Taxes for the wealthy in France have gone through the roof, and many are looking to put their money elsewhere. But the question is, where?
According to Mr. Pous-Bertran de Balanda of Black Tulip Capital, a real estate asset management company in New York, many French investors have their eyes on New York City. In particular, Manhattan has become a hotspot with investors looking for income properties ranging from $500,000 to $5 million. For house flippers, this is great news.
The main goal for French investors is not necessarily to live in New York City, but make investments that save them money on taxes and produce income. Very smart move.
New York City boasts a plethora of historic properties, however not all have been renovated to today’s standards. And as well know, upgraded units demand a higher price. House flippers have the opportunity to purchase slightly dated properties, make small upgrades, and turn a decent profit in a relatively short period of time.
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