Young Entrepreneur Builds Real Estate Empire Through House Hacking
Ila Corcoran, a 26-year-old entrepreneur, has successfully built a real estate portfolio worth over $440,000 through strategic house hacking and savvy investments. Starting her journey at just 18, Corcoran obtained her real estate license and worked as a property manager in Los Angeles, living rent-free while saving for her first property.
At 22, Corcoran made her first bold move by purchasing a four-bedroom home in Forney, Texas, for $250,000 in March 2021. Utilizing an FHA loan with a 3.5% down payment and a 2.8% interest rate, she relocated to Texas to comply with loan requirements. By renting out extra rooms, Corcoran earned an impressive $110,000 in rental income over four years, offsetting property taxes and HOA fees.
Building on her success, Corcoran recently acquired a second property in Tulsa, Oklahoma, in January 2024. The two-bedroom home, purchased for $190,000, was financed through a seller agreement with a 10% down payment and a 6.5% interest rate. This property now generates $1,500 monthly in rental income, potentially earning $25,000 before expenses.
Corcoran’s financial strategy involves using rental income to cover mortgages and utilities, with surplus funds supporting her fintech company, BySengo. She plans to reinvest profits into further real estate acquisitions.
The decision to leave California was driven by affordability and market potential in Dallas. Corcoran found her first property through a real estate agent, opting for new construction in Forney before permanently relocating in 2024.
Managing roommates has been a crucial aspect of Corcoran’s success. She utilizes platforms like Roomster and Facebook groups to find tenants, implements individual leases, and consults with lawyers to ensure proper legal documentation. Corcoran emphasizes the importance of communication and patience in navigating roommate challenges.
For her second property, Corcoran chose seller financing due to challenges in securing traditional mortgages as a self-employed individual. This arrangement benefits both parties, with Corcoran making direct payments to the seller and avoiding private mortgage insurance, while the seller enjoys gradual tax payments on monthly income.
Reflecting on her journey, Corcoran acknowledges overcoming skepticism about high property prices and market timing. She advocates for calculated risk-taking and self-investment, feeling empowered as a Black woman addressing homeownership inequality. Corcoran credits her real estate investments with building substantial net worth and achieving financial independence.
Looking ahead, the young entrepreneur aims to continue expanding her real estate portfolio while pursuing personal life goals. With newfound confidence and financial stability, Corcoran feels well-positioned for future relationships and continued success in her ventures.
