All Forum Posts by: Abdul Azeez

Any update on this @Abdul Azeez? 

@Abdul Azeez  I learned this the HARD WAY out in the mid west...

much better to have lower rent and filled unit.

than risk kids breaking in an stripping your home. taking your condenser unit.. ( even if its caged)

I have 3 rentals left in the south.. I have not raised rents since the day I bought them 10 years ago.

but one tenant has been there the entire 10 years.. they were new homes so cap ex has been next to zero. granted I am probably 100 to 200 under market.. but what is 100 a month more going to do for me.. its about the long game and having your tenants payoff your house for you.

I know people talk about cash flow as real and appreciation as icing on the cake.. in my mind cash flow is the icing on the cake.. if you get it great but if your tenant is paying your house off that to me is the ultimate goal.

@Account Closed  Exactly.. holding a home vacant for months trying to capture 50 to 100 a month extra is just penny wise and extremely pound foolish.

and more so in these rental areas your risk of a vacant home being broken into and having things stolen is very real..  not to mention all the money you lost with no rent

so your trying as a landlord to get 1000 a month when 900 would fill it.. but 900 does not match your goal of 200 a month positive .. so your stubborn.. 3 months 6 months go buy and now you lost 3 to 6k.... even if you can get the 1000 your out 6k it will take you SIXTY 60 months to get made whole instead of renting for 900 day one and being under market and maybe keeping tenant long term.

the risk of theft being real.. vacant houses are an extremely liability.

this makes zero financial sense other than wanting to hit a cash flow number and by god your going to do it even if you lose THOUSANDS doing it.. You have to justify why you did not just buy at home to get the exact same ACTUAL cash flow as what you think or blue sky profroma said you would get.

For what is worth, our properties inside the 240 loop are renting quicker then any other area of town.  I know Abdul is having a tough time, but most do not. I personally own 21 and continue to buy in Memphis and Little Rock.

 Derrick - I closed on Jan 10 and it's been actively advertised since Jan 23. We have lowered the price now to $1025 with first half month off which converts to an effective rent of $983.

 "Investing in NJ is not feasible..."

Umm, no. As an example, my own parents became millionaires several times over buy buying houses in northern NJ and holding them long term. They never real a real estate book, website, or ever did a single calculation on whether something would be a good deal or not. All with bad English and little effort.

You decided to invest in a market with little to no appreciation from one with appreciation and rent growth over the last 40 years? Sorry to be so harsh mate. But think about why you chose this strategy and move forward!

@Abdul Azeez

How long has it been on market?

CrestCore - Property has 226 properties under $1000 per month on their website right now.  How many of those properties are long time clients that probably have more than one listing.  You're the low man on the totem pole.  Who do you think the PM is going to work their hardest to make happy?  I'm not bashing them as they have a good following here, but it's reality.

I don't know anything about Memphis except it has great BBQ, but if I owned a property there that hasn't rented in 3 months I'd get in my car and be there in the morning. I'd advertise it like crazy and have an open house this weekend.

When was the last time you visited the property?

When was the last time you had it "professionally" cleaned?

Have you talked to the neighbors?

Would you allow pets?  I don't allow dogs but some properties allow cats and have good luck.  

Is there a pit bull next door?

What about getting creative?  Offer a rent to own program to attract a long term tenant. 

I'd put my own Zillow ad up with a Google number and see what the real results are.

For sure, I'd consider another PM, and it looks like there are several here that are willing to help. 

The pictures on Zillow look good and it looks like a nice home. You have been advised by a lot of locals that the rent's too high.  There is a reason businesses advertise products for $999 and not $1050.  For $50 a month you are missing the under $1000 market. 

Good luck.

@Abdul Azeez - Message is loud and clear. Criticizing Memphis market and one of the most reputed PM is not solution to your problem. You can be wise or you could be intelligent. It's your money and your life move on and do whatever helps your cause.

You won't understand the value of visiting Memphis for one week every year for last three years. First read every page of this post and then send PM to the OP of the following post about the first hand experience.

https://www.biggerpockets.com/forums/311/topics/22...

Good Luck 

Vivek