Luxury Fixer-Uppers for Cheap, But You Can't Stay

July 27, 2011

Home Caretakers International is a Tampa, Fla.-based firm that finds caretakers willing to rent foreclosed properties at a reduced rate. These caretakers make minor repairs, mow the lawn, and do some deep cleaning so that the home can eventually be sold. About 30 caretakers have been placed so far, and a portion of the monthly fees covers cleaning costs. However, caretakers must cough up the money for any minor repairs. "Believe it or not, there are a lot of people out there willing to put in sweat equity for a reduced cost of living," says Michael Shelton, the company's marketing director. He says caretakers pay about $600 per month for a home that would rent for $1,000, and one couple is spending $1,500 to live in a waterfront home in St. Petersburg that would rent for more than $3,000.

Source: "Luxury Fixer-Uppers for Cheap, But You Can't Stay,"  Tampa Bay Online (07/25/11)

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