Hi people, are you looking for the perfect investment industry to make high revenue? Then go for the real estate investment. This investment can be either commercial or residential. Investing in offices and hotels are commercial, and investing in multifamily buildings or single houses and condos is residential. So, you need to know a lot of things before investing in any of these.
However, what if I tell you that I have someone who gives a brief idea about real estate investment, property management, etc? He is famous in NYC for his property management investment. His property management business Duke Properties is famous for his contribution and well-running. Yes, you got me right. He is none other than Duke Properties CEO Albert Dweck.
Real Estate investment is becoming popular day by day. The main reasons are high value-added, tax deduction, less competition, portfolio diversification, and others.
Let’s move forward to Albert Dweck’s brief discussion about real estate investment, security deposit, and many more inquiries. Make an entry to the REAL investment in NYC.
Quick Introduction about Albert Dweck
He is a famous property investor in Brooklyn, NYC. Moreover, he has two property management businesses running in a row. One of them is Duke Properties as you all know. However, he doesn’t only focus on making profits from his business- he has happy customers, partners, and tenants as well.
His knowledge of the real estate business is not confined to him. On and off, he shares his valuable thoughts and helps people to invest in the right way. Albert Dweck has been in this sector for more than 24 years and his experience speaks a lot about him.
In the year 2001, Duke Properties started its journey in NYC property investment and was founded by Albert Dweck. Since then, he has taken off 40 real estate collaborations and the investment range is massive in the Northeast of the USA. He believes to invest in a little amount but his broad strategic approach allows a great return. He has been a professor at a business institute, so he has experience. What are the signature advices by Albert Dweck duke properties for real estate investing?
- Start with a small investment
- Invest in multifamily high-rise buildings
- Find great neighbourhood
- Don’t run after the easy money. Go slow
- Invest on multiple properties.
- Search the best location for your investment property
- Always conduct thorough research before investing in a property
- Try to consult with experts before any investment
- Find your investment stereotype whether active/ passive
- Set the strategies and follow those.
So, these are the quick signature thoughts of Albert Dweck for investing in any real estate.
How to invest smartly in Real Estate?
Whenever you decide to invest in a property, try to make a gross calculation first. And the reason behind this is to get the maximum benefit out of it. The first thing first is to estimate your return/yield from that specific investment. You need to do overall research on how things are going today in real estate and how things will change tomorrow. Make sure to invest in properties by keeping these in mind.
Of course risks in REAL investment is a prerequisite but don’t let your investment be too risky. For example, NYC Manhattan, and Brooklyn all have potential property investment records. But if you find a low-cost deal for a property in a remote area but your house remains vacant month after month. This is really risky. So, make take low risks.
Low-maintenance properties are always the best choice in smart real estate investment. You do not want your whole profit to be invested in the maintenance of the property, right? In this scenario, the best option is to hire a property manager. He will take a percentage but cracks a great deal for properties.
Moreover, you need to follow the real estate news, talk and meet with other investors of the market, and experts to get a gross review of what you are investing in is on the right track. At last, by putting all of these together, you will get a great return on your investment property.
Basics of Security Deposits
For so long, we have been talking about real investment and property management. But many things take place when an owner finalizes a tenant. Among these things, the security deposit happens just before the tenants enter your property. Well, Albert Dweck, as a landlord has a saying about this particular deposit. So, if you are a tenant or an investor/ landlord, this idea about security deposit might help you. Thus, stick to the generalization of the security deposit by Duke Properties CEO Albert Dweck.
Well, what is a security deposit? It is a fixed amount of money paid by the tenants to the landlord before entering the home. This security deposit will accommodate any structural damage in the home done by the tenants. And the landlord will adjust the damage cost from the security deposit. Simple!
However, when a tenant signs the lease and before moving out, you would get your security deposit. Your security deposit will be in a separate account and the landlord holds that specific amount of money to adjust any repairing of the property when the tenant actually leaves. The landlord must show a different account for holding the security deposit to the tenant.
If there is no such repair/damage in the house, when do you usually get back your security deposit from the landlord? Within two to four weeks of moving out, the tenant can get back his security deposit. Of course, the landlord should return the security deposit as quickly as possible when his property is in good condition according to the signed lease. So, if you want the intact security deposit, try not to damage the house.
Well, how much is the security deposit? This deposit amount depends on your rental rate. For example, your house rent is 3000 dollars. Then your security deposit will be 3000 dollars. So, the first month when you move into the new house, you will actually pay 6000 dollars. Easy math!
However, the security deposit is not only applicable for the damages, it’s a kind of protection for the landlord. Sometimes, the tenants come up with a situation when they can’t pay the rent at that time the landlord has the power to use that security deposit. Well, the security deposit actually cuts the last month’s rent but tenants can ask the landlord’s permission to do that in any general month. It’s happening. But, this depends on the landlord’s permission.
But the amount of security deposit can differ from city to city, municipalities, area and etc. The NYC limited changed the security deposit rule and charged extra than one month’s rate.
As a landlord and tenants try to understand the three following things:
- How much security deposit can be charged?
- How quickly the landlord needs to return this?
- What can be deducted?
Insurance Policy: A new trend instead of a Security Deposit
Well, according to Duke Properties CEO Albert Dweck, the security deposit has no use. It is just an amount money deposited on a bank account without any interest. So, the security deposit does no good to the tenants or the landlords. Until the tenants is not moving to another place that particular money has no use. For, example: the tenant is living in a property for 1-2 years or more, so the money has no use actually.
But in recent times, a new insurance policy is offered by some property companies. Those companies can tell the tenants to pay a little extra then the house rent but no security. And to the landlord this company offers the security deposit at any time but doesn’t need to hold that deposit. He can use it.
This insurance is a common phenomenon nowadays. The tenants do not need to manage a bulk amount of money for the security deposit. He will be giving extra rent. And these extra rents will benefit the landlord. Again the landlord will have a security deposit management party. So, things become easier.
So, this insurance policy instead of the security deposit is kind of a win-win situation for both tenants and landlords. And the advanced real estate business is embracing it.
In general, the security deposit and everything depends on how a tenant approaches his landlord. The more a tenant can ask for something with a great offer, the more the landlord will be convinced. So, both the tenants and landlords should maintain a healthy relationship. There should be exchange offers which benefit the both.
Ending Thoughts
So, that’s the end of the journey for today. From this write-up, you got to know about the Duke Properties CEO Albert Dweck’s investor hacks. How to end up becoming a successful investor in NYC real estate? Lastly, the thoughts about security deposit have a complete flavor and also the recent insurance policy is on practice in the real estate market. Overall, it’s a great REAL ESTATE offer.
Till then, keep connected with Albert Dweck, the founder and CEO of Duke Properties, Brooklyn, NYC.