Betting the House

About four years ago, Steven Hanson saw opportunity where others saw dilapidation.

In mid-2008, he purchased a duplex for $375,000 out of foreclosure at 312 64th St., in Holmes Beach, a barrier island community in Manatee County. He gutted it, fixed the roof and, with the help of a variance from the city, expanded it to three units, each with a private pool. After renting the property for a couple years, he sold it in 2010, to other investors for a total of $1.19 million.

Individually and in a variety of investor groups, Hanson repeated this process — more than 50 times by his estimation.