What is my strategy called? Fix and live, house hack, BRRousing?

[Kyle Wilson]

I am a newbie looking for my first deal (a duplex, triplex or fourplex), and I had the epiphony last week that every time I buy a home to live in, I should be applying the same strategies used on real estate investing on my own personal residences.

My wife and I are getting close to upgrading to a new residence (baby #3 is on the way). What I want to do is buy using the 80% rule. For example, pay $60k for a home, $20k rehab, and ARV is $100. That way we are building wealth on our personal residence each time we upgrade.

What us the easiest way to tell others the strategy I'm trying to do with my personal residence? It's not exactly house hacking, since I'm not renting part of the property to anyone else (though we're not opposed to hacking a duplex if we find the right layout and yard). It's kind of like a BRRRR without renters, since we might pull money out.

We have a friend couple who have done this with three homes now. They buy an ugly property, fix it up while living in it for 2 years, buy the next one and keep the old one as a rental.