How Teenager Is Making a Living Rehabbing Properties
The Sentinel, a Pennsylvania newspaper, has a great article on a young man named Dustin Lowry who while working for his father, is buying and selling homes for a significant profit. If you read the story it is probably a great blueprint for anyone who is looking to get into the buying and selling of foreclosed properties.
It is a story of hard work, finding the deals, and then investing the sweat equity to turn worn out properties into homes that will sell. Read the whole article to get a shot of positive feeling this morning.
Last month, Dustin Lowry bid $148,000 on a ranch house in Shiremanstown, Cumberland County, which included a roughly 12,000-square-foot rear lot. The offer was high. Lowry’s original plan was to cap his public bid at $125,000.
But the Fairview Township native had a strategy to repair the home and subdivide the property, selling the rear lot separate from the house. The gamble worked.
Less than a week after Lowry cast his bid, he sold the house for $127,000 to an area school teacher. He later sold the rear lot for $97,500 to a nearby church.
Oh, and Dustin is 17 years old.
The Shiremanstown deal created a roughly $76,500 profit for the Lowry Management Group in Fairview Township. via The Sentinel Online
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