Construction Costs

[John Duclos]

Hi All,

So this is my first post as an active member. I cant describe how excited I am to begin my career in real estate investing! I sincerely thank everyone who responds in advance. This is an amazing community.

Down to business:

I currently live in Manhattan NY and am looking at investing properties in the five boroughs and Westchester. One area that is particularly interesting is downtown Yonkers. For those of you that can, I suggest you make the trip. It is quickly turning into a nicer White Plains on the water.

I found this great building right in the heart of all the action and am seriously considering trying to buy it. My main obstacle is the fact that the place will need to be completely gutted and redone in order to fetch the prices needed.

So how do you estimate the cost of construction? My mentor says that I need to call an architect but that they charge between $5,000-$10,000. While I could certainly afford that for this building, if the numbers don't end up working I can't pay that kind of money consistently.

Again thank you in advance, and if anybody in NYC wants to meet for coffee or lunch feel free to let me know.

Best,

Jack