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Why we don't invest in New York, even though we're based here
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/
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Another crazy thing in NYC is the mortgage recording tax which adds a lot to the closing and all in price.
I read the entire discussion about NYC investments, mostly written 9 yrs ago. I am wondering if the opportunities have turned positive or more competitive now in 2023. It will be a good pal wow to discuss in the BPCON 2023 as a subgroup. I wonder who in this discussion chain is going? I am curious. I like to hear you'all your reflections.
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