All Forum Posts by: Abdul Azeez

I think Abdul gets the point now guys! Abdul if it was me I would lower the price to where you feel comfortable and not offer any incentives in that area, It's a great location. Have you been able to get any feedback such as how many calls per week, showings and applications for your home? I didn't get to read all the comments, but we just rehabbed a home at 7328 Hollorn which is a 3/2 asking $900 a month. We've gotten great traffic it's just a matter of picking the right tenant at this point. Most of the time many realtors don't know the rental market and over price projected rents which will throw off your  investment strategy according to your acquisition & rehab cost. Because it's tax season I'm sure you'll get it rented soon. 

@Abdul Azeez to be fair, you called me and basically did not do anything we discussed. Your house will rent. Be patient. You have 357 more months on your mortgage. 

Abdul, one issue I think you have is that you called several of us on the phone, picked our brains for info and even considered buying from many of us. In the end you went with a realtor who is not known in the investment circles and wonder why things are not going as planned all toctry and save a buck by not going the turnkey route. I don't think you need to throw in the towel. The rent is too high, lower more. 

I personally have a great home that is going on 2.5 months now  but I am not  Inside ring selling my home.  

@Abdul Azeez

I understand your frustration. My proposal is to learn from this and don't give up on RE. when I first invested in re, I had a mentor that was all I had, didn't read any books and nothing like BP was available. I went straight to multi-family and it turned out to be a blessing. I also made tons of errors because of lack of understanding of re or put it in another way lack of education in RE. but one thing I did right is I never give up. so don't be discouraged by the first investment and please don't blame it on BP. You will never learn from your own mistake if you blame on others. 

On the rental. I'd give two more weeks after the new concessions, if it is still not rented. you need to be more aggressive like drop $100 every two weeks till it's rented. I understand you have an internal threshold but that has nothing to do with market rate. so you need to leave youreally emotion out of it and let the market works it out.

@Abdul Azeez I probably should have read all of the thread but my question is what gave you the idea the property should be rented in 30-45 days? It appears to me you are asking in the higher range of rents for the area was this your decision or property manager? Personally I would say renting that home in that market could be 60 days easy, it's kind of a "transition" area and timing means a lot to those tenants digging up first, last and perhaps a deposit.

@Abdul Azeez

I am not suggesting that you invested with eyes closed...The level of research that you did, however, is far from enough to guarantee good decision making....

Where I invest my rentals, I am familiar with the market to the point that once I see a street name, I know all the good/bad about it without having to look up anything.....Do you have that level of knowledge about Memphis? what is the good/bad about Marsha? Do you know?