First Property. House hacking vs. Long Distance BRRRR

[Christopher Tile]

I currently live in Long Island, NY. I'm a 21-year-old accountant, actively building on my real estate knowledge + saving for my first property. With home prices on Long Island being extremely high (Nassau County), I wanted to get some advice from the BiggerPockets community on the most likely strategies for locking down my first property - House hacking a multi-family on an FHA loan vs. investing out of state (BRRRR)

I understand investing out of state for my first property might be very difficult and confusing, but I'm confident with proper education and preparation, it could be done (especially with a partner/mentor). On the other hand, a small multi-family house hack is definitely more realistic. I'm sure this topic has been discussed previously, but I wanted to start an active post so I can reply with more questions. 

Please feel free to ask me more questions about my background/intentions, as I'm looking for completely transparent/honest advice. 

Here's to my first post on BiggerPockets, and many more to come!

[Grace Wang]

@Christopher Tile House hacking is such a powerful tool that will enable you to pursue all sorts of strategies down the road. What does your current housing situation look like? If you were to house hack and pay less than your current monthly rent, you'd be setting yourself up for a greater savings rate once you get into that house hack.

Another thought process that could help you decide is this: would you rather put 3.5% down for your first investment, or 20-25% down for your first investment? The out-of-state market will much likely determine the price point and barrier to entry, and if you will have enough cash for the down payment plus rehab costs, going out-of-state may be a great option. 

hope this helps!