All Forum Posts by: Abdul Azeez
Abdul Azeez has started 82 posts and replied 465 times.
Post: Finally Done with Long distance landlording
- Real Estate Investor
- Monroe Township, NJ
- Posts 468
- Votes 85
Quote from @Arthur Neves:
@Abdul Azeez congratulations on the sale. And thanks for sharing the experience. very valuable. I had similar experience in Atlanta, GA area, and end up selling my SFR there too.
We still have a good amount of units in Memphis, and am going through the same struggle as you, where PMC are very hard to find, and the names that usually come up here are the bad ones I don't want to hire.
Would you mind sharing the PMC you tried and didn't work out, so I don't waste my time with them?
thanks
Can you private message me?
Post: Finally Done with Long distance landlording
- Real Estate Investor
- Monroe Township, NJ
- Posts 468
- Votes 85
Quote from @Arsen Atanasovski:
It’s nice to hear the truth about RE, sometimes the podcasts send a fairytale message to invest in RE, not saying long distance is not good but if you have to go through 4-5 PMs and turn over , etc… your basically better off putting your money in so meme stock. And I know some will comment on this saying “yea but he bought it for $82,000 and sold it for $200,000 that’s not all profit and when you put in all the headaches this profit is worth nothing. The way I see it is the people on the podcasts get a lot of free advertisements when they do podcasts and say well if your not up to the game then do a podcast. But in reality I’m not in the business to make a podcast and be a host I have a life that consists of a family and job and etc…. One of the best posts I’ve seen on BP! Thank you for your post and telling the other ugly side of the story, I’m applauding you! Thanks
Post: Finally Done with Long distance landlording
- Real Estate Investor
- Monroe Township, NJ
- Posts 468
- Votes 85
Quote from @Taylor L.:
Thank you for sharing. How did you find the property when you acquired it?
Post: Finally Done with Long distance landlording
- Real Estate Investor
- Monroe Township, NJ
- Posts 468
- Votes 85
Folks - I am extremely happy to announce that the property I put on the market has sold for a good price. Over the last 5 years since I have held the property in Memphis, TN, I have had a series of disappointments dealing with property management companies and tenants. Finally a few months back I decided to call it quits and have now successfully sold the property after a rehab. Acquired - Jan 2017, Sold - Sep 2022. Acquired price - $83k, sold price - $200k. So I hope my weariness has paid off at this time and I am once and done with long distance land lording. Extremely happy to now move on with my life. Good luck to other folks that are doing this but this is not for me. A huge thanks to Kaizen realty for taking over property management from my previous property management company and also handling the sale of the property. Kaizen did a fantastic job. The other big name property management companies and realtors often referred here were a disappointment.
Post: Need some input of disbursement of funds
- Real Estate Investor
- Monroe Township, NJ
- Posts 468
- Votes 85
please ignore
Post: Need some input of disbursement of funds
- Real Estate Investor
- Monroe Township, NJ
- Posts 468
- Votes 85
Folks - My property that I am selling was supposed to close on Sep 6. My closing company received all my documents on Sep 7 (since I am out of state and Fedex picked up on Sep 6 and delivered to them on Sep 7) and passed on to the buyer's attorney and informed me that all documents are fine. However, as of today, I have not received the money. When I called my closing company again today, they informed me that they don't know what the hold up is in disbursement of the funds and they will try to reach out again to the buyer's attorney. I hope there is no issue but is there anything else I could be doing to ensure there was not an issue?
Post: Need some input from other sellers
- Real Estate Investor
- Monroe Township, NJ
- Posts 468
- Votes 85
No. The buyer defaulted.
Post: Need some input from other sellers
- Real Estate Investor
- Monroe Township, NJ
- Posts 468
- Votes 85
Quote from @Sergey A. Petrov:
But they (the original buyer) still haven’t requested the earnest money refund?
We are making the claim against earnest deposit for buyer failing to close.
Post: Need some input from other sellers
- Real Estate Investor
- Monroe Township, NJ
- Posts 468
- Votes 85
So the transaction did not close as planned and we have moved forward now with the second offer. Hopefully this closes as I have now lost time and patience.
Post: Need some input from other sellers
- Real Estate Investor
- Monroe Township, NJ
- Posts 468
- Votes 85
Closing is not happening on Monday.