All Forum Posts by: John Duclos

Hi Joe, 

Newly engaged! In New York City, looking to do our first project possibly in Northern Jersey or Westchester. Could meet for coffee/lunch if your interested.

Jack 

Thanks you for the input! Northern NJ is definitely an area I am checking out, still a bummer though that realistic options means ill have to travel at least a little. 

Thanks again,

Jack

Hi Community. 

I live in New York City as a real estate broker (started in residential now do commercial leasing). My biggest concern is that in this market even a total fixer uppers in less than A+ neighborhoods go for high six figures.  

How would you suggest starting out in an area where the financial barrier to entry is rather high?

Thanks All,

Jack 

Thanks for the input Jay!

While I am inexperienced myself, I am lucky enough to be in a position where I have access to some money if I find the right deals. I will definitely play on the side of over budget then under on any deals. In terms of basic construction costs, I'm looking at numbers closer to a million then 100-200k. If only it was that easy in NY :)

Best,

Jack

Thanks for the response guys!

Colin: So as I mentioned the building is in downtown Yonkers. It's mixed use four story building. The ground floor is currently leased to a store but is also restaurant ready. The top three floors are converted lofts. Total space around 20,000 SF. I already have some contractors on my list but any trusted recommendations is always appreciated!

Derek: I am currently in the process of calling architects and contractors right now. I wanted to make sure here first that I wouldn't sound like a fool if there was an intermediate step I was missing. As for using a standard estimate, I hope that as I gain experience that becomes possible but for now, I don't think I can do that?

Darren: I think I misunderstood my mentor originally, I didn't want to go back to him after and ask the same question again. You guys really cleared it up for me though! I will definitely read J Scott's two books. I remember him from the podcast! I would also really enjoy being included in any BP meet ups. Thank you for the invite.

Thanks again guys,

Jack

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