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Mark Ferguson fixes and flips 10 to 15 houses a year and owns 15 long-term rentals. His grand plan is to purchase 100 rental properties by January 2023.
Mark tells us about how he got started working with his dad, who is a Realtor and house flipper.
In this episode, Mark shares his strategies for competing for properties on the MLS. Key points include:
- checking for new listings multiple times a day
- getting out to see each house and make an offer within hours
- have assistant in his office draw up the offer contract and send it to him to docusign and then forward to the listing agent
He was also gracious enough to share his strategies on making his offers stand out by making them stronger. Some of them include, increasing the amount of earnest money, remove any contingencies (including the inspection contingency) and offering to close quickly.
Mark is smart because, even though his market is crazy hot right now as it is in many other places around the country, he has kept to his buying criteria. Others stray from their buying criteria and start to offer more for houses in order to get more deals. These are the same people that end up going broke when the market changes.
A super interesting part of the episode is when Mark shares about a couple deals he lost money on. One was because he decided to try and do the rehab work himself and the other was a situation I had never heard of before. Listen to the episode to hear about that one. It’s definitely worth it!
Read more about Mark’s plan to purchase 100 rental properties by January 2023 by clicking on the link in the links section below.
Third Circle Theory: Purpose Through Observation
Mark’s plan to purchase 100 rental properties
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The post Episode 10: Competition, Smompetition. Buy Houses on the MLS Anyway w/Mark Ferguson appeared first on Flipping Junkie.