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All Forum Posts by: Abdul Azeez

Abdul Azeez has started 82 posts and replied 465 times.

Post: Have rates gone up?

Abdul AzeezPosted
  • Real Estate Investor
  • Monroe Township, NJ
  • Posts 468
  • Votes 85

In recent weeks my mortgage rate quotes have gone up from 4.375 to 5 for a conventional 30 year 20% down mortgage in Memphis, Tennessee. Have rates really gone up? The two that I am speaking to say they have gone up. Can anyone refer lenders in Memphis, Tennessee if you know anyone that may have lower rates? This skews up my financials on an investment property.

Post: In Memphis today - any good property managers?

Abdul AzeezPosted
  • Real Estate Investor
  • Monroe Township, NJ
  • Posts 468
  • Votes 85

Hello - three of us investors drove down from NJ and reached Memphis yesterday morning. We have since seen a number of homes and visited with crestcore to learn abt their property management. we will be seeing a few more homes today and leaving by 3:00 am tomororw for the long drive back.  We will be done with showings by 2:00 pm and have availability until 5:30 or 6:00 pm and it would be good to meet with a few more managers as well so that we go back with a good amount of information. Are there any additional good managers who can meet with us today? If so you can PM me your number and I will call and set up the time.​

Post: Paying off properties vs. buying more properties

Abdul AzeezPosted
  • Real Estate Investor
  • Monroe Township, NJ
  • Posts 468
  • Votes 85

@Dave Blackman This really depends on your cash flow goals, how happy or sad you are with your job and when you want to fully rely on passive income or atleast supplement your income. For example, if you are really unhappy with your job and want to completely replace your income, let's say you need $8k per month and each property fully cashflowing yields $700 per month, you will need to own 11 properties free and clear between now and time you plan to quit your job. If you think that you still want to work but in a different environment where you have lesser stress (e.g. becoming a teacher and earning half of what you currently earn), then you may only need 5 properties above to reach your goal and remaining coming from your fully paid off properties. You can use several methods to pay off your loan faster including equity optimization technique and own these properties free and clear within a defined duration. Much of this also has to do with buying right. If you consistently buy properties with built in equity you could play the equity against each property to fully pay off your properties. So, buying at the right price becomes extremely important. So, it all depends on several factors but the above should provide you some broad guidelines.

Post: Paying off properties vs. buying more properties

Abdul AzeezPosted
  • Real Estate Investor
  • Monroe Township, NJ
  • Posts 468
  • Votes 85

@Dave Blackman Can you PM me on the TK provider you used?

Post: H1B and LLC

Abdul AzeezPosted
  • Real Estate Investor
  • Monroe Township, NJ
  • Posts 468
  • Votes 85

To my knowledge you cannot get an LLC on H1B. What I have heard is people forming LLC after a few properties. You may want to try that route with an umbrella policy and after GC could potentially try the LLC route. Good luck.

Post: Downpayment vs. 401K savings -how much

Abdul AzeezPosted
  • Real Estate Investor
  • Monroe Township, NJ
  • Posts 468
  • Votes 85

One more that I did was add another $5500 as IRA contribution to my mom working spouse and a 529 plan for my daughter. However some of these Roth IRA and 529 are after tax money but you still get the benefit while withdrawing tax free. For 529 it's withdrawing tax free for educational expenses. If you have a primary residence you can get more tax deductions through interest and mortgage payment. If you have rental income you can offset income against depreciation etc. And still get the other home ownership benefits. If you have a HSA plan you can contribute before tax money and have the HSA money invested in different tax vehicles. You could also donate charitable deductions. If you take public transit to work you can deduct parking and commuter tickets to a certain limit before tax. use all of these strategies except rental of course which is why I am on bigger pockets. Good luck.

Post: Need input on Memphis 38122

Abdul AzeezPosted
  • Real Estate Investor
  • Monroe Township, NJ
  • Posts 468
  • Votes 85

Folks - I am really grateful for all the advise.

Post: Need input on Memphis 38122

Abdul AzeezPosted
  • Real Estate Investor
  • Monroe Township, NJ
  • Posts 468
  • Votes 85

@Curt Davis @Alex Craig @David Hutson Thanks for your input. I think that is best that I come over but could only do so over a regular weekend or long weekend. I have left messages for both Alex and Craig.

Post: Need input on Memphis 38122

Abdul AzeezPosted
  • Real Estate Investor
  • Monroe Township, NJ
  • Posts 468
  • Votes 85

@Alex Craig Thanks for your input. I don't mind flying into Memphis for a couple of days and meeting people. But even if I did that, how would I find out its a good neighborhood? Something that looks good at day time might have some issues during night time. I am really getting frustrated with my RE experience. Its been a month and a half and I am still looking. 

Post: Need input on Memphis 38122

Abdul AzeezPosted
  • Real Estate Investor
  • Monroe Township, NJ
  • Posts 468
  • Votes 85

Hello Folks - I am looking at two properties in the below area in the 38122 neighborhood. Properties are 3/1 and 4/2 and one them is rented for $800 and other is expected to rent for $850. Although there are pockets of areas in this zip that are not good, I am told that these are closer to Summer and are good areas. What are your thoughts?