As the rental apartment market shows continued improvement, investors of all shapes and sizes – and ages – are taking advantage of the lucrative potential of the sector.
In March, 14-year-old Willow Tufano saved up her money to purchase a foreclosed home in conjunction with her mother, which is notable in itself. Then, in another unusual twist, Tufano began renting out the home to a young couple. Now, the young, budding mogul has purchased her second rental property, and doesn't appear to be slowing down, according to NPR.
As a real estate agent in the troubled Florida housing market, Tufano's mother often deals with selling foreclosed homes. Occasionally, Willow would accompany her mother while the latter was selling the homes. According to NPR, when a seller allowed her to take the items left within one of the homes and sell them using Craigslist posting tools and online listings, she was able to make enough money to purchase a home of her own to rent for profit.
Due to South Florida's depressed foreclosure market, home prices are set extremely low. The southern part of the Sunshine state recorded more than 13,200 foreclosures in the third quarter alone, according to CondoVultures.com. Tufano was able to find very inexpensive properties, purchasing her first home for $12,000 and the newer one for $17,500, NPR notes.