14-Year-Old Property Investor Buys Second Rental
Published on: Sunday, December 6th, 2015
In March of this year, 14-year-old Willow Tufano shocked the country by purchasing a rental property. Now, she’s got a second, according to NPR.
According to the source, Tufano raised money to purchase her first home in Port Charlotte, Florida, by selling things on Craigslist. Her mother, a real estate agent, would often sell foreclosed homes to investors, who would allow Tufano to take the objects left inside the homes and sell them. When she earned enough money, she split the purchase of a $12,000 foreclosed property with her mother and became a property manager, charging $700 per month in rent.
Then, she took the rent coming in from that property and used it to purchase a second home in the same town. The second home cost $17,500, and according to Tufano, she’s hoping to have more control over this one. Because of her age, Tufano’s name is not the primary one listed on the lease, so her mother had some control over the way the first house was rented. After she had lowered the asking rent without consulting Tufano, the young landlord was annoyed.
“I said, ‘Did you even ask me if I like those people? Or if I wanted to lower the rent to $650? I don’t think so,’” said Tufano, in an interview with NPR.
According to the source, the fact that a young landlord can own not one, but two rental homes is a sign of the times. If a 14-year-old girl can afford to purchase a home and deal with tenants and determine rental rates, the housing market must have completely bottomed-out. On the other hand, it could also mean that anyone with a little inspiration and know-how can be a landlord.
– See more at: http://www.allpropertymanagement.com/blog/2012/10/25/14-year-old-property-investor-buys-second-rental/#sthash.bYeYLsMo.dpuf