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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/