Anyone ever "hacked" a complex?

[Ryan Dossey]

I have been reading everything I can get my hands on regarding house hacking multi families. Assuming that 20-25% down payment isn't an issue what do you guys think? I am thinking a 6-20 unit. I know financing is normally easier. Anyone done anything like this?

[Mike H.]

I'm not sure if I have the same view of a house hack that you do so maybe I'm just missing something.

But typically I view people doing a house hack by buying a house as their primary residence so they can get better financing and put less money down. And then after a year or two, they turn that house into a rental (and keep the low financing) and buy another house for their primary.

In the suggested property above (6 to 20), you are not going to qualify for any special financing as an owner occupant. So there really is no incentive for you to live in that multi family yourself - other than perhaps for the simple fact that its going to lower your personal expenses since you're renting an apt instead of something more expensive.

But I don't think that really is house hacking. Without the key benefit of owner occupant financing (better rate and lower down payment options) that you can get on 1-4 unit properties, I don't see any benefit at all to living at that size multifamily.

At that point, you might as well just live where you want and use all the units as rentals......