What is House Hacking exactly?

[Wilexis Ventura-Matos]

Hey guys, I’m 23 with my own business. Saved enough $ and now turning to RE for my path to financial freedom. I keep getting recommended to house hack but I just don’t know what that is exactly can you guys help explain it to me, thank you.

[Edward Stephens]

Hey @Wilexis Ventura-Matos, it means that you buy a property and live in part of it and rent the other part out to make some income.  It's popular with first time home buyers who might struggle to pay a house payment all by themselves.  I've house hacked myself, in three separate ways.
1) Bought a duplex and lived in one unit while the other unit was rented to another family.

2) Within the unit I lived in, I got a roommate that I rented a room to.

3) I rented my basement of my unit to someone who needed a place to store their belongings (it was cheaper for them to rent from me than to rent a storage unit)

It's a little extreme the way I did it, but any of those individually would classify as househacking by themselves :)

Hope that makes sense.  Message me privately and we can talk about how to get started if you need help.