All Forum Posts by: Tyler Jahnke

Hello BiggerPockets,

Just a super quick update as things are running smooth now and hopefully will continue for the foreseeable future (*knock on wood*). It's only been two months since I got a renter in, but I officially got my second rental check deposited to my account. Details:

$750 gross rent - $75 management fee = $675 in my account. 

No repair or maintenance costs for the month of May.

-Tyler

Thanks for setting this up again @Stefan Isaksen, but unfortunately, I have a work function that day. Looking forward to future events! @Ake S. and I would still love to meet once I get back to the US.

-Tyler

It's official! I finally got my first rent payment yesterday sent to me via direct deposit. So that's a little sigh of relief. Here's to hoping this tenant pays on-time consistently and for the remainder of the 12 month lease. Happy Investing!

-Tyler

Hello BP Peeps!

I've been out of the country traveling Southeast Asia the past couple weeks (and am still out here) so I haven't been able to provide any updates. But, as a follow up to my last update:

I was to receive my first rental deposit "between the 21st and 26th" of each month. My first deposit is scheduled for the amount of $600 ($750 gross rent - $150 lease up fee).

I have not received my first rental deposit as of writing this. I just emailed my property management for an update. Will let you all know!

-Tyler

@J. Martin - This event sounds awesome, however, I will be out of town. Hopefully we can meetup some time.

@Ake S. - If you're around.

@Walmsley Gedeon - My plan is to close on a 2nd property within one year of purchasing my first (December 2016). My first property is fully renovated and I just got a 12-month lease signed. I want to feel out the next 6 months of (hopefully!) steady cashflow and then go in on another investment (with financing).

I'm being rather conservative, but being new to this investment vehicle I don't want to burn my lifes savings.

Good Luck!

-Tyler

Hello BP peeps,

Finally getting a few seconds here to provide another update to my ongoing experience. First, a little recap:

February 8th - Renovations complete. Was told my property was being marketed to tenants.

March 3rd to March 5th - Visited Indianapolis to meet with PM/contractor and walk through completed property. Property was still vacant at the time, which was a little concerning, as it had been almost a month since they started marketing. I got clarification that they did not start marketing the property yet. I gave them the verbal OK to market the property and get it rented ASAP.

March 22nd - Sent check-in email to get status of renting the property. No response.

March 27th - Sent another check-in email to get status of renting the property. This time I got a response from Clayton saying the property was rented and fully occupied.

March 28th - Received a copy of the signed 12-month lease. Rent set at $750 per month. My first rental payment will come through via direct deposit for the amount of $600 ($750-$150 new lease fee). Every month after that I'll receive $675 ($750 - $75 Property Management fee). 

SO, it's been 3 months since I closed on my property. The place has been renovated and is officially rented! Don't get me wrong, it's been a long 3 months, but I'm excited and happy for what could transpire. I know I'm no where close to becoming financially free, I'm no where near being "out of the woods," on this property, but I've taken the first step and hit some milestones. Let's see how this rental plays out and what the next 6 months, 1 year, 3 years, offers.

I've learned A LOT these past few months and will continue to gain knowledge everyday.

Hi @Adekunle Betts - I paid cash and did not finance.

-Tyler

Hi BP,

As you know, I took a trip out to Indianapolis, Indiana from March 3rd through March 5th. I can happily say I accomplished all the goals I prioritized on this quick 48 hour trip:

-Meet General Contractor and Property Management company - ACCOMPLISHED

-Visit/Walk-Through Property - ACCOMPLISHED

-Get property keys in my possession - ACCOMPLISHED

-Build relationships on the ground in Indy for future investments (scheduled 6 meetings with various investors, turnkeys, project managers, realtors) - ACCOMPLISHED

As a quick recap, here are a number of photos AT ACQUISITION in December:

Here are first-hand photos I took personally of the property in March:

A day after I left, they brought in a load of gravel for the the driveway and replaced the dented and un-operational garage door.

Stay tuned for more updates. Hoping to get this place rented by the end of the month and see my first rent check!

-Tyler

Looking forward to it @Stefan Isaksen

@Ake S. and I have been looking to netword on the East Bay. We'll be there!

-Tyler