All Forum Posts by: Tim Bergstrom

Hey Investors and Developers! I love the idea of repurposing things and love the Shipping Container homes movement. So I'm pumped to share this post with you about shipping containers with Used Conex!

Shipping containers make great building materials! 

And they are a great idea for storage and keeping your items safe during your renovation or building projects!

We offer wind and watertight containers with solid structure and minimal surface rust!

Starting at $1500 - (Please note, this price is for pick up and it may vary depending on availability.)

*20ft Standard x (8ft Wide) x (8ft 6in Tall).

*40ft Standard x (8ft Wide) x (8ft 6in Tall).

*40ft High Cube x (8ft Wide) x (9ft 6in Tall).

Here are different conditions we carry: 

New, Used & Cargo Worthy Containers

Why Choose Used Conex?

- Accredited by the BBB

- 600+ reviews on Google!

- All containers are inspected before and after delivery

- We accept all major debit and credit cards!

- We accept Payment After Delivery!

To get a quote of the container out your door please send me a message with the size and your zip code! Thanks!

or

Call 8OO 23O 7764 and please make sure to mention Tim Bergstrom when you call!

https://usedconex.com/

Thanks Jonah! That's good to know!

Hey BP,

I currently live in Nashville, TN but occasionally browse things in Indiana/Indianapolis since that is where I'm originally from. I saw some things in the cities surrounding there that actually looked a bit interesting. I just wanted to ask if anyone has had any experience investing in Marion, Indiana? I have a bunch of friends that went to college there at IWU and know it's a college town which can sometimes present opportunities. I was wondering if anyone on here may have insight into that market? How has Covid affected it? Is it hard to find good tenants? Or if there are any (good/noteworthy) property managers in that area that might have a better feel for things with boots on the ground etc? Any insight (or warning) would be super helpful! Thanks!

Just a quick update here in the event anyone is interested. Got connected with a foreclosure attorney in Memphis who actually already knew of the investor before I even told him any details about my situation. Fortunate!

We're currently in the foreclosure process now. Sale set for Oct 28. I just was curious as to what some of the other properties in the area have sold for recently and ending up finding that the investor has it listed FSBO for $50k more than what he owes me. And it's still in the same/unchanged uninhabitable condition it was when we closed.

@Douglas Skipworth, @Caleb Parr, Awesome. Thanks guys!

Hey BP,

Needing some recommendations here for a good and experienced foreclosure attorney in Memphis. Looking at a situation where I need to issue a notice of default and know what my options are with proceeding with the foreclosure process to take back a property. 

Thanks in advance!

Thanks everyone for your responses. Much appreciated. Confirming many of the things I was already thinking. I've been going through my contacts tracking down a good foreclosure attorney in Memphis, but if anyone knows of anyone who would be good for this situation I'd love to get their contact info. Thanks again!

@Ron S., @Darius Ogloza, @Account Closed, Thanks for the responses. Much appreciated. Definitely trying to tread as softly yet strongly as possible. I suppose I should have also mentioned that it doesn't seem that any renovation work has actually been done yet. So the property is in the same condition it was when we closed back in October (needs a full gut job). This investor has also suggested as an "options" in this scenario listing me as a "designer" for the renovation process and pay me bit by bit as work is completed, or extending the balloon another 6 months. I did discuss being a design advisor for this investor for the project prior to finalizing the deal, but that was not part of any payment contingency in our original deal and I don't like either of these options.

Hey BP,

Hoping to hear some thoughts/advice from some folks who have more experience than I do in this area. Here’s the scenario:

I own a property in Memphis I originally bought as a flip. I sat on it for a bit and decided later that I may just wholesale it someone else to flip since I was looking to move my attention out of Memphis and into a couple other markets. An investor who I had developed a relationship with here in Nashville does a large portion of their deals in Memphis and knows the area well. I told this person about my property and after this investor went and saw it for themself we discussed a deal and came to an agreement. Originally we called it “Joint Venture” but I essentially wholesaled it to this investor as a no interest/no payment deal for 10 months while they rehabbed the property with a balloon payment for the full amount we agreed on at the end of the 10 months. We closed and I have a Deed of Trust on the property and the lien will be released once I’m paid in full. They are carrying insurance on the property with myself listed as the beneficiary for the full amount due in the event something catastrophic happened.

This investor is experience from everything we’ve talked about and this investor does dozens of deals every year. So they are not new to the space and no stranger to renovation.

The 10 months comes and goes. Due date was July 31. No payment. This investor is claiming that the bank they are using for the construction loan is only wanting to pay out for the construction draws once each work phase is complete (understandable/normal), but are not willing to pay for the property acquisition itself. When I pressed about this the investor made the claim that many banks are pulling back on lending on construction projects that are not owner occupied due to pandemic/economic reasons. I brought up the hard money option but have not gotten a response back addressing that.

So my question is what would you do this situation? Bring down the hammer and foreclose? Or try to dig out another solution? This investor has shown they have actively worked on getting the financing in order, but has definitely under performed/failed to meet the terms of our deal. I also view the reason of not getting proper financing at this point invalid since this investor had 10 months, 3-4 of which were before any Covid stuff was even on the radar.

Thanks in advance for any thoughts or advice.

Needing aerial photos of your commercial land? Build site? Apartment Building? New Development? Even your new listing? I can get you what you need.

Hi, Tim Bergstrom here. I myself am a real estate investor, agent, photographer, and drone pilot. I have my FAA Part 107 License and would love to talk to you about what you are needing and find a solution for you.

Send me a message here on BP or email me to get in touch: profile name Tim Bergstrom, email: [email protected].

Looking forward to hearing from you!