Author Archives: Mendy Lipsker

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About Mendy Lipsker

Mendy Lipsker is a broker at Mendy Realty Inc. in New York.
EMAIL: mendyrealty@gmail.com
BIO: About Mendy
PHONE: 646-662-5454

What Is Your Real-Estate Specialty?
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Authored by , re: REAL ESTATE ARTICLES, on .
What Is Your Real-Estate Specialty? | Mendy Lipsker

{3:12 minutes to read} When people need auto repair, they go to an auto mechanic who can probably fix whatever is wrong with their car. A successful vehicle repair person will specialize in foreign, luxury, sports, and/or racing vehicles. You will get the best service from the mechanic who specializes in the problem you have or the type of vehicle that you own.

When someone is not well, they go to their doctor. In medical school, doctor’s usually become an expert in a particular field of study, so going to your cardiologist and saying, “I’ve got pink eye,” is probably not going to get your condition treated.

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What Is Your 80% Niche?
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Authored by , re: Real Estate, on .
What Is Your 80% Niche? | Mendy Lipsker

{2:54 minutes to read} If you want to be successful, it is important to remember the 80/20 rule; you make 80% of your money from 20% of your effort. Smart people try to learn what gives them the 80% and actually focus their energies on that area. That focus will often ensure success.

I spoke to a broker out of Michigan, and his 80% niche was waterfront properties. He has been very successful in this area.

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If You Aren’t Ready, You Can Kiss the Deal Goodbye
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Authored by , re: Real Estate, on .
If You Aren’t Ready, You Can Kiss the Deal Goodbye | Mendy Lipsker

{2:12 minutes to read} When you are ready to buy a property, make sure you are completely ready to buy the property. What do I mean by “completely ready?” I mean having everything in place to complete your deal.

You may find a property you really like, but when it comes time to make your move, you don’t have a lawyer lined up or your down payment ready. You may have the money you need, but it is tied up right now and not immediately available. You don’t have unlimited access to your funds all the time. Set things up beforehand so you have access to your money and are ready to move forward when the time is now.

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The Concept of Risk
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Authored by , re: Real Estate, on .
The Concept of Risk | Mendy Lipsker

{3:48 minutes to read} Today, we are talking about the concept of risk. Risk can be divided into 2 general concepts; one is gambling, and one is a calculated risk.

The word gamble means “take risky action in the hope of a desired result.” It is like a higher level of risk. When you’re gambling, you’re going purely on instinct, which is why you never hear the term “calculated gambling.”

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If You Snooze, You Lose
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Authored by , re: Real Estate, on .
If You Snooze, You Lose | Mendy Lipsker

{3:54 minutes to read} When it comes to real estate, if you snooze, you lose. So what does that mean? Basically, everyone in the business is waiting for an opportunity and when the opportunity is right in your face, hesitating to try to figure things out can be the difference between a successful deal and an unsuccessful one. We know already what the opportunity is because we are looking for it, right? If we don’t know what we are looking for, how are we going to find it?

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Being Successful in Real Estate
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Being Successful in Real Estate | Mendy Lipsker

{4:00 minutes to read} There are 2 questions that people who are interested in real estate often ask me:

  • What does it take to be successful in real estate?

  • How long does it take to be successful in real estate?

I’ve spoken about the first question in many previous articles. You have to be willing to put in the time and do the hard work to be successful.

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I’m Hiring Salespeople
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I’m Hiring Salespeople | Mendy Lipsker

{4:12 minutes to read} The real estate market is exploding. In Brooklyn, the median selling price is just above $675,000, which is 25% higher than the pre-recession median price in 2007. This is a great time for sellers who want to cash out or move up. And it’s a great time for buyers who want to lock in today’s values before prices climb higher. Investors are scrambling to get in on the action.[1]

Because of heightened activity, I need experienced salespeople who are excited about creating a profitable career for themselves. However, I’m picky. It’s important to me I have quality salespeople, so there are certain characteristics I’m looking for:

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Are You a Person of Principle?
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Authored by , re: Real Estate, on .
Are You a Person of Principle? | Mendy Lipsker

{3:00 minutes to read}

Principle: Guiding sense of the requirements and obligations of right conduct (Dictionary.com)

Whoever knows me or deals with me knows that I’m a straight talker. I will tell the truth, even though the truth sometime hurts and people don’t want to hear it. Unfortunately, for those who like to speak the truth, there’s a price to pay for being honest and calling someone out when they do something wrong.

In many cases, people will come back later and thank you for being honest and saying the truth, even though it’s extremely painful and sometimes creates conflict. However, not saying the truth will create much greater conflict and longer lasting pain.

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The Art of Negotiation
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Authored by , re: Commercial Real Estate, Residential Real Estate, on .
The Art of Negotiation | Mendy Lipsker

{4:18 minutes to read} Making the deal is all in the negotiation. The job of an agent or broker is basically to be the matchmaker, bringing people together. When people start to feel confident or comfortable with each other, they may be more willing to make concessions on their original proposal in order to work out a deal.

A lot of agents and brokers try to protect their client’s and their own interests by not having the buyer and seller meet. However, at times, the best thing is to bring the buyer and seller together and let them face each other. The broker can then facilitate a negotiation, whether it’s a small deal or a big deal. I have found many times that, if the buyer and seller are reasonable and rational, they’ll find a way to make a deal when they meet each other.

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Doing the Property Flip – Part 2
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Authored by , re: Commercial Real Estate, Residential Real Estate, on .
Doing the Property Flip – Part 2 | Mendy Lipsker

{3:00 minutes to read} My last blog discussed “flipping” a property, a popular way to invest which allows you to create profit and cash flow in a reasonably short time. We talked about acquiring the property and financing in Part 1 of this series.

In Part 2, we are going to touch on two other aspects of “flipping,” renovation of the property and making a profit.

Renovating

Sometimes a property can be sold as is and still make a profit. However, if the property is going to need work, you will want to know how much work it needs and what it will cost. Getting an estimate on the renovation work is an important part of the process. If the renovation required is going to substantially reduce your profit, you may want to bypass that property.

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Being A “Mensch”
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Authored by , re: Business Development, MANAGEMENT & TECHNOLOGY, on .
Being A Mensch | Mendy Lipsker

{2:42 minutes to read} According to Wikipedia, the Yiddish word “Mensch” describes a person of integrity and honor. A mensch is someone you like and admire. They are a person of character and dignity with a good sense of right and wrong. To be called a mensch is to receive the highest compliment. Then there is the “unmensch.” We all know this person. We pick up the phone and they say, “Hi. How ya doin’?” and we think to ourselves,

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Everybody Needs a Mentor – Do You Have One?
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Authored by , re: Business Development, MANAGEMENT & TECHNOLOGY, PERSONAL ARTICLES, on .
Everybody Needs a Mentor Do You Have One | Mendy Lipsker

{3:54 minutes to read} All of us run into problems and challenges whether in our business or personal lives. Sometimes trying to find answers to those problems is difficult. Deciding which of the many paths in front of you to take or which way to go at a crossroads can be overwhelming. At times, facing important decisions and life challenges can leave you feeling very isolated and alone. When you find yourself in this situation, it is often very helpful to turn to “an experienced and trusted adviser” – a mentor.

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What Are You Afraid Of?
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Authored by , re: Commercial Real Estate, Residential Real Estate, on .

{2:20 minutes to read} True success is overcoming the fear of being unsuccessful. – Paul Sweeney Always do what you are afraid to do. - Ralph Waldo Emerson Only when we are no longer afraid do we begin to live. -Dorothy Thompson The only thing we have to fear is fear itself. - Franklin D. Roosevelt Everybody is afraid at one time or another. We all face frightening decisions both large and small. We all deal with seemingly insurmountable obstacles in every aspect of our lives.

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If You Stay in, You Never Lose!
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Authored by , re: Commercial Real Estate, REAL ESTATE ARTICLES, on .
If You Stay in, You Never Lose! | Mendy Lipsker

Time to Read: 1.5 mins]

Real estate is an excellent investment, but when investing in real estate, you have to remember that anything can go wrong. You might have a good deal, or end up losing some or even a lot of money. It’s the nature of the deal. You have to be able to pick up the pieces and move on to your next one.

As in any business, in real estate there are good deals and there are bad.

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Everything Old Is New Again in Crown Heights
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Authored by , re: REAL ESTATE ARTICLES, Residential Real Estate, on .

[Time to Read:  3.6 mins]

I was born, grew up and still live in Crown Heights, Brooklyn. The area was originally called “Crow Hill” due to a succession of hills running east to west, but the name was changed to Crown Heights in 1916 when Crown Street was cut through.

Historically, Crown Heights was very upscale where many prominent and affluent New Yorkers chose to live, but in the 60s and 70s that all changed.

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Is Your Hard Money Lender A “Loan to Own?”
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Authored by , re: REAL ESTATE ARTICLES, Residential Real Estate, on .

In a recent article by Karen Freifeld for reuters.com, the Department of Financial Services is looking into 9 “hard money lenders,” to see whether they are intentionally creating hard money loans with terms that might be driving borrowers into default.

What are “hard money lenders?”  I asked my friend and colleague, Assaf Ran, CEO of Manhattan Bridge Capital, Inc., to give us an explanation of this term. Below is his response:

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Important Facts about Radon
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Authored by , re: REAL ESTATE ARTICLES, Residential Real Estate, on .

In a recent mailing, DovBer Kahn of Kahn Home Inspectors sent the following emphasizing the dangers of radon. Like carbon monoxide, radon is odorless, tasteless, and invisible, but just as deadly.

When purchasing a property, it might be a good idea to see if the owners/sellers have had the property tested for radon. If you are selling your property, having the results of a radon test would assure your potential buyers that you have been a consciousness owner and taken care of the property.

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Buyer, Seller, Broker, Agent – Everybody Needs to Have a Contract
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Authored by , re: REAL ESTATE ARTICLES, Residential Real Estate, on .

In real estate, when a buyer wants to purchase a property, they put a contract on it so that no one else can buy the property out from under them, and so that the terms of purchase are clear to both the buyer and the seller. The contract is an essential part of the deal. If you are the broker/agent, you, too, should have a contract with the buyer/seller that spells out the terms of your commission. Broker/agents work with two types of listings in general – open and exclusive.

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Brooklyn’s Booming Accommodation Business
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Authored by , re: REAL ESTATE ARTICLES, Residential Real Estate, on .

Recently the New York Times did an article about the changing face of the Crown Heights neighborhood in Brooklyn. The changes in Crown Heights reflect what is happening all over Brooklyn.

Brooklyn has much to offer residents and visitors alike. There is a thriving arts community as well as a cultural scene centered in the Brooklyn Academy of Music. The dozen or so universities in the area also make the area very appealing. The new Barclays Center is attracting topentertainment talent and is part of a large area called the Atlantic Yards. This area is being developed to include residential, business and retail establishments.

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Your View from the Top: 6 Principles to Remember
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Authored by , re: REAL ESTATE ARTICLES, Residential Real Estate, on .

Getting to the top – whether it is in your career, a social organization, or business group – is not easy. But the work doesn’t stop once you are there. Here are 6 important things to keep in mind:

1. Gratitude

Sometimes when people get comfortable or are at the top of their game, they forget those who helped them or what these individuals did in order for them to achieve their success. Sadly, when a lot of people get comfortable or achieve some success, it goes to their head. They get on their high horse and don’t think about or acknowledge the people who helped them get there. Always remember who helped you along the way. Be thankful and show your gratitude.

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The Wisdom of a Business Plan
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Authored by , re: REAL ESTATE ARTICLES, Residential Real Estate, on .

There is an old saying: “If you fail to plan, you plan to fail.” For people in the real estate business, or in any business, having a good business plan is a wise move. I’ve put together a few pointers:

What is a business plan?

According to Wikipedia:

“A business plan is a formal statement of a set of business goals, the reasons they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.”

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Beware the Real Estate Charlatan
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Authored by , re: REAL ESTATE ARTICLES, Residential Real Estate, on .

A lot of people want to be in the real estate business, but they are coming into the business with the wrong information. A lot of them are going out there offering properties that they can’t really deliver because they are not in touch with the owners or people controlling the properties. The offer ends up being a waste of time for not only the agent/broker, but for the other people involved.

If you’re going out there and offering something you can’t deliver, how does that make sense? It doesn’t help you make a living and it won’t make you rich. You need to make sure you deal with the right decision makers or the property will not sell. If you are talking to the right people, the sky’s the limit. If you are talking to the wrong people, everyone loses.

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Cash is King
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Authored by , re: REAL ESTATE ARTICLES, Residential Real Estate, on .

When it comes to real estate, back in the day there was no conventional financing for homebuyers or business properties. If you had cash resources available, you could do business; if you didn’t have money, you needed to find a partner or you were in trouble. In recent decades, conventional financing became easier and more readily available, but today, banks have tightened up. Money is still available for financing, but if you want to be out there and compete successfully for a deal, Cash is King.

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