What is House hacking???

[Christopher Jackson]

I heard on one of the podcast about someone house hacking. Can I get someone to tell me what this is and how to do it? I'm from the old school. Thanks

[Mike Sedlacek]

Just want to say that house hacking multi-family dwellings is the easiest way to get started in real estate investing. Way back in a day when I graduated college and got my dream job, I lived at home with my parents and saved my weekly pay check for the first year of employment. The second year I went driving for dollars and found a 6 family dwelling owned by an elderly couple that couldn't manage it and didn't want it any longer. I made them an offer, they accepted it, and at 23 I owned my first property. I used my savings as a down payment and received a 1st mortgage from a local bank. I remodeled one of the units, said goodbye to my folks and moved in. I then used the rental income to slowly remodel the entire building over the next 3 years. But I didn't stop there. My second year of employment again I saved my paycheck because the tenants were paying for me to live and I purchased my second multi-family property, a 5 family across the street from me. I continued this plan over the next 5 years at which I had sufficient income to quit my full time job and go full time in real estate investing. By the ten year I owned 200 rental units and a 50 unit mobile home park. SO it works and I would recommend this simple strategy to all people interested in real estate investing.