Welcome back to the Money With Katie's Show, rich people. I'm your host Katie Gaddy Tossan and today we're talking about all things house hacking. I'm joined today by David Green, real estate investor and

host of bigger pockets, largest and longest running real estate

investing podcast in the game. So David has purchased, rehabbed, and managed more than 50 single-family rental

properties and he owns shares and three large multifamily

apartment complexes. I wanted to talk with David because I recently saw him in

an interview on CNN talking about how difficult it is for first-time homebuyers.

Take a listen to this.

Our advice for what people should do that are in that position because my heart really goes out to them is that they should

look at what we call house hacking. Now house hacking is this concept where you buy a property even if the

mortgage is higher than you're comfortable with with the intention of renting out part of that home to someone else.

House hacking. You've probably heard of the concept before.

Hell, we've even talked about it on this show before.

When I decided to give it a try in Colorado and found that the numbers didn't quite square with the expectations I had based on the real estate investing content I had been consuming.

House hacking is the way we refer to buying a property to live in that you also

rent out portions of for rental income. Think a single family home with a basement that has a separate entrance or accessory

dwelling unit, a duplex, a triplex, or a fourplex.

And like I said, my search was not very successful.

This was what I found when I looked into house hacking in Colorado a few years ago,

that the duplexes that would have

$2,500 and $3,000 per side cost a million dollars or more to buy,

which meant that our out-of-pocket housing costs each month

would have actually stayed about the same as our current

...