Sooooo, how is this property currently performing?? Has the tenant been paying on time? Did they skip town and punch a hole in the kitchen? Does the house still look brand new? Did the water heater need to be replaced three months in? Those are all great questions...and I'll update this post once a month with key details and rental income information: MAY 2017 It's only been two months since I got a renter in, but I officially got my second rental check deposited into my account. Details: $750 gross rent - $75 management fee = $675 in my account. No repair or maintenance costs for the month of May. JUNE 2017 I officially received my third rental check deposited into my account. Details: $750 gross rent - $75 management fee = $675 in my account. After three months I've also been able to accumulate a little expense cushion, which is always comforting. Being super conservative, I've set aside $1000+ for future expenses and taken the remaining as cash flow. No repair or maintenance expenses for the month of June. JULY 2017 Got another super quick and boring update for you. Hoping these updates become very very very routine! I officially received my fourth rental check deposited to my account today. Details: $750 gross rent - $75 management fee = $675 in my account. No expenses for the month of July. AUGUST 2017 Here's another quick update for you. I officially received my fifth rental check deposited to my account last week: $750 gross rent - $75 management fee = $675 in my account. I also sent a casual check-in email to my property manger on August 20th (19 days ago...) asking a few basic questions about maintenance, repair, and if they've been by the property in the past 5 months. I have not heard from them at all. I even sent a second follow-up email on August 24th. Communication continues to be very frustrating. SEPTEMBER 2017 Here's another quick update for you. I officially received my sixth rental check deposited to my account last week: $750 gross rent - $75 management fee = $675 in my account. No expenses or repairs yet (*knock on wood*). I've built up a decent little reserve for any costs that might pop up unexpectedly. And property taxes are due in a little over a month. Also - I can't believe its almost been a year since I closed on this property! OCTOBER 2017 Another quick and boring update for you. I officially received my seventh rental check deposited to my account this week: $750 gross rent - $75 management fee = $675 in my account. No maintenance expenses yet (*knock on wood*), but I did just pay my second half property taxes which cost me $600. But, I still have decent cash reserve built up and I've been taking monthly cash flow. NOVEMBER 2017 Eighth rental check in the bank: $750 gross rent - $75 management fee = $675 in my account. No maintenance expenses yet (*knock on wood*). Crazy, December marks the 1 year mark since closing. DECEMBER 2017 Ninth rental check in the bank: $750 gross rent - $75 management fee = $675 in my account. No maintenance expenses for December. I've officially owned this rental property for over a year now. Looking for #2! Check out my 1 Year Anniversary Recap Post for more details on my first year as a newbie out-of-state investor. Now, on to the bad stuff...I recently heard some potentially devastating news regarding my property management company: their real estate license has been "permanently revoked" by the Indiana Attorney General. Per Indiana code 25-34. 1-3-2; no person shall, for consideration, sell, buy, trade, exchange, option, lease, rent, manage, list, or appraise real estate or negotiate or offer to perform any of those acts in Indiana or with respect to real estate situated in Indiana, without a license. WOW...waiting to hear back from the company now, but I may be in for a busy month having the find a new property manger ASAP. Stay tuned for updates! JANUARY 2018 After a little scare last month regarding my property management company's real estate license, I'm hoping everything is cleared up...I received clarification that their license is still valid. Maybe the issue was just a rumor? I'm not positive, but these are some of the growing pains of being a long-distance landlord. Hoping these scares don't keep popping up. As far as rental income goes, received my tenth rental check in the bank: $750 gross rent - $75 management fee = $675 in my account. No maintenance expenses for January. FEBRUARY 2018 BOOM! I'm finally hit with the first real issue in almost a year. And it's a big one. The. Place. Is. Vacant. And I was never informed by my property management company. After getting a tip online from someone on Biggerpockets, I sent out a 3rd party company to assess the situation. To my disbelief, sure enough, there's a lock-box on the front door. Neighbors confirm it is vacant. And best yet? The garage isn't properly secure and there's a squatter in there. WHAT'S MY NEXT MOVE?? Find out HERE! MARCH 2018 After being hit with some shocking news last month that my property was vacant, I officially terminated my old property management company and hired a new one. Phew...a little relief in that I'm now working with a company that actually communicates and cares about their clients. It's only been a few weeks, but they've been integral in turning this property around. They've driven to the property, took photos, changed out my locks, secured the garage, and in the next couple days, will be preparing a Scope of Work so I can assess repairs needed. Check out my plan for what's next HERE. APRIL 2018 It's been decided. After hiring a new property manager, securing the property, and getting an estimate on repairs, MY FIRST PROPERTY IS FOR SALE. Why?? Well, I lay out all out HERE in detail. MAY 2018 After My First Property was on the market for a little over three weeks, I came to terms with a buyer and agreed on a price to sell this particular investment. WOW. What a whirlwind of a ride these past few months have been. Check out my recap and detailed account of how everything went down. Well, this chapter is officially closed. I purchased My First Property, renovated it, rented it, and sold it. But, my investing story is just starting! Because I just purchased...My Second Property. Yup, let's see how this one goes down...
1 Comment
Anthont
1/15/2020 11:13:52 am
Outstanding. What a wild ride!
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