Tyson Bean is overseeing J.P. Weigand & Sons’ expansion into residential rentals and management.
He’s doing so by bringing the expertise he developed and some of the rental inventory and management he acquired as a co-founder of Wichita Rentals, a residential property management company.
It turns out the 32-year-old Wichita State University graduate has a bit of experience renting everything from canoes to homes.
Bean, who was born in Ponca City, Okla., grew up in Arkansas City and graduated from high school in Derby, said he’s long had an entrepreneurial streak. It’s a streak that he formalized when he graduated from WSU in 2002 with a bachelor’s degree in entrepreneurship and marketing.
Bean is getting ready to celebrate his one-year anniversary with his wife, Tara.
My dad was in sales and Mom was a dental assistant. He worked for McKee Foods, Little Debbie snack cakes. He was district sales manager.
I actually had a canoe rental business called River Outfitters, and it was just canoe rentals on the Little Arkansas River, for about three years, probably. It was by appointment only. I did that after college, simultaneous with another job.
It started about three years ago but I started investing in real estate right after college, in 2003. It was mostly residential duplexes.
Back in high school I used to flip cars: buy them, drive them for a while and sell them (for more) than I bought them. I rented them, too.
BMWs, Expeditions and Explorers.
I thought there would be a lot less liability in renting homes because that home is not going to leave the state. Just the exposure to how lending worked with cars … exposed me to how it worked with real estate.
I didn’t do any restoration. It was just really finding the cars at a discount, driving them six months to a year and selling them better than I bought them for. By the time I was 20 years old I had probably bought, sold, leased 20 to 25 cars.
Wichita Rentals was more a byproduct of my real estate investments. Acquiring properties, you kind of acquire property management skills.
Just the resources that J.P. Weigand provides. It will be similar services, just under one umbrella. So we’re looking to increase inventory levels. Just in the last couple of weeks we’ve had a lot of interest from people wanting to rent their higher-end homes … so now it’s just piecing those two together. We do represent some investors.
Dawn (Truman, J.P. Weigand president) had approached me back in May. She wanted to know if I had any interest or what my thoughts were about helping them develop a division with their company. It was really just role-playing different scenarios (to get the deal done), just some back and forth. It took about two months to come to terms.
The one-year goal is to implement what we’ve done with Wichita Rentals into J.P. Weigand and increase inventory levels. Five-year is probably just the same, continuing being the best property management and rental service provider in Wichita.
Just preparing, by developing business plans, seeing how overall business structures are developed and implementing those. Entrepreneurship highlights all points of a business as opposed to focusing just on accounting or marketing. You kind of get a little bit of everything.
My dad gave me this. We’ve kind of always had a passion for cars within my family.
I drive a 2007 Lexus ES 350.
Ferrari, any model. I’m not picky.