Customer Spotlight: Al Ferguson
For this month’s Wire, the customer spotlight shines on Al Ferguson. Al is an experienced investor that is enjoying his partnership with Veristone. He is also a student of Fortune Builders, a strategic investment education company focused on real estate. It was great getting a few minutes of Al’s time to talk about his career, Fortune Builders, and next potential investment.
V: How did you initially get into flipping houses?
AF: I’ve wanted to flip houses for a very long time but didn’t really make any progress until I got involved with Fortune Builders a couple years ago. Their information made sense to me and I began to understand aspects of real estate that I was not comfortable with before.
V: Can you explain Fortune Builders and what they do?
AF: Fortune Builders is an investment education company out of San Diego that teaches their clients about various aspects of the real estate market. The company was founded by a group of experienced real estate investors who believed that by putting their heads together, they could develop investment “systems” that would help others succeed while avoiding mistakes they had made in the past. I’ve learned a ton, I certainly recommend working with them.
V: How is your investment career going? Tell me a little bit about your most recent project.
AF: It’s going well, I’ve been working with Darren Silva at the auctions and am now finishing my fourth renovation project. The property is located in the Sea-Tac area and was in pretty bad shape when I purchased it. The deck and porch were literally rotting and falling off of the house and the downstairs was unfinished. Some of the plumbing was missing and the wiring was incomplete but most of that rehab is now finished. There is a new tub in the upstairs bathroom, the hardwood floors are being sanded/stained, and I’m fixing the kitchen. There’s also fresh paint on the exterior and throughout the interior. We’re hoping to retain some of the old craftsman characteristics while making the house more modern as well.
V: Are there any specific areas you would like to perform your next flip in?
AF: I’d like to find one in Ballard, Northgate, or Magnolia. The market is hot in those areas and potential profitability is in the range that I hope for. I’m hoping to get a project started in one of those areas this fall.
V: What do you think of working with Veristone?
AF: Frankly, the more I work with Veristone, the happier I’ve become. There are several hard money lenders in this area but I prefer Veristone because I like their ethics, mentality, and attitude.
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Veristone does not finance owner-occupied properties.