All Forum Posts by: Tim Bergstrom

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!

Attention to anyone in the Nashville area and markets within a day's drive (Louisville, Memphis, Chattanooga, Atlanta, and Indianapolis). If you are needing drone photos or video of your properties or projects I would love to help you get the images you need. I have the FAA Part 107 UAS Pilot's license and fly a DJI Mavic 2 Pro. Amongst having and operating 2 STRs here in Nashville I also operate as a freelance real estate photographer and drone Pilot for Showcase Photography.

More images coming soon, but you can view sample photos of my drone work here: https://timbergstrom.pb.online/dronephotography

Contact me for a quote or with any questions!

@Alan Miegel

Also sorry for your loss. Lots of really great input here and I really like the options you have already thought through. It sounds to me like you already have some good strategies in mind are are really just trying to gain additional perspective.

A few others have mentioned holding on to the Brownstone and this was one of my thoughts while I was reading through your post. I'll echo that it seems like that an asset such as that that is fully paid off would be difficult to replace. Have you considered or looked into what it would take to get a HELOC on that property? That way you would free up capital and hold onto the asset at the same time. However, that would probably change your strategy with investing some of that capital in stocks, but that is my two cents to just consider doing that and use that property/that HELOC like your own bank.

My other bit of input is that I think your money will go much farther in markets like Indianapolis than in any of the costal markets. (Which you clearly know). So I would think that from a cash flow stance and considering your goal of retiring in 12 years you may be able to exceed your goals either faster or by a much wider margin than if you only bought in the two markets you mentioned you’re familiar with.

All that being said it sounds like you already have good strategies in mind. Looking forward to hearing what you decide on. And if you want to look into the Nashville market at all I’d be happy to chat with you about that as well!

Thanks everyone for your responses and feedback!

Hey BP!

Given that I live in Nashville and am from Indianapolis I drive through Louisville every time I drive back and forth and for the last year or two have had my eye on it. I'm seriously considering trying to find something there, but need to build up my knowledge and contacts of reputable agents and contractors etc.

I'm interested in multi-family, STRs, commercial, self storage, and possibly even flips if the right opportunity came up. I know U of L is a solid area for rents because of the university. I've heard that Butchertown, Highlands, and Old Louisville are hotter areas and am guessing that proximity to Churchill Downs and downtown are usually a plus (especially for STRs).

I'm casting a wide net here in just doing some preliminary research to get a feel for different areas of town, but would love to get connected with some others who have had some experience doing some of these things and have a good lay of the land and are connected with reputable contractors. Any info would be helpful!  

@Don Konipol Thanks for your response. Always good to have discussion.

Yeah, like I said I don't consider a wedding venue and a STR the same thing. (However, a lot of STR owners get approached to use their property as a space to have a wedding). It seems to me that both can have varying levels of involvement by the property owner. But I do agree with you that a wedding venue would lend itself to be more of a "business". Just was hoping to see if anyone on here had any experience with any of this.

Hey BP!

I'm jumping on here and posting this to get a pulse on a sector that I'm interested in due to my STR experience. I'm interested if anyone on here has any or much experience with owning a wedding venue? Obviously STRs and wedding venues are not really the same thing (but they could be), but I do loosely consider them related in the sense that it is a hybrid between a traditional real estate investment combined with a "hospitality" element in regards to management and operation.

The obvious starting things to consider that I've thought of are finding a property manager who is good at and/or wants a hands on type of approach to managing the property, working with and having good relationships with wedding industry vendors in the area who you can trust, extra things to consider with insurance, taxes, and permits etc, extra maintenance and repairs costs factored into your cash flow analysis, and different types of marketing strategies. And obviously location and the city you are operating in make a large difference as well.

But in the research I've done and knowledge I've acquired I know a lot of money gets spent on weddings and particularly the venues (according to The Knot's findings the average amount spent on just a wedding venue is around $15,000). So it seems like a lucrative thing to investigate.

But if anyone would be willing to share their 35,000ft knowledge or main things to consider I'd be interested to hear your experience, pitfalls you've found, tips you wouldn't think of right away, and any additional things to factor in when analyzing a deal (like providing amenities like tables and chairs etc) beyond a typical rental property analysis I'd love hear whatever you're willing to share and start a discussion!

Thanks!

Heidi, this is awesome. I would love to do a project similar to this. I have two STRs in Nashville, but also know that STRs are a lot more stable in Florida. Did you partner with anyone for the down-payment or were you able to fund it yourself? I'd love to see the Airbnb listings. Also what was your budget for the renovation and are you going to refinance to pull your money out?

Great stuff here!

@Tim Schroeder That can definitely be true, but I did get an email from AirDNA saying that a few weeks ago they just added data from 1.5M HomeAway listings. So that should make it more helpful!

@Stephanie P. awesome! I just sent you a DM.