# Stop Buying Real Estate "Files" (Do THIS with Rs. 10,000 Instead) ft. Muhammad Ejaz | TBT Podcast

An episode of [Thought Behind Things](https://invisiblenetwork.ai/podcast/1532974013), 19 Aug 2026, 1 h 17 min.

Audio: https://anchor.fm/s/36c5ffa4/podcast/play/124426399/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-7-19%2F430122071-44100-2-45d447d26c42.mp3

The rupee just keeps devaluing, and I've felt it personally: my own net worth was cut in half the last time it moved from 170 to 320. So this episode is about the one legal, regulated way I've found to fight back. Mohammad Ijaz runs one of Pakistan's largest REIT (real estate investment trust) platforms, including Dolmen Mall, and he breaks down how you can own a real, income-generating stake in commercial property starting at roughly Rs 10 a unit, fully regulated by the SECP, none of the "file" trading that's made a small number of people rich while leaving construction unfinished. Join the Inner Circle, my weekly letter on AI, building, and being early to what's coming: https://muzamilhasan.com/inner-circle Read the thesis, the one idea behind everything I'm building: https://muzamilhasan.com/thesis My website: https://muzamilhasan.com We get into how REIT dividends and yields actually work (one Dolmen property's rental yield has climbed from 10% to close to 30%), why Pakistan's mortgage market barely exists, and a genuinely absurd example: a tax rule that expired and now turns a routine property transfer into a 24 billion rupee mistake, for a transaction where the owners receive not one extra rupee. Instagram: https://instagram.com/muzamilhasan LinkedIn: https://www.linkedin.com/in/muzamilhasan #REIT #RealEstate #Pakistan #PakistanEconomy #Investing

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