All Forum Posts by: Tim Bergstrom

Hey Kim, Great to see your post! I literally just finished my online course a few days ago. I also used Real Estate Express. Planning to take the test sometime next week. I will say after getting in to the class I understood why some of my other real estate friends/colleagues encouraged me to take the class in person. With a live instructor/teacher there will definitely be more of a chance for them to elaborate on concepts in real time if you have questions. There is just a greater chance of getting knowledge that is “between the lines.” Also, I personally am not a fast reader. I learn better by listening and watching videos. I knew there would be a lot of information, but even with that mindset going in I was still taken a bit off guard by how much there is to take in. This online class did have some extra videos and things like that, but it was 95% reading. That being said, my experience with Real Estate Express has been great. I signed up for the package with an actual instructor you can call or email which was helpful to get some clarification on some things I had questions about. They also have a progress bar that helps you stay on pace with a target completion date you can set at the beginning. And they did a pretty good job of information repetition to help reinforce what you’ve already learned. I managed to finish the whole 60 hour class portion in the last 4 weeks. You just have to chip away at it every day. And having the quizzes to test/reinforce your knowledge at the end of every unit was very helpful. So, after all that I would say it depends on your situation as to what to do. If you want to knock it out quickly and have more immediate feedback go with an in person class (I think the main on here in Nashville is CLI). If you need it to be on your schedule, go with an online option like Real Estate Express or another one that was mentioned above. Feel free to reach out if you have any other questions or want a direct link to the option I chose.

Hey Rozelle Wilson , good to see you on here. I spent a good portion of last year sifting through a lot of wholesaling lessons. I’m about to get my real estate license but am still keeping my ear to the ground with wholesaling. One tactic after all lessons last year that would have set me up better would be to network with specific investors you want to partner with or just build up a buyers list that all have generally the same criteria for what they want to buy. That way you know on your end what you need to be looking for and where your numbers need to be before you start making offers and getting stuff under contract. I’ve had a good number of leads come through but since I wasn’t sure about who the end buyer was going to be I was kind of taking stabs in the dark on what to offer them. You can look at comps and things like that too, but if you know what no one on your buyers list is going to want to pay more than $120k for a 3b/2b etc then you have much better and stronger starting point. Check out REIN. Lots of seasoned investors there and lots of investors with cash looking for deals. Hope this helps!

@Devan Mcclish @Luka Milicevic Awesome. Thanks guys!

@Devan Mcclish Very interesting. Thanks for the info! I agree that this mission that they're on to eradicate ALL of STR is ridiculous. Do you have a recommendation of one of those attorneys you mentioned if I wanted to reach out with some questions directly? The properties I have under contract actually are RM.

@Luka Milicevic Great response. Thank you! So interesting. Do you happen to have links handy to the info you referenced? I'd love to read that for myself. Also, where are you getting your info from if not from the codes office? Do you know some of the same attorney's Devan was speaking of? 

Its so ridiculous that the information for this regulation is so fickle and mysterious! To almost everyone I talk to there seems to be this vibe of throwing darts at the wall in a pitch black room while blind folded after being spun around a few times. Everyone seems to have different information.

Hey BP!

So I got wind of what got voted on today in Nashville regarding Short Term Rental properties and permits. In case you didn't, here's the link. https://www.tennessean.com/story/news/2018/01/23/a....

I've had my ear to the ground about all this for a while now since this largely affects some properties I'm buying. I'm pretty well versed/aware of the qualifications for the different types of permits (Type 1, 2, and 3) and have known about the writing on the wall for type 2 permit holders. The properties I have under contract qualify for type 3 permits.

In the article it talks about how all "non-owner" permits are going to be phased out in the next 3 years. But I wanted to ask on here if anyone knows if they are just talking about type 2 permits or do they also have type 3 permits on the chopping block? The article fails to specify what it means in saying "phase out short-term rentals that aren't occupied by their owners." From my perspective I would think that it would be quite a large order to do away with not only type 2 but type 3 permits as well since those are specified as multi-family. I know I can go downtown to the zoning and codes office to get this info and will definitely do that if need be, but just wanted to ask on here to perhaps save myself a trip. 

Does anyone have more concrete detailed information on this? Would love to hear about it if so! Thanks!

cheers,

-Tim

Additionally, if anyone would like to talk about investing/looking for opportunities in multi-family in Nashville, Memphis, Chattanooga and possibly Indianapolis I'd love to chat with you!

@Lionel Henderson Thanks so much for starting this thread and asking these questions! I'm in a similar position you're in myself and have a desire and a goal to start acquiring multi-family properties too. Been reading through some of the responses here and there's definitely some great stuff and some stuff I've benefited from reading through these as well. So thanks for asking and putting this out there! The responses are definitely providing answers to more than just yourself. 

And thanks to everyone who is responding! Y'alls advice and input is super helpful.

Hey y'all,

This is awesome! Thanks for all the responses/activity! Fantastic. I'd love to get connected with y'all.

Hey BP!

I hope everyone is having a good start to 2018!

So I just want to take a minute to put myself out here and reach out to anyone looking to expand their network and who has a goal of acquiring more multi-family properties/units this year! I personally have a goal to acquire 16 (units). I'm not looking to try to set up any kind of syndication or anything from this post, I just want to utilize this forum to potentially make connections with others who may have similar/parallel goals that I do and see how we might be able to help each other.

So if you're in the Nashville area or looking in the Memphis, Chattanooga or Indianapolis markets I'd love to chat with you! If for no other reason to just connect and compare notes/stories! I'd be happy to go into more detail about what I'd specifically like to be doing with the properties I acquire this year/what I'm looking for exactly.

Be well! Get at me!

@Ryan Cox Great post/initiation of a topic! I'm totally with you for determining daily bite sized efforts to make into habits to keep you moving towards your goals! I've actually begun to heavily utilize that tactic as part of my new strategy for 2018.

So to answer your question, one simple thing I have on my "habit" list is to "spend 15 minutes per day networking online". Meaning, finding posts like this! And then commenting and or reaching out to people who I think may also be aligned with the direction I'm headed. By the end of each month that's 7.5 hours of growing your network!

The weekly "habit" I have that builds on that is try to set up at least 1-3 in person meets ups per week from the online networking I do. Even if they're only 30 minute coffee meetings, that can still have great value for both people. Or if not in person perhaps on the phone (if you're not in the same state etc). 

And the most important shift I think that makes a huge difference is (and @Brandon Turner has mentioned this on the podcast before) is just thinking of networking as "making friends". That is SO MUCH BETTER of a strategy than the stuffy "network" mindset of a transactional approach. I genuinely want to find people I get along with/like and can help, because then everything will work much better and be much more fulfilling in the end I believe. At least, that's how its been in my experience thus far! Haha.

Thanks for initiating this man! And if anyone reading this is in the Nashville area and/or interested in Short Term Rentals or looking to acquire multi-family units get in touch with me!