All Forum Posts by: Tiffany Sorocco

I purchased a property about a year ago. I paid $515000. The property includes two separate parcels each with there own address. One property is about 3 acres that my main house is on and the other is just land with a well on it and it's about 2 acres. I would like to see about putting a tiny home on the 2 acre property and selling it to pay off the mortgage on my main property. Is is possible to put a tiny home on it without getting permits? I'm not in a position to afford expensive permits right now but Idon't want to sell just the land alone. I also may be interested in putting a tiny home on it and renting it out. This would have to be an off grid property as there are no utilities in this area. Is this a good idea? Is there anyone out there doing anything or has done anything g similar that can give me any advice?

Quote from @Steve Meyers:

I would look into a DSCR loan option it will require 15-25% down depending on the lender but it's based off the asset and if it debt services rather than based off the individual. Stash the extra money you can save in an index fund like VTI or something that is getting you a good ROI while you build up your equity for your HELOC, this way you're saving up some down payment money while your equity in your home builds. That's what I would do

 I will definitely look into that thank you for your reply it is much appreciated!

Quote from @Steve Meyers:

@Tiffany Sorocco if you want to invest out of state I would look at what area you want to invest in, ideally something that is not too far away in case you need to go there, but a lot of ppl in CA are investing in the midwest areas and renting to sec 8 tenants. You can get higher rents with this strategy and the government is paying most of your tenants rent money directly to you. You can look up FMR - fair market rents on the HUD site to see what areas are paying what for 3 bedrooms homes. Good luck

Thanks for your reply this is great infor.ation. another question I have is regarding financing. I make about $100000 a year and half of that is going to m mortgage. I have been in my home for about 6 months and don't have enough equity for a HELOC. I am trying to position myself so that I will get approved when I have enough equity. Is that wise? I have Done some research and seen that others are doing this. My income is not allowing me to put aside enough extra money to pay cash for something so I feel like this could be a way for me to get started. I know there are other creative financing methods out there. Just wondering if anyone has had success doing this with there first deal and if so do you have any tips for me?

Hello all I am a 34 year old single mother of two sons 13 and 15. I just recently purchased my first home for $505000 with an FHA loan. This was a huge accomplishment for me coming from a difficult financial Background. Since Buying my home. I realize. It may not have been the smartest financial decision as now. I am responsible for a pretty large mortgage payment and only my employment income to pay my mortgage in all the bills. I am interested in Purchasing rental properties To create additional income. I was financially illiterate until a couple of years ago when I found bigger pockets. I have been studying and researching sense, but I'm still very intimidated by the thought of purchasing real estate site. Unseen out of state. I am joining this community to hopefully get some tips and support So that I can start purchasing out of state properplease with confidence. As my sons are getting older, I would like them to see me. Start this process so that they know that is an option and available to them. And so they are not waiting until they're mid. Thirties you're finally become financially successful and free.