All Forum Posts by: Account Closed

I haven't narrowed down a specific area yet, but definitely Long Island, most likely Suffolk County. As such, I'm just looking for rough estimates right now. My bad, should have mentioned that earlier.

Hi guys, I am trying to figure out some costing data for development of an office building (class A) in Long Island, NY. I am going to research the web and eventually talk to relevant professionals in the area, but I wanted to also pick the brains of the BP community as well. Specifically, here is the info I am looking for:

• Average cost of land or property
• Cost of land or property as it relates to per square foot of building
• Cost of construction per square foot (including elevators)
• Cost of elevators (itemized separately)
• Average rent per square foot per year
• Current rates on construction financing for office buildings

Thanks for all the help, guys. Much appreciated.

Good luck, Andy. If you want more information on marketing, check out @Sharon Vornholt, @Chris Feltus and @Danny Johnson.

@James Hutson

I actually went to an intro meeting of theirs here in NYC. It was run by Hugh Zaretsky. For more information, check out myrenatus.com and make your own conclusions. If you go to the Royal Empire Ventures website, in the first picture, you'll actually see a Renatus logo in the background. Let's just say, I was not impressed at all. They are essentially a MLM scheme (i.e. Amway) with real estate on the side. The way you can earn money is by signing up for their programs and recruiting other people to do the same. You earn the most money if you sign up for their most expensive program and get others to do the same. You earn bonuses if the people you recruited generate sales as well. I was not at all impressed with their real estate acumen and they spent at least 50% of the time talking about "getting paid to help build their business." PM me if you want more information.

Thanks @Mark Nolan. I am in the early stages of thinking about rolling over into a solo 401k once I leave my soon-to-be former employer. If it's okay with you, I might contact you if I decide to go that route.

Thanks @Charmaine M..

@Pancham G.

Yes, I have family that lives there and is willing to provide me with a cheap place to stay while I go out on this venture. I figure its best to cut down on costs as much as I can while I try and get started in this business. I wish it was closer to the city though. Jericho is a really nice area as well. I would prefer Jericho > Dix Hills.

@Ron C.

I would highly recommend you start listening to the podcasts and read the Ultimate Beginner's Guide to REI. Both those sources are highly informative and should set you up nicely. Good luck with everything, Ron.

@Lance Petway

Thanks for the reply. I am looking forward to this change in my life. I know it will not be easy, but as Teddy Roosevelt once said, "nothing in the world is worth having or worth doing unless it means effort, pain, difficulty..."

Thanks @pancham gupta. As of now, I'm strongly considering moving to Dix Hills. I've been contemplating resigning from my job for some time now. To me, finance, and specifically investment banking / private equity, is like a black hole. If you do not get out in time, you will be stuck in it forever. Given the requirements, I've never really liked my job to be honest, but the financial compensation was too good to give up. I strongly believe that I am at a point in my life (I am 26 years old), where I can afford to take this chance. I have reaped a few positive benefits from my experience in investment banking. I've developed a strong analytical and interpersonal skill set, as well as a solid work ethic. I'm hoping this will help propel me for future success.  

Hi everyone, after graduating from college and working the last 5+ years in investment banking in NYC, I am transitioning into becoming a full time real estate investor. I will be resigning from my full time job before Labor Day 2015 and I am looking forward to the challenge of building my own business and creating sustainable wealth through real estate investing. Ultimately, although the financial compensation in investment banking has been highly rewarding, enabling me to gain a sense of financial freedom, the 80-100 hour work weeks have taken its toll, both physically and mentally. As such, I am looking to take charge of both my personal and professional life, and I believe real estate investing is the perfect avenue to do so. In addition, I believe that I'm at a point in my life where I can take the chance to dive in full time and establish a lasting legacy for myself and my future family.

My only tangible experience in the industry to date has been private lending, which I have been doing for the last couple of years. I have been educating myself on real estate investing since the beginning of spring 2015 and have recently started networking at local REIAs and real estate clubs. I am going to start marketing for leads in September 2015 after I resign from my full time job. I currently reside in Brooklyn (a few hundred feet from the Barclays Center), but will be relocating to Long Island after I resign from my job to cut down a bit on my costs.

I am seeking to continue learning from the vast resources available here at BiggerPockets. In addition, I am looking forward to start networking with the awesome community here at BP.