All Forum Posts by: Abdul Azeez

I am not a crest core client. 

I visited their new office during my recent  Memphis trip.@Dan Butler

and @Douglas Skipworth have been investing for long time in Memphis and would go extra mile to help with their knowledge and connections. I have been introduced to them by one of the top TK in Memphis.

As mentioned somewhere in the post OP has to look for the history of the house he purchased. BP community has provided all the help required.

Good luck investing

Vivek 

I still think you should be around $995. 

Good luck 

What are you now asking for rent?

You were asking too high of rent and you purchased an attached home. You tried to do this on your own and your having a not so great start. Lower the rent to a more reasonable price as holding out for a few higher dollars will o it cost you more in the end. 

Understood. I missed many pages for sure. Consider assisting PM with running daily craigs ads. My buddy gets hundreds of phone calls to rent out one house in this price range. One time he had over 500 inquiries to find one and she bailed one year later. It is what it is whenever anyone enters what I call these 2nd tier locations. It is not like most of NJ, NYC that way as these renters can score an awesome house for $1100 in many sub tier areas. 

 Idk or think the PM is the issue as much as the price and exact location. I also don't know jack about Memphis street to street but generally Memphis has higher vacancies than the nation on average.  It might be that your comparables are all under 900 or so. I once sold a place that rented for around 800-900. The day after it closed the tenant bailed. It took the new owner via PM 9 months to fill and vacancies in that area are at a historical lows ( sub 4%). Good luck!

Unless the PM has told the owner to make changes that the owner refused to make, then it is the PM's fault. PM should know the right price or improvements that need to be made to get it rented. Even if the location is bad or market is saturated, anything will rent at the right price. Property looks decent in the photos.

 I would fire your PM. Did you ever lower price?

@Abdul Azeez

Just saw your property still on the market... very sympathetic.... Wish you the best with that rental....

So, I'm not looking to get rich, or anything crazy, I just want to make a comfortable living, make passive income off of real state rental properties,  I know it will take a long time and patience. I'm not looking to own a ton of properties neither. 

Here is the question, might be super basic though sorry, I looked around and couldn't find an answer.  

HOW do you make actually money off of rental properties? Say you are starting out... you buy an apartment for $25k, plus monthly maintenance. You rent it out for about $450/month, and like, your actual monthly returns are...  like... say $250 right, so how does this make money? It would take like 20 years for the unit to pay itself off and start making you some cash flow.  No? so what I'm trying to understand here is...

Whats the basic concept of making money this way? I would like to make $5000/ month on passive income with rental properties, but I would like to see that return in no more than 5-10 years, how do you actually do this? 

Thank you all for reading, any future wisdom provided, much appreciated.