Here’s a nice feel-good story about a financially-savvy teenager. 14-year-old Willow Tufano may be America’s youngest landlord. She bought a house in a short sale in Port Charlotte, Florida for $12,000. The 3-bedroom house is now rented out for $700 a month! (The house was on the market for $100,000 at the peak of housing bubble.)
More details – She put down $6,000 cash, her mom (a real estate agent) put down $6,000. She earned her share of the cash primarily from offering a service where she clears out foreclosed houses on behalf of the new investors. She then picks through the stuff and resells any goods or appliances that she can. She also spends her weekends looking for deals from garage sales and resells them for a profit on Craigslist.
I have to wonder about the whole nature vs. nuture thing about kids like this. Certainly having a real estate agent for a mother helped in this example, but so I doubt that in itself is enough. In my idle daydreams, I think it would be cool to start some sort of farmer’s market stand with my kids to show them some business basics. From the Ellen Show: