Steve D Valentine bought a house for $88,000, spent $100,000 renovating it, and refinanced when it appraised at $400,000. A family has rented it for nine years. He used the refinance money to buy more homes, building wealth while giving people stable housing they couldn't otherwise afford.
Questions this video answers
$88,000
$100,000
About $180,000
$400,000
$750 per month
Chapters
There's one thing nobody talks about in real estate investing, and that's the people portion and the impact that you're having on people. And that's the one thing that I love. Here's the other piece, though, is how it impacted my son and how he impacted a family for the rest of their life. So this house behind me we bought 10 years ago was 88,000 bucks. There was a giant hole in the roof, and the current tenants at that time were paying $750 a month. We left them in there for about a year. Then we remodeled. But here's where the story takes a turn. We were actually thinking about flipping this house, and we got it remodeled. We decided to keep it as a rental. We refinan, refinanced it, which, by the way, we bought it for 88. We put a hundred thousand dollars into it. So we're into it for 180. It recently appraised for $400,000. We pulled some money out, bought a couple more homes. Here's the important part of this story. My son, who was attending Northwest Christian School at the time, had a couple of kids in his class, and he noticed some things. They were talking about some family issues, and their mom needed a house. Well, Christian came home and said, hey, you know, this family at school, this, that, and the other, they need a house. Well, they were struggling. Things were happening, and we moved them into this house nine years ago, and they are still here today. And it's only a result of what my caught in, what we were doing at home and how we were buying houses to put families in and do these things. And that is what is freaking important about the real estate investment. So, yes, we made money. Yes, we are creating legacy. But most important, the people that we're helping, that they can't afford homes, those types of things, we're building legacy for not only ourselves, but the tenants raise their families in as well.
