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

[Mark Ferguson]

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. 

[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.