was to be able to drive high end cars. I would rather have a decent personal residence and two ridiculous cars in the garage vs a castle and a Yaris.
Vipers are awesome and incredibly affordable. When I start a dealership it will be built around affordable exotics.
Vipers 20k for some models!
Ferrari 355 or 360. 60k
Gallardos 80k
Aston Martin vantage 30k
Lotus Esprit v8 30k
Bentley, rolls, Maserati,
I don't think people realize how affordable some of these cars are.
Where are you getting those (low) prices from mate?
buying an Aston Martin v8 and working towards getting an exotoc car dealership.
Uhmmm... I liked you before. Now I REALLY like you. Huge automotive gear head. Especially an exotic guy. Wife wants a GTR. I'm thinking I may go SRT Viper for a bit then head in a more exotic direction!
Part of what got me into Real Estate was to be able to drive high end cars. I would rather have a decent personal residence and two ridiculous cars in the garage vs a castle and a Yaris.
Vipers are awesome and incredibly affordable. When I start a dealership it will be built around affordable exotics.
Vipers 20k for some models!
Ferrari 355 or 360. 60k
Gallardos 80k
Aston Martin vantage 30k
Lotus Esprit v8 30k
Bentley, rolls, Maserati,
I don't think people realize how affordable some of these cars are.
Where are you getting those (low) prices from mate?
All over the country. You can find those deals every day, but just like real estate you have to work to find the opportunities.