rehab in nyc??

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as i read these boreds over the last few days i see a lot of stories of people buying houses for 20k, 40k, 50k. That looks more like a mortgage payment to me. Not to mention the cost of repairs (contractors) in nyc. I watched the show 'flip that house', and couldnt believe what they managed to get done by a contractor for 50k in texas. Anybody do rehabs in nyc care to give an example? Not meaning the city but outer boroughs, long island, etc?? I am very interested in getting into REI, i currently have about 40k cash, plus another 70k or so in equity in my condo(can i leverage that to purchase?), but i am feeling like you need a hell of a lot of money to flip a house in ny, is it even feasable??