New to bigger pockets and excited to start investing save

San Diego, California
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New to bigger pockets and excited to start investing save

Tiffany Sorocco
Member since 2023 · 4 posts · 0 votes

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.

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Sam McCormackBusiness Member
Real Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 835 votes
2y
Quote from @Tiffany Sorocco:

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.


 Hey Tiffany, I am in Greater Cincinnati (Cincinnati + Northern Ky). This market is known for cash flowing properties, but it has more to offer than just that. It also has a great potential for appreciation depending on the area you are in. In my experience, especially in NKY. Would you like to get on a call and talk about the market and what you are looking for? let me know!

[email protected]859-443-4952
Sam McCormack Realtor
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  • Steve Meyers
    Real Estate Agent · San Diego, CA · Member since 2015 · 190 posts · 77 votes
    2y

    @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

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  • Tiffany Sorocco
    OP
    Member since 2023 · 4 posts · 0 votes
    2y
    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?
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  • Steve Meyers
    Real Estate Agent · San Diego, CA · Member since 2015 · 190 posts · 77 votes
    2y

    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

    0Reply
  • Tiffany Sorocco
    OP
    Member since 2023 · 4 posts · 0 votes
    2y
    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!

    0Reply
  • Sam McCormackBusiness Member
    Real Estate Agent · Cincinnati, OH/NKY · Member since 2021 · 1k+ posts · 835 votes
    2y
    Quote from @Tiffany Sorocco:

    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.


     Hey Tiffany, I am in Greater Cincinnati (Cincinnati + Northern Ky). This market is known for cash flowing properties, but it has more to offer than just that. It also has a great potential for appreciation depending on the area you are in. In my experience, especially in NKY. Would you like to get on a call and talk about the market and what you are looking for? let me know!

    [email protected]859-443-4952
    Sam McCormack Realtor
    View Page
    1Reply
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