Ahmed's Leap Towards Financial Stability

Ahmed Al-Farouq
is organizing this fundraiser.
186 Putnam Ave APT 5B, Brooklyn, NY 11216
Created
January 12, 2023 3:36 AM
Financial position
$329,000
raised of goal
$470,000
68
Investors
Join the Waitlist
Monthly Residency Payment:
3022
Initial Investment:
Price Per Share:
Total Shares:
10000
Ahmed Al-Farouq

Amidst the challenges, a light emerged. The possibility of a home - a stronghold amid financial storms, one that respects the teachings of Islam. A home free from riba, where the laughter of my children and the aroma of my wife's cooking could intertwine without worries of interest looming.


The Path Forward:

With a determination fueled by faith, I began exploring Sharia-compliant home equity crowdfunding. This wasn't just a financial decision; it was a reaffirmation of my beliefs and commitment to provide for my family without straying from the teachings of Islam.


Your Role:

This is more than just a financial journey. It's about preserving dignity in the face of adversity, about upholding values when the path gets tough. By standing with me, you aren't just supporting a home purchase but a declaration of faith amidst challenges.


Why It Matters:

In a world where financial challenges can quickly erode one's values, my journeys prove that faith and finance coexist. Your support signifies a step towards a NYC where Muslims navigate financial hurdles without compromising their beliefs.


Stand With Me:

Let's craft a story of resilience, faith, and financial recovery in this city of dreams. By rallying behind me, you're not just funding bricks and mortar but supporting a vision where financial stability meets spiritual harmony.


Conclusion:

From the core of my heart, thank you for considering my cause. Each contribution, each share, and each dua makes a world of difference. Let's script a tale where dreams triumph over adversity, and faith lights up the path.


Jazakallah khair,

Ahmed Al-Farouq.

Features:

Enjoy spectacular views of historic brownstone streets through huge windows. This home features a modern kitchen with stainless-steel fixtures & appliances, marble countertops and a huge stainless-steel sink. Additional amenities include in-unit washer/dryer and central air. The large bathroom is fully vented and comes with an oversized soaking tub.

Built in 2015, 186 Putnam Ave is a pet-friendly, five-story elevator building with 14 units. It features a newly expanded resealed furnished roof deck offering excellent views Manhattan and downtown Brooklyn skylines. In addition, this building has a video intercom system and a bicycle storage room.

Total Investment Value
Home Cash Price
450000
Closing costs
Upfront LLC fees:
500
Dyur listing fee (6%)
Annual gross rents
Property taxes
Homeowners insurance
2205
Property management Fee (8%)
Annual LLC administration and filing fees
500
Annual cash flow
Monthly cash flow
3022
Why New York?
Here are the latest trends in the NYC real estate market as well as the statewide market. A prolonged scarcity of properties on the market, along with high prices and high mortgage rates, continues to impede the New York housing market. According to the housing report released by the New York State Association of REALTORS®, the number of properties for sale declined for the 37th straight month in year-over-year comparisons, while mortgage rates remain more than double what they were at this time last year.

The number of available properties for sale fell by 12%, from 40,321 in November 2021 to 36,490 this month. In year-over-year comparisons, the months' supply of dwellings stayed unchanged at 3.2 months. Months' supply is the number of months it would take to sell the present inventory of homes at the current sales rate. A balanced market has a supply of six to six and a half months.
Graph depicting the median sale price trend in New York, NY, from 2018 to 2023. The line graph shows two trends: one for New York with prices fluctuating around $800K, indicated in black, and another for the United States overall, with prices around the $400K mark, shown in orange. Source and more details available on Redfin.
Organizer:
Ahmed Al-Farouq
Bedford-Stuyvesant, NY
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