Michael Altheimer’s story is one that follows a comparable path to not just successful real estate developers, but successful people. See opportunity – go after it – immerse yourself in knowledge – handle the swings – learn more – don’t take no for an answer – succeed – fail – try again – learn more – involve others – and then most importantly, give back. “When we stopped being so selfish – when we started to think of our business about more than just ourselves – that’s when we saw the business double. And then double again.”
Today, Michael’s company owns and manages over 500 units – incredible growth from his first flip where the copper was stolen…more than once. “When I was 19 years old I saw real estate as the vehicle that could bridge the gap for me on my tuition payments…I had to have some way to pay for college.” Having completed a few successful projects throughout college, he found himself at 23 years old deciding that going to work for someone else simply wasn’t in him. “It was risky for sure, but I had to try. I went to school with a lot of kids who had money. And every single one of them was from a family that was involved in real estate. I thought to myself, why go work at a bank or in the stock market when I can use my finance degree to build a business in real estate.”
What started off as a hopeful way to make his tuition payments has transformed into much loftier goals. “Candidly, we’re looking to build an institution. We would like to be at 1,500 units within the next 5 years.” For many that may seem like an insurmountable task…for Michael it’s a properly sized goal for his company. “We’re now more than just investors. We are community supporters. Working with Renovo allows us to attack the projects that are going to have more of a community impact”.