Multifamily property Rent hacking in Jersey City vs BRRRR

[Ahmed Elias]

Hi BP community !!

I am in a bit of a dilemma. Im currently a tenant paying rent towards my landlords mortgage and while this is good passive income for him, it's not so good for me :)

My current Rental numbers:

2bed/1ba ($1350) - sharing with a roommate. My portion of the rent is $675 plus utilities which typically comes to a total of $800 or so. Pretty cheap for the area I'm living in.

I have managed to save up 100k and debating the right approach to investing it.

My end goal is to be a rental property investor using the BRRRR method to eventually create passive rental income however, my confusion as a newbie investor is:

Option 1: Should I target rent hacking which is buying a multifamily 2 unit property in Jersey city hopefully under 500K and rent out one of the units either by rooms or the entire apartment and stay in the other ?

OR

Option 2: Jump right into long distance BRRRR in the greater Phili or greater Baltimore area/dc area

.

[Farrukh Amini]

@Ahmed Elias you’re welcome!

And, yes, great idea attending events and meetups. There’s one that I regularly attend hosted by @Alina Trigub 

She brings great speakers to the events and the topics are on point. This one is coming up soon in February that takes place in NJ  

https://www.biggerpockets.com/...

The next one is in NYC in March:

https://www.biggerpockets.com/...

I’m also attending this one this week Wednesday:

http://meetu.ps/e/HwKxH/LsDm2/...

You can also search for other meetups on the “Events” page here:

https://www.biggerpockets.com/...
(make sure to scroll down to the bottom of the page and set your filters to see events near you)

Maybe I’ll see you at one of these meetups!