In today’s episode of The Art of Passive Income, Mark and Scott talk with Mark Ferguson—InvestFourMore.com.
Mark is a big deal in the field of real estate and passive income. He’s an investor and an agent with a team of 9 that has flipped 120 homes and he is currently the landlord of 16 rentals! He also has a podcast, a forum, and a blog where he helps others learn how to buy and sell real estate.
Today, Mark shares how he got started in real estate and the things he would have done differently in the beginning, plus:
-
- The good and the stressful sides of house flipping
-
- House flipping vs. rentals
-
- The appeal of house flipping
- Biggest newbie question and answer about flipping
[bctt tweet=”A lot of people give themselves 90 days to start establishing something in real estate and it’s not enough time to build a track record. It takes patience. It takes grit. It takes a constant supply of energy, action, and motivation. ” username=”TheLandGeek”]
We also delve into finances and how to find partners. Plus, we explore his newest venture, commercial real estate!
I saw this opportunity where you could take buildings that weren’t managed well or were vacant or needed some kind of work — like large multifamily apartment buildings where you could raise the rents, add value and really increase their value based on better management. Seeing the scale you could do with some of these properties was really exciting, it got me completely out of my comfort zone and really challenged me.
Mark shares a lesson that he learned from his father—a now retired agent, and that is to do business the right way. His father was known for his honesty and putting his clients above himself which got him considerable repeat business because so many trusted and respected him. Mark also prides himself on his honesty and reliability. If he says he’s going to do something, he does it!
Mark’s advice for those thinking about jumping into this niche is to learn your market. Find contractors and learn what repairs cost. There is so much that goes into it so really study and educate yourself, as well as making sure you take action at the same time. Also, have patience and perseverance because it’s not going to happen overnight.
Listen in now for all the details and to find out if you have what it takes to be a successful real estate investor!
TIP OF THE WEEK
Mark: Visit InvestFourMore.com to learn more about Mark Ferguson and to find information about how to become a real estate agent. Also, don’t forget to check out his podcast.
Scott: Read the book, Me, Inc.: Build an Army of One, Unleash Your Inner Rock God, Win in Life and Business by Gene Simmons.
Mark Ferguson: If you are going to invest, look at your market because real estate is so location specific. Study rents, values, and opportunities because these will help you figure out what the best investment is there. Have an open mind to what may work.
Isn’t it time to create passive income so you can work where you want, when you want and with whomever you want?