I am often asked how a workingman like myself—first a tinsmith and later a roofer—was able to accumulate so many properties after starting in real estate fairly late in life. One key to our success is that we put all of the profits back into the business. You could say, why not take the profit and do something else with the money? Well, the chances are that you would spend it—and then you don’t have the property or the money.
Quotes from this chapter
The key to success in New York residential real estate is to understand how the system works, and then to work within it to one’s best advantage.
One key to my management philosophy has always been to hire managers from within the community we serve. As a result, most of our non-family employees, are from Hispanic backgrounds.
Every transaction, in business and in life, should bring value to both sides. You must always look out for your own interests, but those are best served when both parties are satisfied with the agreement.
I am in real estate as an investor and property manager. It is not something I do for fun or charity, so I can be hard-nosed when necessary. But I operate on the up and up.
There is a time and season for everything. It all goes in cycles and there are always opportunities to make something out of nothing.
Our buildings provide decent, affordable apartment living, but they are not luxury housing. There are no doormen.
Because of my life experience, I am able to relate to others who are having a tough time. I know what it is like to go hungry, or to do what is necessary to beg or steal a piece of bread.
Book excerpts about the people, places and events mentioned in the book
He fired Edelstein & Sons from a roofing contract
Grandson of the author who works in the family business
Some catchy teaser text for this featured person.
Jewish residents were moving to the suburbs or Florida. In their place came upwardly mobile immigrants
Mixing it up with a big fish for a rare deal in midtown