Ila Corcoran, a 26-year-old real estate enthusiast, leveraged her knowledge and rental income to become a property owner. After moving from California to Texas, she utilized a Federal Housing Administration loan to purchase her first home in March 2021 for $250,000. By renting out extra rooms, Ila generated $110,000 in income over four years. This successful strategy enabled her to buy a second home in January 2024, further demonstrating her effective approach to real estate investment and financial independence.
I've earned a total of $110,000 in rental income over the past four years.
In March 2021, I bought my first home for $250,000 in Forney, Texas.
I started house hacking by buying properties and renting out rooms in them.
I got it for $190,000 with a 10% down payment and a 6.5% interest rate.
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