Preston Tedesco comes from a family of real estate developers. His grandfather lent him the money for his first property, which he successfully flipped last year while he was a full-time law student. It made him a profit of $70,000.
Looking to make a name for himself in the New Orleans real estate world, the 24-year-old set out to do his second flip without the help of his relatives.
He found a rundown, 100-year-old shotgun home in the Bywater district with a lot of potential, and while Tedesco had some money to work with — $25,000 — it wouldn’t be nearly enough. He estimated he would need a total of $275,000 to buy and renovate the property.
That’s where real estate mogul Sidney Torres came in.