Florida’s housing bust yields 14-year-old landlord

Miami /
Mar.March 12, 2012 03:00 PM

A 14-year-old Florida girl is earning $700 per month renting out the Port Charlotte home she bought for $12,000 last year, NPR reported.

After the housing collapse, Willow Tufano’s real estate agent mother began working with foreclosures. She found that investors purchased homes and had no need for the existing furniture, so she asked if she could sell it on Craigslist. After months of earning an average of $500 in profit, Tufano had saved up $6,000.

In December she used the money to bid on a foreclosed home on the auction block, once valued at $100,000, with a starting bid of just $12,000. She split the house, at 21440 Holdernit with her mother, and plans to take title to it in a few years.

In the meantime she found a young family who rents it out from her for $700 per month. And when the family needed to furnish their new living space, Tufano found another buyer for pieces in her discarded furniture collection. [NPR]


Related Articles

arrow_forward_ios
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
Foreclosure lawsuit targets DoubleTree hotel near Miami International Airport
The Variety Hotel (Getty)
Lender acquires Variety Hotel in Miami Beach following foreclosure suit
Lender acquires Variety Hotel in Miami Beach following foreclosure suit
Branden Muhl, James Vosotas and Hotel Greystone at 1920 Collins Avenue, Miami Beach (Google Maps, Mahaska, Trans Inns)
Hotel Greystone to reopen in September amid partnership break-up
Hotel Greystone to reopen in September amid partnership break-up
Grand Hotel Fort Lauderdale and Sheridan Capital's Aaron Kurlansky (Facebook via Fort Lauderdale Grand Hotel)
Fort Lauderdale hotel resolves foreclosure suit with $11M refi
Fort Lauderdale hotel resolves foreclosure suit with $11M refi
Variety Hotel (iStock)
Miami Beach hotel heads to foreclosure auction
Miami Beach hotel heads to foreclosure auction
Developer Louis Birdman (One Thousand Museum, Getty)
One Thousand Museum developers score $90M refi to stave off foreclosure
One Thousand Museum developers score $90M refi to stave off foreclosure
A rendering of the the property at 3601 North Miami Avenue and HES Group CEO Francisco Arocha (Photos via HES, Francisco Arocha)
Midtown Miami Triptych dev site owner files for Chapter 11 amid foreclosure
Midtown Miami Triptych dev site owner files for Chapter 11 amid foreclosure
Simon and David Reuben with One Thousand Museum (Getty, iStock)
Reuben Brothers seeks to foreclose on Zaha Hadid-designed One Thousand Museum
Reuben Brothers seeks to foreclose on Zaha Hadid-designed One Thousand Museum
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...