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la Corcoran, a 26-year-old from California, bought her first home in Texas in 2021 for $250,000. To make the purchase more affordable, she used a Federal Housing Administration mortgage with a 3.5% down payment and a 2.8% interest rate on a 30-year fixed mortgage. She put the extra rooms up for rent to cover her monthly costs, earning a total of $110,000 in rental income over four years.

    In January 2024, Corcoran bought her second property in Tulsa, Oklahoma, using the rental income from her primary residence. The two-bedroom home cost $190,000 with a 10% down payment and a seller-financed 10-year mortgage. She rents out the entire house to a single tenant for $1,500 a month, earning $25,000 so far before expenses.

    Corcoran's decision to buy property outside of Los Angeles was driven by affordability concerns. She chose Texas due to its population growth, emerging communities, and lower prices compared to California. Her home in Forney, Texas, is a four-bedroom house that she splits with roommates, charging $1,000 a month for the primary bedroom and $900 for the downstairs bedroom.

    Corcoran's experience as a property manager in Los Angeles helped her navigate the process of renting out rooms and managing contracts. She uses online platforms like Roomster to find roommates and has developed a system for screening potential tenants and establishing boundaries. Despite challenges, Corcoran emphasizes the importance of communication and patience when dealing with roommates.

    Corcoran's second home in Tulsa was purchased using seller financing, which allowed her to avoid traditional mortgage requirements and put down less money. The process involved making monthly payments directly to the seller, who holds the lien on the property. This arrangement benefited both parties, as Corcoran avoided taxes on the lump sum from the sale, while the seller spread out their tax liability over time.

    Corcoran is proud of her decision to invest in real estate at a young age and believes it has helped her build wealth quickly. She acknowledges that investing in real estate may not be for everyone but feels that she's helping address inequality in homeownership as a Black woman. Corcoran plans to continue buying real estate and using the rental income to cover mortgages, utilities, and eventually invest in more properties.