Is BRRRR possible on Long Island, NY?
I was listening to the Bigger Pocket Money podcast #60 with @Mindy Jensen @Scott Trench featuring @Gino Barbaro.
One thing that immediately resonated with me, and as usual shocks the rest of the world, is the mentioning of Gino's property taxes in NY being $27,000. This is how it is on many parts of Long Island too. My parents, who no longer have any kids in school and probably should downsize to be honest, continue to pay 18k for their taxes. My wife and I as newly weds, rent a portion of a family owned home, as we continue to explore our house hacking options. There are obviously many who have been leaving areas like NY for places with a lower cost of living.
So I ask BP, do you think we are wasting our time looking for BRRRR type deals on Long Island? Are we approaching something that might lack scalability due to the extra NY cost of living burdens?