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Even 14-Year Olds Know It's Time To Buy!

By
Real Estate Agent

Even 14-Year Olds Know It's Time To Buy!

Willow Tufano is a 14 year old who lives in Florida. One thing that differentiates her from her friends is that she just bought her first house, a rental property. She bought it with her mother, but anted up her fair share with money she saved for over a year by selling free items she had previously found and fixed up.

The area was hard hit by the housing crisis and Willow and her mother were able to buy the home which was once valued at $100,000 for just $12,000. Why would a 14 year old even consider buying a property?

She is using her half of the rent they charge ($700) to pay back her mom for the second half of the house and the renovations they put into the house. Willow says she’ll have it all paid off in six years. Then she’ll keep the house as a source of income.

“It was definitely a lot of inspiration from my mom and my grandma,” Tufano said.

Even 14-Year Olds Know It's Time To Buy!

Comments (6)

Robert Rauf
CMG Home Loans - Toms River, NJ

700/month on a 12k investment?? Thats a HOME RUN!!!

Mar 20, 2012 01:35 AM
John Manuwal
Keller Williams Northwest Montana - Kalispell, MT
Kalispell Montana Agent and Photographer

I read about her on MSN. I’ve been looking for places myself. Why don’t more agents go for these deals?

Mar 20, 2012 01:38 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Wonderful story of an enterprising investor. 

I read about her and also read numerous comments that "minors can't" blah, blah, blah.

Unless my memory is faulty (possible), a minor can OWN real estate.  They just may not be able to obtain financing.  Clearly, she had partners who can or who financed her themselves. 

I love this story. 

 

Mar 20, 2012 01:39 AM
Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

Learning early how to make a profit.  Thanks for sharing story.

Mar 20, 2012 01:57 AM
Lucien Vaillancourt
Native Sun Realty, Inc. - Jacksonville, FL
Jacksonville Florida Real Estate

A minor is able to own real estate.  Contractually speaking the only difference (at least in Florida) is that the minor has the option to void the contract.  This is a great example of how to set your child on the path to financial freedom.  What a great story.

Mar 20, 2012 02:02 AM
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Wow...well done to the Mom...biz sense has nothing at all to do with age.

Mar 20, 2012 03:01 AM