Anyone doing BRRRR in Brooklyn?

[Jinkai Gao]

Hi, I am a beginner local investor in Brooklyn, after reading and listening biggerpockets for a while, I think I am clearer on my goal now:

1. Start investing locally, and be an expert in a submarket here.

2. Done 10M worth of deals in 5 years.

3. Build 10k passive income monthly in 5 years. (I believe if I do 2 right, this goal shouldn't be hard)

So working backward from my goal, I quickly realized that the goal is almost impossible to achieve by just buying rental properties and rent them out in Brooklyn. It has to be value add project or even a development project to scale fast enough here. 

With 600k cash to be freed from another property, I am thinking starting with project like this: 

* 1.3M purchase + 200k rehab -> ARV 2.1M Or

* 1.3M land (already own with loan) + 1.2M apartment development -> ARV 3.5M (might need some hard money to pull it off)

I am sure there are people doing great implementing BRRRR in Brooklyn. Love to hear and learn from the success stories out there. And any local lender recommendation would be helpful too! Thanks!