The idea of BRRRRing my way to financial freedom! what are ur???

[Joe Diminic]

I'm an owner of a brick two family home, but with the layout of a three family in the Rockaway Beach section of Queens NY. I've implemented the House Hacking strategy I learned about here at Bigger-Pockets which has allowed me to live for free in one of the units while the tenants pay the mortgage. I'm working on paying off home loan within the next 5 years so i can begin BRRRRing propeties with a HELOC for CashFlow.

I'm in a Constuctions union, I'm also a NY State Licensed Real Estate Sales Agent, and I just recently became a NY State Licensed Real Estate Apprasier "Assistant".

I purchased my home in the Rockaway Beach area not only because I found a property that met the criteria to House Hack, but also because the market here seemed to be on a path to growth. From the two years I've been here property values have appreciated significantly. 

My thoughts are, pay off home loan, take out a (Home Equity Line of Credit) which will amount from 70-75% of the equity I have in the property, with the notion of what it should appraise for considering I'm in the industry, then go maybe down south, possibly Florida, were homes are alot cheaper than NY City with a significant amount of cash from taping into my equity and find homes to BRRRR?

I'm looking to here your thoughts and perspective.  What do you think?