How a Couple Built a $10 Million Real Estate Portfolio While Battling the Housing Crisis

When Frank and Ann Ewing decided to purchase a rundown property in West Tennessee to renovate and rent out, they did so with the simple idea of providing affordable housing for others. What they did not expect was that they would also become millionaires in the process.

But that is precisely what happened as the couple quietly built a robust real estate portfolio over the past two decades. Today, their holdings are valued at around $10 million, all while making a meaningful dent in the housing affordability crisis within their local community.

"We decided that many of the world’s problems start at home—all people deserve a safe, decent place to live and a lack of a decent place to live can cause social problems that affect us all," says Ann Ewing. She is the co-founder, alongside her husband, of Better World Properties and co-author of Housing Into Homes, a book that illustrates how it is possible to make a profit in real estate while simultaneously doing good for society.

Step by step, the Ewings amassed an extensive portfolio of properties. Their holdings now include a 33-unit townhouse complex, 20 duplexes, and various single-family homes, totaling approximately 90 rental units. Throughout their expansion, they have stayed true to their initial mission: helping make the world a better place by providing reliable, secure housing.

How West Tennessee Became Home for a Better World

When Frank and Ann first crossed paths through an online dating platform in the fall of 2000, both were living in the Northeast. Their connection was immediate, and their shared life goals aligned so seamlessly that getting married in August 2001 felt like an effortless decision.

During the period they were dating, however, Frank’s mother tragically passed away. Although she had been ill for some time, it remained a difficult transition, though one they weathered together as a couple. In the wake of her passing, they inherited a home in Jackson, Tennessee. Following the terrorist attacks of September 11, 2001, the couple decided to leave New York, where they had been living, and relocate to the South.

Once established in Jackson, the Ewings took time to understand the local economic landscape. They learned that, at that time, West Tennessee was experiencing significant financial distress, occasionally referred to locally as the bankruptcy capital of the region. Rather than seeing this as a deterrent, they realized they were in the ideal location to launch what they termed the Better World Project.

The couple planned to combine Ann’s sharp business acumen—stemming from her background as a Dartmouth and Wharton School of Business graduate—with Frank’s hands-on expertise in home restoration, repairs, and structural improvements. By 2002, they had officially begun operating as Better World Properties.

One House Leads to Another and Another

It was through word of mouth that the Ewings found their very first property to purchase in Jackson.

"We became aware of a somewhat neglected two-bedroom, one-bathroom home in a good neighborhood near our city’s largest hospital and decided to check it out," Ann recalls. "We bought it, cleaned it up, and promptly rented it out."

Using personal savings they had accumulated, they purchased that initial property for $55,000 in 2002, a time when real estate prices were considerably more accessible. They decided to calculate the monthly rent based roughly on 1% of the total investment cost, setting it at $550 per month.

"As properties that are not in good condition sell for less than better maintained properties, and since we did much of the work on the property ourselves, we were able to rent it out for a bit below the standard rental rate in the area and still cover our costs," Ann explains. "The numbers meant that our investment should generate roughly a 10% return per year, not including the increased value of the property or tax benefits."

Today, after eventually expanding the home by adding an extra bathroom and bedroom, that initial property is valued at over $200,000.

Although personal savings financed their first acquisition, subsequent purchases were fueled by strategic leveraging. Using the equity and collateral from that first home, they secured their second property—a neglected, historic four-plex originally constructed in 1938.

The building required extensive rehabilitation. The Ewings once again rolled up their sleeves, handling much of the heavy labor themselves, including sanding every wood floor and repainting the entire premises from top to bottom. After purchasing it for $53,400 and restoring it to its original elegance, they successfully rented out every unit immediately.

"We rented it out at rates ranging from $450 to $900 from 2002 to 2023… and in the process, we turned a ‘dump’ into a beautiful building," the Ewings note. "It was hard work, but very rewarding psychologically as well as financially."

Charging Less Rent But Finding Bigger Gains

The financial formulas the Ewings use to determine rental rates account for variables far beyond immediate profit margins. By balancing community impact with sound economics, they have consistently come out ahead, enabling them to continually reinvest in buying, renovating, and renting properties to local tenants.

"It is cheaper and quicker for an investor to buy a property that needs attention—everything from a little cleanup to a major renovation, bring it to good condition, and rent it out rather than tear it down and build a new property with new materials," Ann points out. "Therefore, since housing is available to the community faster, and with a quicker return on investment, the owner can still make a profit while accepting a lower rent."

The Ewings intentionally price their rentals slightly below the prevailing market rate—typically by 5% to 10%. They find that this approach ensures rapid occupancy and encourages long-term tenant retention.

"Other landlords might think we are crazy, but it works for us," Ann says. "While we are a company and have to cover our expenses and generate enough money to invest in future renovations, we are also on a mission to improve communities."

Over the past two decades, that mission has translated into tangible changes for numerous families and individuals.

"We rented a one-bedroom property to an Army veteran who received a Section 8 voucher from the VA," Ann recounts. "We literally helped her move from a tent in the woods behind a fast-food restaurant into the first stable housing she had had in years."

Another success story involves an immigrant family who lacked the traditional credit history required for conventional bank financing to purchase a home in the United States.

"Many years ago they rented from us for three years and always paid their rent on time and in full," Ann says. "They asked if they could purchase the house from us and we sold it to them, acting as the mortgage holder." Today, that family and their four children are very close to completely paying off their home.

Core Principles Driving Their Success

The Ewings attribute their long-term viability and success to three fundamental operating principles.

First, they emphasize treating every individual with respect and dignity, noting that customer service remains the cornerstone of any sustainable enterprise. Even when they lack an available unit for a prospective tenant, they strive to be helpful and resourceful.

Second, they maintain a strict personal standard: they refuse to rent out any property that they would not be entirely comfortable living in themselves. While their personal preferences for layout or bedroom count might differ, they insist that every unit must provide a clean, safe, and decent environment.

Third, all property renovations are executed with a strong emphasis on energy efficiency. The couple routinely invests extra capital upfront to ensure utility bills remain manageable for their residents. They view this as a triple victory: beneficial for tenants, advantageous for retaining stable occupants, and responsible stewardship of the environment.

Furthermore, the Ewings have deliberately maintained a hands-on management style throughout their journey. All of their properties are situated within Jackson, Tennessee, or just beyond city limits into Madison County. Early on, they established a strict rule never to purchase a property located more than a 15-minute drive from their own home, recognizing that property management grows exponentially more challenging with distance.

Although they recently entrusted the management of a few properties to a local agency to carve out personal time for other pursuits, they continue to manage several units directly. They are also actively seeking new opportunities to expand their portfolio and their mission.

"We are currently working on a duplex built in 1925 that we are bringing up to 2026 standards, and once this is complete, we may look for another property," Ann says.

Having spent more than 20 years successfully turning housing into homes, the Ewings are now focused on educating others on how to replicate their model of doing well by doing good. Through their writing and public outreach, they aim to provide aspiring real estate investors with a practical blueprint for addressing housing affordability while building personal financial security.