What the F*ck?!?!

2/26/2018

Jump In Nation, we've got our first major problem. After 11 straight months of consistant rental payments and no maintenance/repair costs...BOOM! I'm finally hit with the first real issue. 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 a 3rd party company out to assess the situation. To my disbelief, sure enough, there's a lock-box on the front door. Neighbors confirm it is vacant.

Does this look like an occupied property?

And it gets even better! And also very strange....

There's someone potentially squatting in my garage.

Adding insult to injury.

The place definitely needs some work after a year of apparent neglect.

Roof/Soffit damage

Patched roof? Probably needs to be replaced

Well, looks like it's going to be a fun next few weeks as I navigate through all of this. #1 priority right now? Get a new property manager. This is COMPLETELY UNACCEPTABLE.

Then I need to assess the damage. What immediate repairs need to take place? Do I fix it up and rent it again? Or do I fix it up and sell it?

Decisions...decisions....

Oh yeah, and by the way...I'm closing on My Second Property in two weeks...

-Tyler

What's Next??

4 Comments

Megan

12/27/2018 08:50:44 am

So what did you end up doing with this property? Where is this property located? This is what scares me!!!!!

Tyler from Jump In Real Estate link

12/28/2018 10:10:25 pm

Hi Megan,

This was definitely a tough situation to get out of. First there was SHOCK. Then there was complete DOUBT in my whole strategy to invest out of state. But, I quickly realized what went wrong, what I could have avoided, and how to move forward. I got a first hand lesson in:

-Hiring: I hired and chose to work with the wrong people
-Property Management: I didn't properly vet my managers and they weren't qualified to oversee my investment
-Property location: one quick look at the acquisition price and rents and it looked like a great investment! I was wrong. There are so many other factors that play a part in a good real estate investment...location being a big part of it.

I took my bumps and bruises and learned from this. Everyone will go through something similar. It won't be easy. But its all about how you rebound, get back up, and LEARN.

-Tyler

12/28/2018 10:12:54 pm

Megan,

I realize I didn't even answer your questions hahaha!

I sold this property in May of 2018...and actually didn't lose money.
Here's a recap of what went down: https://www.jumpinrealestate.com/latest-posts/512-days-ago-i

This property was located in Indianapolis, Indiana.

-Tyler

Alexander Bryant link

10/9/2022 07:09:35 pm

Might chance check local teach people blood work. Loss appear seek decade statement. Before food rate its.

My First Property

What the F*ck?!?!

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