Ankit Duggal, is the founder and investment director of RER, LLC. Equipped with eight years of experience in the real estate industry, he retains a refined knowledge of the Passaic, Essex and Bergen County areas — RER’s core regions of focus — in which he is accountable for the development, consultation, execution and retailing of more than $10 million in real estate projects. Ankit’s proficiency in the real estate sector encompasses the entire range of the partnership’s intended scope of activities, with his strengths centering on locating below-market ventures, analyzing potential business propositions and executing and supervising the rehabilitation segment of all projects.
Ankit has provided consulting services for Vision Investment Properties in more than ten deals. Establishing a track record of more than fifteen years in the real estate field, Vision Investment Properties is in the business of purchasing below-market assets in Passaic and Essex Counties, renovating the properties and then selling them to end users. As a consultant, he executed a fundamental position in the firm, expediting the location of and investment into below-market real estate ventures.
He also has been employed with Option Way Financial and Residential Home Funding, lucrative New Jersey financing lenders, where he maintained the title of senior financing specialist. His period of service within the corporation allowed him the opportunity to review, analyze and structure fiscal arrangements for potential investment projects being funded by the companies, thereby amplifying skills that are now indispensable to RER, LLC. A loyal advocate of education, he bears a B.S. honors degree in International Relations and Diplomacy from South Orange, New Jersey’s Seton Hall University, as well as a master’s degree in Business Administration from Montclair State University. He is now in the process of completing his C.F.A. as well as his master’s degree in Real Estate from New York University.
Ankit is fluent in Hindi and English and is actively learning Spanish and French. He is a U.S. citizen and resides locally in Passaic County, N.J., with his family.
What are you working on right now?
Right now, I’m focused on distressed asset investing — acquiring distressed properties, renovating and then selling them. My long term intentions are to stabilize neighborhoods and put a dent into our current housing crisis by providing families with affordable housing and rentals.
3 trends that excite you?
Distressed commercial properties, private funding for distressed deals and the growing tax lien business. These trends have a hold on my attention. All three facilitate a greater use of capital to assist other investment sectors. The more capital there is, the more investments can be made. In turn, an increasing amount of investments can become a remedy to our foreclosure epidemic.
How do you bring ideas to life?
I break my ideas down so that I can bring them to life. Every time I conceive of something that I think can work, I dissect it into actionable parts. I create sub-tasks out of the original thought. This way, I’m able to create a schedule to materialize each individual part. Eventually, with each component operating properly, the idea becomes animated. It’s basically working from the bottom up.
What is one mistake you’ve made that our readers can learn from?
One of my downfalls as an entrepreneur was my appetite. I had a relentless craving for success, and I became too eager for results. When you’re in the early stages of having your own business, you can’t rush the process for instant gratification — the consequences will leave you with an empty pocket when you put your money into something that you don’t know is palpable. Pacify your fervor enough so it allows you to take your time and do your research.
What is one book and one tool that helps you bring ideas to life?
Excel is a tool I’ve come to use on a consistent basis, since it’s capable of mathematically analyzing an idea to discern whether or not the numbers will work for you in the both the short and long term. As for books, I suggest George Samuel Clason’s “The Richest Man in Babylon” and Robert Kiyosaki’s “Rich Dad Poor Dad.”
What is one idea that you’re willing to give away to our readers?
Affordable car selling — it’s a concept parallel to the distressed asset business in real estate. You acquire dependable cars for a low price and sell them to consumers who aren’t able to afford them on the regular market. The down payment would equate to your initial payment, and you would set up a financing structure for the remaining balance, of course retaining the car note until all debt is paid off.
What is your ultimate intention with your business or the goal that sparked the plan?
The company began as a way to pacify the fear involved in buying first-time home buying by providing consumers with a mechanism for purchasing their initial properties. I want to get it to the point where we have a partnership with the municipal government in cleaning up distraught neighborhoods and allotting families with affordable, renovated and green housing. Ultimately, I’d like RER, LLC to be involved with all facets of real estate — residential, commercial, etc.
Your business is number one. Does any other aspect of your life share that rank?
Spending time with family, my girlfriend and my friends definitely takes rank in my life.
Mario Schulzke is the Founder of ideamensch, which he started a decade ago to learn from entrepreneurs and give them a platform for their ideas.