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

.