14-Year-Old Girl Profits from Foreclosures, Becomes Landlord
Willow Tufano of Florida has just made the leap to homeowner and landlord. During the housing boom in 2005, her mother became a real estate agent. But over the years, Willow began to see more and more of the houses her mom was selling being foreclosed on. Her own neighborhood started turning into a ghost town.
Her mother, Shannon, saw an opportunity and started working with investors who wanted to bid on the cheap, empty homes. Willow tagged along and started to notice that some of the homes still contained their previous ownerís belongings. So she asked the investor if she could have the items and sell them on Craigslist.
She started doing this with more and more of her motherís houses, eventually making around $500 a month. And then, one day, Willow and Shannon saw a $100,000 2 bedroom home at auction for only $12,000. They split the cost. (Willow plans to buy out her momís portion of the house and have her name put on the deed when she turns 18.)
Now, Willow is thinking of saving up for a second property, and renting her home to a young couple for $700 a month.
Itís really hard to know what to make of this story Ė while some are praising Willow for her entrepreneurship and hard work, some are questioning the inspirational value of the story. Should we really be looking up to someone who profited from selling other peopleís abandoned belongings from a foreclosure on the internet?
Itís hard to say. After all, Willow didnít cause the foreclosure crisis, and if she hadnít sold the furniture, it likely would have simply been thrown away. Some might say this is one of the better things to come out of the market crash. What do Care2 readers think?
Photo credit: Basic Gov