Update on me and my flips including a $500k + purchase

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Update on me and my flips including a $500k + purchase

Mark Ferguson
Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes

Hey everyone, I have been busy this year and have not had a lot of time to post on here. I thought I would post a quick update on what I am doing. 

1. I am up to 16 rentals. I bought five more in 2015 and plan to buy 12 in 2016. We will see how that goes in the Colorado market. I am thinking of expanding to another state. I am thinking about doing a bulk refi on 8 of my current rentals. 

2. I have 11 flips going right now. I just bought a $500k + flip last week with an ARV of $840k, but it has some occupancy issues I have to deal with. We will see how that goes!

3. I hired a project manager for my flips and rental rehabs. It takes a load of my plate as far as dealing with contractors, but it added a babysitting job getting him up to speed on what I want. 

4. My blog is doing awesome and continues to grow.

5. I still have the Lambo and it has been awesome. I have owned it 18 months or so and it worth about 75% more than I bought it for. 

I have all my goals set for 2016 and I am looking forward to an awesome year. 

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Jerry W.Pro Member
Moderator
Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
10y

@Mark Ferguson, it is great to see you posting again.  I added 7 houses last year on my quest to hit 50 houses, but only one house this year.  Our market is getting hit hard due to falling oil prices.  I think your emphasis on flipping and of course your great real estate office are the way to go.  Get cash flowing rentals when you can.  I expect my market will continue to drop for the next couple of years.  I sold one small tri-plex this year that was way more work than it was worth.  My goal this year was to catch up on maintenance I had fallen behind on so I had as few expenses as possible in the next few years.  I may be preaching gloom and doom but I see most of Wyoming being hit hard the next 2 to 5 years.  Cheyenne might be ok as it has very little dependence on oil prices, but there may be some government layoffs.  Casper and Douglas may have some opportunities in 2 to 5 years if things continue the way they are going now.  I have done some out of state investing, but it is always harder than it looks.  I will look up your blog as I have not read it for awhile and have always enjoyed it.  It was something like investfourmore?  Anyway congratulations and someday we will be able to connect when I come through.  Keep up the good work.

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  • Jay Johnson
    Pelham, NC · Member since 2015 · 160 posts · 54 votes
    10y

    Mark,

    Congratulations! Hope the occupancy issues work out for you. Keep the success going!

    1Reply
  • Dan MackinBusiness Member
    Real Estate Agent · Erie, CO · Member since 2014 · 1k+ posts · 512 votes
    10y

    Nice job killing it still Mark. Too bad that's not your garage...

    720-466-3378
    1Reply
  • Mark Ferguson
    OP
    Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
    10y
    Originally posted by @Dan Mackin:

    Nice job killing it still Mark. Too bad that's not your garage...

     I know! That is a 79 countach in front of my car. That is actually a shop here in greeley that works on high end exotics. I had to have the shocks replaced on my car. The guy who runs the shop has about 80 cars including 13 lambos. 

    2Reply
  • Dan MackinBusiness Member
    Real Estate Agent · Erie, CO · Member since 2014 · 1k+ posts · 512 votes
    10y

    Those sorts of places amaze me. There is a shop down the street from me called Scuderia Rampante that only does Ferrari and it's fun to stop by when they've got them all parked outside.

    720-466-3378
    1Reply
  • Tony SanFilippo
    Real Estate Investor · Littleton, CO · Member since 2013 · 197 posts · 77 votes
    10y

    @Mark Ferguson

    Sounds like you have been very successful, congratulations. Quick question. How do you feel about buying buy and holds in Denver's market that is already grown to a higher level than the real estate bubble in 2007? I have been staying away from buy and hold because I thought you are suppose to buy low and sell high. But I can not seem to sell my rentals that I purchased in 2009 either, because the market just seems to keep going, even though it has slowed down. It is crazy here in Colorado. What states have you thought of buying more property, I as well have thought a new market may obtain better ROI?

    1Reply
  • Mark Ferguson
    OP
    Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
    10y
    Originally posted by @Tony SanFilippo:

    @Mark Ferguson

    Sounds like you have been very successful, congratulations. Quick question. How do you feel about buying buy and holds in Denver's market that is already grown to a higher level than the real estate bubble in 2007? I have been staying away from buy and hold because I thought you are suppose to buy low and sell high. But I can not seem to sell my rentals that I purchased in 2009 either, because the market just seems to keep going, even though it has slowed down. It is crazy here in Colorado. What states have you thought of buying more property, I as well have thought a new market may obtain better ROI?

     I buy for cash flow. I would love to buy cheaper, but that is not possible in Colorado. I can still find cash flow up North. 


    My personal thoughts are that our market in Colorado will not see a big or even moderate drop in prices for a long time. 

    0Reply
  • Daniel Kenney
    Investor · Lakewood, CO · Member since 2011 · 22 posts · 8 votes
    10y

    Congratulations Mark! Looks like you are taking care of business up there in Greeley.  Hope the flip works out for you and that you can achieve your 2016 goals...

    1Reply
  • Marcus Kennedy
    Birmingham, AL · Member since 2012 · 115 posts · 28 votes
    10y

    Thats awesome @Mark Ferguson! Looks as if you have goals and you are taking the proper steps to accomplish those goals. WIth as many rentals as you are acquiring and flips you are working on, where are you finding your deals? Do you market for them yourself or do you work with wholesalers? 

    0Reply
  • Mark Ferguson
    OP
    Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
    10y
    Originally posted by @Marcus Kennedy:

    Thats awesome @Mark Ferguson! Looks as if you have goals and you are taking the proper steps to accomplish those goals. WIth as many rentals as you are acquiring and flips you are working on, where are you finding your deals? Do you market for them yourself or do you work with wholesalers? 

     I have actually never bought from a wholesaler. I am open too it, but have not seen many good deals offered in my area. I actually buy 90 percent from the mls and once in a While an off market property. 

    0Reply
  • Marcus Kennedy
    Birmingham, AL · Member since 2012 · 115 posts · 28 votes
    10y

    Well once again congrats and keep on buying and flipping!

    0Reply
  • Jerry W.Pro Member
    Moderator
    Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
    10y

    @Mark Ferguson, it is great to see you posting again.  I added 7 houses last year on my quest to hit 50 houses, but only one house this year.  Our market is getting hit hard due to falling oil prices.  I think your emphasis on flipping and of course your great real estate office are the way to go.  Get cash flowing rentals when you can.  I expect my market will continue to drop for the next couple of years.  I sold one small tri-plex this year that was way more work than it was worth.  My goal this year was to catch up on maintenance I had fallen behind on so I had as few expenses as possible in the next few years.  I may be preaching gloom and doom but I see most of Wyoming being hit hard the next 2 to 5 years.  Cheyenne might be ok as it has very little dependence on oil prices, but there may be some government layoffs.  Casper and Douglas may have some opportunities in 2 to 5 years if things continue the way they are going now.  I have done some out of state investing, but it is always harder than it looks.  I will look up your blog as I have not read it for awhile and have always enjoyed it.  It was something like investfourmore?  Anyway congratulations and someday we will be able to connect when I come through.  Keep up the good work.

    3Reply
  • Account Closed
    Rental Property Investor · AZ · Member since 2013 · 213 posts · 50 votes
    10y

    @Mark Ferguson  Congratulations on your successes for 2015!!

    @Jerry W.  I'm sorry to hear about the market up your way.  Cheyenne still seems strong, although I think it has slowed slightly.  With the hiring freeze enacted on any new state workers, I wouldn't be surprised if some layoffs were to follow.  Hopefully the AML money will help.  I look forward to seeing you again in a few months when you're down here for the legislature.  

    2Reply
  • Mark Ferguson
    OP
    Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
    10y
    Originally posted by @Jerry W.:

    @Mark Ferguson, it is great to see you posting again.  I added 7 houses last year on my quest to hit 50 houses, but only one house this year.  Our market is getting hit hard due to falling oil prices.  I think your emphasis on flipping and of course your great real estate office are the way to go.  Get cash flowing rentals when you can.  I expect my market will continue to drop for the next couple of years.  I sold one small tri-plex this year that was way more work than it was worth.  My goal this year was to catch up on maintenance I had fallen behind on so I had as few expenses as possible in the next few years.  I may be preaching gloom and doom but I see most of Wyoming being hit hard the next 2 to 5 years.  Cheyenne might be ok as it has very little dependence on oil prices, but there may be some government layoffs.  Casper and Douglas may have some opportunities in 2 to 5 years if things continue the way they are going now.  I have done some out of state investing, but it is always harder than it looks.  I will look up your blog as I have not read it for awhile and have always enjoyed it.  It was something like investfourmore?  Anyway congratulations and someday we will be able to connect when I come through.  Keep up the good work.

     We definitely need to meet at some point! I have big goals in 2016. My plan is to buy 12 more rentals. Our market is still very strong and I have thought about buying out of state. What states interest you?

    1Reply
  • Jerry W.Pro Member
    Moderator
    Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
    10y

    I bought one in Indiana that is doing well and 2 in Ohio that should be doing better than they are.  Be glad to discuss them with you sometime.

    1Reply
  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    10y

    Great to see you on BP @Mark Ferguson!  Thanks for posting your updates.  So what else have you been up to lol?  11 flips, 16 rentals, a brokerage of 9, blog, podcast and a luxury vehicle.  Whoa!  

    I enjoy hearing of your career progress and awesome tips, interviews and guests on your podcast.  I listen to them as I extreme DIY up here in central WA. Wishing you continued success! 

    1Reply
  • Doug W.
    Flipper/Rehabber · Alexandria, VA · Member since 2014 · 461 posts · 262 votes
    10y

    Good stuff @Mark Ferguson. This is a great end of year post that motivates me to get ready to hit the ground running in 2016 and significantly ramp up my business. 

    2Reply
  • Larry Turowski
    Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
    10y

    @Mark Ferguson Congrats!  I'm catching up to you on rentals, but you are way ahead of me in every other category.  Nice job!

    1Reply
  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    10y

    Awesome! It is great to see others success. It is an inspiration to everyone. Merry Christmas and happy New Years!

    2Reply
  • Mark Ferguson
    OP
    Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
    10y
    Originally posted by @Larry Turowski:

    @Mark Ferguson Congrats!  I'm catching up to you on rentals, but you are way ahead of me in every other category.  Nice job!

     How many rentals do you have?

    0Reply
  • Charlie John
    Investor · Twin Cities, MN · Member since 2015 · 130 posts · 111 votes
    10y

    @Mark Ferguson Love your podcast. You can tell that you're genuine and know what you're talking about because you are actively doing this business. Your huge goals inspire me to do something similar. Keep it up! 

    1Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    10y

    @Jerry W. I agree that the Wyoming market is getting hit. I don't think most people even realize it yet and more is to come. Rent rates were increasingly quickly in 2013 - 2014 but this year I had to lower rents on quite a few places and some rentals (primarily houses) are sitting on the market for the first time ever. I used to have new renters under contract before the old renter vacated about 80% of the time and vacancies were under two weeks for my hard-to-rent units. Now I have nice places that are sitting vacant for up to two months, even with price reductions.

    I don't know how many jobs were lost because many lived here but actually worked in other parts of the country. I just know it's significant enough to hit our rental market and I don't suspect it will be like this for a while.

    The DIY Landlord Book4.7248 Reviews
    WebsiteView Page
    1Reply
  • Mark Ferguson
    OP
    Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
    10y
    Originally posted by @Charlie John:

    @Mark Ferguson Love your podcast. You can tell that you're genuine and know what you're talking about because you are actively doing this business. Your huge goals inspire me to do something similar. Keep it up! 

     Thank you!  glad you enjoy it

    0Reply
  • Larry Turowski
    Flipper/Rehabber · Rochester, NY · Member since 2014 · 1k+ posts · 1k+ votes
    10y
    Originally posted by @Mark Ferguson:
    Originally posted by @Larry Turowski:

    @Mark Ferguson Congrats!  I'm catching up to you on rentals, but you are way ahead of me in every other category.  Nice job!

     How many rentals do you have?

    13 soon to be 14.  But I'm not doing 11 flips at once.  Just finished one and will be starting another.  Oh, and I drive a cheap Hyundai...and it has gone down in value by 75%.   :(

    2Reply
  • Mark Ferguson
    OP
    Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
    10y
    Originally posted by @Larry Turowski:
    Originally posted by @Mark Ferguson:
    Originally posted by @Larry Turowski:

    @Mark Ferguson Congrats!  I'm catching up to you on rentals, but you are way ahead of me in every other category.  Nice job!

     How many rentals do you have?

    13 soon to be 14.  But I'm not doing 11 flips at once.  Just finished one and will be starting another.  Oh, and I drive a cheap Hyundai...and it has gone down in value by 75%.   :(

     Nice! I want to buy 12 more in 2016

    0Reply
  • Charmaine M.
    Queens NY, NY · Member since 2013 · 467 posts · 107 votes
    10y

    @Mark Ferguson....congrats and continued success!!!

    1Reply
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