Most teenagers these days are interested in the latest fashion or electronic gadgets, but one teenager from Southwest Florida is getting a head start with her real estate portfolio and investing in foreclosed homes
Back in March, then 14-year-old Willow Tufano was in the headlines of different newspapers after buying her first foreclosed home. It was located in Port Charlotte, a home with 3 bedrooms. The property was priced at $12,000. This teenager may not have a wad of cash but she saw opportunity and is taking advantage like experienced investors older than her.
This SWFL teen had some help with her real estate mom. Her mother owns half of the home but Willow plans to buy out the rest from her mom and take full ownership of the home within the year.
The budding entrepreneur has found a way to make money. With the help of family members, the teenager would wander around looking for items that could be resold for a profit. She would visit different sites online and sell the items that she previously purchased.
While most kids her age are at an experimental stage in their lives, this teenager is using her spare time to make sales. If there are items that remain unsold, she donates the unsold items. For example, the teenager was able to make money on some household items found in one abandoned home. Since the owner no longer wanted the items, this business minded youngster was able to make a profit for some of those items.
When she had saved enough funds, she told her mom her intention of buying a home at a discounted price. There were many repairs that she made on the home before making it ready for tenants. There is no stopping this teenager when it comes to investing. This SWFL teen recently purchased another property in the amount of $17,500. The home has two bedrooms and one bath.
Tufano lives in one of the markets that were hit hardest by the housing crash. Last month, the Sunshine state has posted one of the highest foreclosure rates in the country. One home in every 318 has received a foreclosure filing.
The fluctuating housing markets have made investors skittish when it comes buying homes. This has made the rental markets stronger than any other segment in the real estate markets since 2002.
However, this young landlord is not without her share of problems. A tenant she had left the home in the middle of the night without paying rent but this has not left the young investor discouraged in the least.