Airbnb for Cash Flow in Jersey City?

[Charles H.]

Hi!  

My name is Charles I am new here at BP from Jersey City,NJ. I am working on getting my first REI deal, so I have been planning on which is the best strategy to use in approaching the deal. Most likely, my first deal would involve house hacking. It appears that is the route that plenty of people with similar circumstances as me have taken and been successful in achieving their REI goals.

I wanted to see if anyone has had experience in Jersey City (especially in Bergen-Lafayette) in renting their places in the traditional sense and/or through Airbnb, Homeaway...etc.  My understanding is that Mr Fulop has tried to make it easier for owners to become Airbnb (or an equivalent) hosts.  Did that actually happen?  If so, how does it compare when dealing with taxable income from Airbnb to taxable income from traditional renters?  

Since Jersey City has become a hot place to visit, I see how more people are preferring to cross over the Hudson river to stay rather than crossing over the East River.  I was hoping some of you would be able to share your experience and thoughts on the matter.

Thanks!