All Forum Posts by: Mark Ferguson

 It depends on the bank and how much cash you want out. Some have 6 month and no seasoning periods. Most will give you 75% of the purchase price

 Good question! I am working on that plan now. I figure I would start out small with the following steps.

1. Get some kind of location, nothing too fancy or big. Need a decent sized building to store cars and hopefully something that could be added on too if I needed to expand in the future.

2. Get my dealers license. You have to have a location to get a license in Colorado and it cannot be your house if it is only zoned residential. 

3. Get a Bond and insurance, etc.

4. Start buying cars, the nice thing about a dealer is they don't pay sales tax, licensing fees etc. And many car expenses could now be deducted from taxes.  I would buy only a couple lower dollar vehicles and then build from there. 

 That's awesome. My dad has been an agent since I was -1 years old. It was nice having that support, but I also think it stunted my growth as well. I read somewhere out brains do not fully develop until we are 25 so that could have been part of it as well!

 That is very cool. I would caution against givng too much to someone that young. Sometimes we need to find out own ways without a cushion that is always there to fall back on. 

 What I have accomplished last year, what businesses I have set up now and what I can improve upon.  What are your goals Joe?

i posted mine in another thread. But here they are again 

Flip 20/houses

Buy 10 rentals 

Sell 200 houses on my team. 

 Making a good income helps. I use money from flips and being an agent to buy more rentals. Buy below market, make repairs and you can refinance to get much of your money out. Just make sure your properties still cash flow. 

 Yes, I have a YouTube channel. Search for mark Ferguson or investfourmore. I have videos of the diablo and 928. 

But the way Maserati ghibli (old version) is one of my all time favorite cars. I have a friend in northern Colorado that had about 80 cars including 2 ghiblis and about 12 lambos. He runs an exotic repair shop in town and works on my diablo. That's hisnshop below with a 79 Countach.

That's why I want to get a dealership! 

My current collection consists of a 91 mustang 5.0 convertible with supercharger. 

86 Porsche 928 five speed 

2010 Audi s4

1999 Lamborghini diablo in monterey blue. 

 Vipers are awesome and incredibly affordable. When I start a dealership it will be built around affordable exotics. 

Vipers 20k for some models!

Ferrari 355 or 360. 60k

Gallardos 80k

Aston Martin vantage 30k

Lotus Esprit v8 30k

Bentley, rolls, Maserati, 

I don't think people realize how affordable some of these cars are.