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All Forum Posts by: Mark Ferguson

Mark Ferguson has started 247 posts and replied 2799 times.

Post: Advice on how to dissuade someone from purchasing a property?

Mark FergusonPosted
  • Flipper/Rehabber
  • Greeley, CO
  • Posts 2,879
  • Votes 1,353

i found that when I stopped worrying about others and concentrated on myself I became much happier and successful. Telling other what to do rarley works out well. You can set an example and try to teach, but telling others how to live rarley works. 

Post: What to do with $300

Mark FergusonPosted
  • Flipper/Rehabber
  • Greeley, CO
  • Posts 2,879
  • Votes 1,353

well, I would say work on a job or career that allows you to save more than 300 for investing. 

Post: Are REIAs a scam?

Mark FergusonPosted
  • Flipper/Rehabber
  • Greeley, CO
  • Posts 2,879
  • Votes 1,353

Okay, so someone takes the time to organize a meeting, set up a time and place to have it, schedules a speaker and you are surprised when they try to sell something? Like it was previously said. These things take time and money to put together. If you can't sit through a sales pitch to netowor and meet people you probably aren't cut out for this business. 

Post: Investor in Boulder, CO

Mark FergusonPosted
  • Flipper/Rehabber
  • Greeley, CO
  • Posts 2,879
  • Votes 1,353

Welcome! I am in Greeley and went to school in Boulder. 

Post: My goals for 2016: 20 flips, 10 rentals, 200 sales

Mark FergusonPosted
  • Flipper/Rehabber
  • Greeley, CO
  • Posts 2,879
  • Votes 1,353
Originally posted by @Ryan Dossey:
Originally posted by @Mark Ferguson:
Originally posted by @Ryan Dossey:

 That is awesome. I didn't know Aston was building that motor!  Aston's do sound fantastic.

 I view them kind of like Maserati. Not the fastest but eloquent/different. While sounding awesome. 

 Very true, Maserati's also sound fantastic. 

Post: My goals for 2016: 20 flips, 10 rentals, 200 sales

Mark FergusonPosted
  • Flipper/Rehabber
  • Greeley, CO
  • Posts 2,879
  • Votes 1,353
Originally posted by @Ryan Dossey:

 That is awesome. I didn't know Aston was building that motor!  Aston's do sound fantastic.

Post: Colorado "Broker Application" Fee

Mark FergusonPosted
  • Flipper/Rehabber
  • Greeley, CO
  • Posts 2,879
  • Votes 1,353
Originally posted by @Mindy Jensen:

Thanks for the tag, @Russell Brazil.

@Dominic Arnone, the $624 I noted in that article was the total desk fees for the first year - $52 a month. I didn't remember to include the licensing fee in the list of fees - oops. 

I don't remember it costing this much, but the state website shows a fee of $630 for a brokers license. In Colorado, all licensees are called Brokers.

@Mark Ferguson I wonder if there was a big jump in prices for 2016? I thought I paid around $395 or so and when I did research in December for a 50 State License requirements page, I had $435 for the application fee.

 I'll check I to it, but yeah I checked the website as well and saw that $630 and kept trying to figure out if that was correct or for a managing broker or something. That seemed way too high.  

Post: Colorado "Broker Application" Fee

Mark FergusonPosted
  • Flipper/Rehabber
  • Greeley, CO
  • Posts 2,879
  • Votes 1,353

i would have to check with my team manager but we have had a couple agents get licensed on our team recently and I don't remmebr any application fee being that high. 

Post: Seasoning on HUD Houses For Investors

Mark FergusonPosted
  • Flipper/Rehabber
  • Greeley, CO
  • Posts 2,879
  • Votes 1,353
Originally posted by @John Rogers:
Originally posted by @Terry Schell:

I was told by one Guru that there is no seasoning requirement for investors who buy HUD properties; that you could "double close" and sell it to another wholesaler the same day.

Then, a Realtor told me he and the Investor had to sign a HUD form saying that the house would be owner occupied for 12 months.

Which is it?  Thanks.

Terry Schell/Houston, TX

 Operative word above is... "investor"... THAT will be the defining rule regarding seasoning.

Take the property in the name of a "single property" LLC... Then in a separate transaction to pass ownership, sell the LLC to a rehabber or landlord and they have most of their work for taxes already done.

Also, to HUD, the ownership of the property doesn't change because the LLC still owns it.

There is no need to do all that. HUD doesn't have a seasoning requirement for investors.

Post: Seasoning on HUD Houses For Investors

Mark FergusonPosted
  • Flipper/Rehabber
  • Greeley, CO
  • Posts 2,879
  • Votes 1,353
Originally posted by @Terry Schell:

Wow!  How impressive! This is my first post on BiggerPockets, and I am thoroughly impressed with the quality and quantity of your responses,  guys and gals!  Thank all of your very much!  
I will attempt to correct my Realtor friend, but that may be in the too-tough category, yes?

:)

My email address is:if anyone wants to correspond privately... I trust this is appropriate.

Terry Schell 

Prepariing to Move Onward & Upward.

Technically your realtor was correct if you are trying to buy in the owner occupant only period. Only owner occupants can bid on HUDs for the first 15 days on FHA insured homes and the first 5 days on non insured homes. FHA Insured has to do with how many repairs are needed on the house based on an FHA appraisal HUD has done before list. There is definitely priority given to owner occupants. As Gregg hall said there is no preference given once the owner occupant only period is over.