New member from New York, New York
Hi everyone my name is Mathias and I live and work in NY. I work in finance full time and plan on investing some time and money this year in building a real estate business. My plan is to start with single family flips and multi family rentals for cash flow.
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I work in finance full-time in New York as well. Its not impossible to get cashflow properties in NYC. If you want to invest in Harlem (near Columbia University) you can actually get decent cash on cash returns because of the J-51 tax abatement. The tax abatements generally expire in 10 - 15 years and are worth at least $500 a month in incremental cash flow.
http://www.nyc.gov/html/dof/html/property/property_tax_reduc_j_51.shtml