Vacation rental (Airbnb)and Flipping property in NYC

[Mardochee Pierre]

Hello everyone, I'm new to BP and from what I've read you guys are awesome and give great advice. I'd  like to ask a couple questions and hopefully you guys can help me out. In a couple of months I'll will have enough for a down payment on a nice "Manhattan" condo ranging from 300K-450K. Is it worth it  to get a tenant or do the airbnb thing? I know people that do it and they're beyond successful but I don't know their situation ( whether they're renting or  have a mortgage). Also if I can get the same result renting a nice apartment would I even need to purchase a condo for that reason?  I know they're cracking down in New York in regards to subletting and  airbnb period and that is another major concern. 

My second question is about" flipping homes" in NYC area (Northern NJ, NYC, Long Island , Westchester & lower Connecticut. With rents rising  and home purchases slowing, is it still profitable to flip property?  I know the area I live in is a special market but  is it that good ? Please help. Marty.

[Account Closed]

theres eager property manager out there for all types and terms of rentals but if i were in ur shoes i'd feel bad to lose 10%-20% of my rent roll just for the property management overhead.

one thing u have going for u is that in the nyc metro area, theres lots of aggressive rental agents who will get u top dollar monthly, weekly or whatever for your condo since in ny market, the renter pays the commission to the agent/broker for finding them the rental.

here in socal, its almost always the landlord that pays the commission for finding tenants, so at least in ny u have free help from re professional in finding renters, which i do not.