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.
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.
Tampa, FL · Member since 2015 · 145 posts · 47 votes
10y
@Mark Ferguson Congrats!! Having people like you post here of their success if very motivating and inspirational. I am just starting out and have just purchased my first SFH, which closed yesterday and at present am working on a second SFH. Thank you for putting your information out there to show us that if you put your mind in anything you want it can be achieved and you are living proof. Thank you
p.s. Nice Lambo by the way, I too would like one in the future! Nice Job!
@Mark Ferguson Congrats!! Having people like you post here of their success if very motivating and inspirational. I am just starting out and have just purchased my first SFH, which closed yesterday and at present am working on a second SFH. Thank you for putting your information out there to show us that if you put your mind in anything you want it can be achieved and you are living proof. Thank you
p.s. Nice Lambo by the way, I too would like one in the future! Nice Job!
Miguel
Thank you!
The awesome part about some cars is they will go up in value just like real estate.
Columbus, OH · Member since 2015 · 210 posts · 80 votes
10y
Wow, awesome year! Congrats! This is the year that I decided to take actions. Just bought my first rental duplex, a lot of rehab work! Any advice for newbie like me? :)
Wow, awesome year! Congrats! This is the year that I decided to take actions. Just bought my first rental duplex, a lot of rehab work! Any advice for newbie like me? :)
Keep learning as much as you can! Nice work buying a place. I am very available to talk to on my blog or on here if you want to message me.
Rental Property Investor · Nashville TN · Member since 2014 · 56 posts · 30 votes
10y
Fantastic work Mark! So, how are you funding all of these properties? Also, how do you handle all the reserve requirements for those properties when getting funding?
Fantastic work Mark! So, how are you funding all of these properties? Also, how do you handle all the reserve requirements for those properties when getting funding?
Great job!
Dustin
I use a local portfolio lender right now, but they are getting ancy since I have 2.5 million in loans with them including the flips. They are slowing down on the lending and that is why I am thinking of refinancing many of them with another source.
La Mesa, CA · Member since 2015 · 12 posts · 13 votes
10y
@Mark Ferguson sounds like a good year! For 2015 I am up 8 rentals and have 13 more in the hopper, not looking like they will close this month, so I may have to chock them up to 2016.
@Mark Ferguson sounds like a good year! For 2015 I am up 8 rentals and have 13 more in the hopper, not looking like they will close this month, so I may have to chock them up to 2016.
@Mark Ferguson sounds like a good year! For 2015 I am up 8 rentals and have 13 more in the hopper, not looking like they will close this month, so I may have to chock them up to 2016.
Nice work! Where are they located?
All of them in Indiana. I had the pleasure of meeting a local banks REO manager and Risk Mitigation manager on a recent flight and I am now helping them take some weight off their books. Right place at the right time!!
@Mark Ferguson sounds like a good year! For 2015 I am up 8 rentals and have 13 more in the hopper, not looking like they will close this month, so I may have to chock them up to 2016.
Nice work! Where are they located?
All of them in Indiana. I had the pleasure of meeting a local banks REO manager and Risk Mitigation manager on a recent flight and I am now helping them take some weight off their books. Right place at the right time!!
Investor · Wilmington, DE · Member since 2015 · 55 posts · 19 votes
10y
Hello all! I'm new to this but it's great to see someone who is successful. Surrounding oneself with success is one of the best ways to be successful and I hope I can absorb as much experience and positivity here as possible.
Thanks for being bold and for chasing your dreams, Mark. Your example is a great influence to others and helps us believe in ourselves because someone else is doing what we want to do.
Hello all! I'm new to this but it's great to see someone who is successful. Surrounding oneself with success is one of the best ways to be successful and I hope I can absorb as much experience and positivity here as possible.
Thanks for being bold and for chasing your dreams, Mark. Your example is a great influence to others and helps us believe in ourselves because someone else is doing what we want to do.
Your right. I try to surround myself with more successful people than me.