NYC Mid-Term Rentals

[Stephen Macknik]

I own a duplex (in which I live in one unit) in Brooklyn, and a SFR rental in Arizona. I am interested in purchasing another property in NYC. STR's are illegal in NYC, and I don't understand how positive cash flow is possible for rental investment properties in NYC (given the high cost of properties and rents that do not scale by the same factor), but I'm wondering about MTRs. Do MTRs succeed in NYC, or am I missing a secret to making standard annual rental contracts work in NYC? Thanks for any guidance!

[Stephen Macknik]

Thanks, yes, renting out a room as a STR is legal in NYC but that's more-or-less limited to people who are essentially running a bed&breakfast type situation (no thanks!). Good to know that cap rate for MTRs is higher... that's what I wanted to know. How much more work is it to have an MTR over a traditional annual rental? If you use a property manager is it also more work (and if so, in what sense)?

Are there any books or articles covering this topic? Anything I can read wrt to NYC RE investing specifically?

Thanks again!