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14 Year Old Buys Distressed Florida Home For $12,000


Parsad
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When 14-year olds can afford houses, it definitely feels like a bottom to me  :P

 

Pretty much the opposite of what is going on up here..

 

A 14-year old can't even buy a closet for $14,000 in Vancouver!  ;D  Cheers!

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When 14-year olds can afford houses, it definitely feels like a bottom to me  :P

 

Pretty much the opposite of what is going on up here..

 

A 14-year old can't even buy a closet for $14,000 in Vancouver!  ;D  Cheers!

 

Millionaires are having trouble finding housing in Vancouver...

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Last winter my parents decided the best way to afford spending 3 months in Florida was to buy a 2 bedroom house on a golf course for $5000 in cash.  They spent 3 months living in it and working on it (it needed some TLC and my father is very handy).  They then sold it and made a little money.  Free lodging for 3 months in Florida plus a small profit for just a little bit of work.  Sure beats paying for a hotel room for 3 months.

 

EDIT: After re-reading this I should point out that this wasn't all quite as easy as I made it sound.

They paid $5K for it and spent more than $15K fixing it up.  The property had a homeowners association fee of $800/month (pays for access to 3 swimming pools, golf course, a gym, and tons of other things) which they paid for 5 months (it took more than two months to sell it after they moved out) and, of course the realtor took 5% of the selling price.  They only sold it after dropping the price drastically after the first month on the market and all told they made about $1k.  They said that they were so worried that they wouldn't be able to sell it that even though it worked out well in the end they wouldn't do it again.  The $800/month association fee was reason they just didn't hold it until the market improved while using it every year for vacations.

 

The market down there is crazy.  If you buy property that you can hold for years, I think you will probably make out well someday. And if you can use it as a vacation home in the mean time all the better.

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Where did she get $6k in savings already?  It seems with her wheeling and dealing she would be pretty capital light.  I also would be interested to hear what the property value and taxes are and how much she spend on renovations.  I would imagine this deal will take a few years to pay off.  That being said it does show gumption!

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