Why we don't invest in New York, even though we're based here

[Jonathan Twombly]

People frequently ask me why I don't invest in deals in New York, even though we're based here.  The reason is simple:  it's too hard to make money for your investors in New York.  That's a huge reason why we invest in the Southeast, along with more owner-friendly laws, a growing population, etc.

But this Real Deal article I just came across says it all:  Data shows that New York County (i.e., Manhattan) is the least profitable county for owners in the entire United States.

http://therealdeal.com/blog/2014/04/01/least-profitable-county-for-rental-landlords-new-york-data-shows/