In this episode, I interview Mark Ferguson. Mark is a real estate investor based in Colorado; he is also a licensed realtor since 2002. He has sold over 400 HUD and REO listings in the last three years. Currently, he owns 7 long-term rentals that he has purchased in the past three years. Mark has also purchased and sold over 70 fix-and-flips in the past ten years with the help of his father.
Mark began his real estate career as a realtor. His father was doing fix-and-flips at the time. Mark feels that being a realtor enables him to get many more deals than he would otherwise.
The main reasons for this are:
- Access to the MLS (Multiple Listing Service)
- Ability to react to new listing very quickly
According to Mark:
It is never a bad thing to get your offer in first.
Mark said that the bulk of his time in his business is spent managing his team and visiting houses that he lists. He tries to do at least 10 fix-and-flips per year.
Mark has also started buying long-term rentals; he just purchased his eighth rental. This is part of his long-term goal in real estate for creating passive income.
He also started a blog this year called www.investformore.com. It is focused on his rentals and passive income. It is a great site–you should check it out. He shares a lot of specifics about his rental business, and provides numbers and specific examples which are extremely valuable to someone trying to learn about long-term investing.
Mark’s most important piece of advice for new investors: be patient. Wait for truly good deals, but when you find a good deal act fast.
Mark said that if he had to start his real estate investing over again, he would start buying rental properties much sooner.
www.investformore.com – Mark’s blog
firstname.lastname@example.org — email Mark
Bigger pockets – Online real estate forum
Drop Box – File Sharing
Carbonite – Computer backup service
How to buy real estate at below market value – Mark’s new book. Check it out!