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All Forum Posts by: Joy Ladignon

Joy Ladignon has started 1 posts and replied 1 times.

Starting Out

Post: House hacking 1st home, want to get into BRRR or STR but need advice

Joy LadignonPosted
  • Posts 1
  • Votes 2

Hello! I just joined since I've looked at some of the forum posts and love the helpful community and would appreciate some personal advice. 

I bought my first home (conventional loan 5% - 420K 3 bed 2 bath beach house) in NJ by Long Beach Island area. I am currently house hacking, converted a portion of my house into a studio apartment and rent it out on a month-to-month basis. I've known about short term rental arbitrage / airbnb but recently discovered BRRR strategy. I have enough saved up to put 20% down on a 200K property but after finding out about BRRR I'm debating refinancing my first house to buy a larger multifamily home.

What is the best thing to do? Buy a small short term rental turnkey property, short term rental arbitrage, or start BRRR and refinance my first house to have more cash to start? I am also open to investing out of NJ since I've heard NJ is not the best state for BRRR. I'm interested in the Philadelphia area but heard its more renter friendly than landlord friendly. Any advice would be much appreciated :)

2 Votes