BY: JEAN GRUSS | EDITOR/LEE-COLLIER
Company. Carney Properties & Investment Group
Industry. Residential real estate
Key. Following successful real estate entrepreneurs like John Carney could pay off.
John Carney was selling mortgages to low-income borrowers 12 years ago when an investor from Naples approached him to buy foreclosed homes, renovate them and sell them at a profit.
Using borrowed money, Carney turned $16,000 profit in 90 days on the first home he renovated in Cape Coral. “Next thing you know, we’re cranking 10 a month until 2005,” says Carney, 43.
The Cape Coral entrepreneur and president of Carney Properties & Investment Group
remembers the day in October 2005 when he realized the market was headed for a fall: Just one house in the entire city was priced under $200,000.
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