All Forum Posts by: Mark Ferguson

I took a trip to Florida March 12th through the 22nd. It was a family vacation and business trip to explore a couple of different markets to buy rentals in. My reasoning behind buying rentals in Florida and no longer in Colorado can be found in an earlier thread here. https://www.biggerpockets.com/forums/311/topics/27...

Basically prices in Colorado have made it very tough to cash flow and I am starting to think they may be near the peak as well, at least in my area. 

I went to Florida to spend time on the beach with my family and look at a few areas I have researched heavily. I liked what I found for the most part. You can get decent SFR's for under $130,000 that more than meet the 1 percent rule. If I want to do some work, there are much lower prices. Expenses are a little higher there with insurance and taxes, but not bad.

I met some great agents, have talked to lenders, property managers and I think it is a viable option to invest down there. I also think there is upside potential with low inventory, no rentals available and population increases. 

My current plan to is to sell a couple of my less desirable rentals in Colorado, exchange them into a few rentals in Florida and I am also looking to refinance 8 of my properties in Colorado and use that  money to invest in new markets as well. It won't be a fast or easy process, but should be fun!

Oops, I am not sure how to fix the typo in the title!

Over the last 5 years of owning long-term rentals I have been pretty lucky with tenants. However, I have made some mistakes and had some bad situations. I discuss some of the worst tenants I have had and what I have changed in this article. 

https://investfourmore.com/2016/03/23/my-three-wor...

 That was a bit of a nightmare! 

nice work!

A one bedroom renting for 900 does Not translate to a three bedroom renting for 2700. You need to see what similar condos are renting for. There is a big difference between renting a one bedroom with its own kitchen, bath, living room etc that is 800 sqft And a 3 bedroom that has shared facilities and 1400 square feet. The rents do not simply triple for each bedroom    

He would have had to have been approved as an fha203k Contractor then. Charlie is correct it has to be a conteactor Approved for these specific loans. 

I think parterships Are over rated. If you need money, try to work it out paying intrest, instead of partnering. As it was said erlier, too many things can go wrong.

 I get the same numbers as Joe, but at higher price points, over $100,000. I don't think you can say prices doubling every two years is the rule either, which is what Bob is using as examples. I think getting $500 a month in cash flow every month is much more predictable and doable than banking on prices doubling in two years. 

 Maybe in Hawaii, but there are many areas of the country to invest in. There is no rule that states you must buy 50k Properties to cash flow. That is a myth that some like to push forward. There are many places that cash flow from day one that are not in the midwest, are higher value and have appreciation potential