EP 344: Converting Vacant Office Space to High Income Residential Rentals with Beth Kromner

biggerpockets entrepreneur investher investing investor residential rentals womeninconstruction womeninfinance womeninrealestate Feb 10, 2023

Welcome to ladies The Real Estate InvestHER Show! In this episode we dive into the potential of turning vacant commercial properties into residential units with special guest Beth Kromner. Beth has had a successful career in coaching, mentoring, and leadership in large corporations and start-ups. She also has extensive experience in property financing, purchasing, and management, holds a Masters of Public Administration in Housing, and was a Peace Corps Volunteer in Ecuador. Beth currently owns and manages multiple properties with her company VADU (Value-Added Dwelling Unit), including ADUs, in the Bay Area and Sun Valley, Idaho.


With the Covid crisis leaving many office spaces empty, there is an opportunity to turn these properties into rental units. Beth shares her experience leading a mastermind session on raising private money and how it can be used to bring equity and commission into projects. She also provides tips on what type of properties to look for, such as mixed-use buildings and those located in downtowns or smaller cities, and how to find the best areas that offer the most opportunity. Furthermore, she explains how inflation and interest rates are important factors in this venture, as well as offers advice on how to navigate building codes and regulations in different cities and understanding zoning laws. She also shares a story about an investor in her network who leveraged her knowledge to create a win-win situation for herself and her client. Lastly, Beth discusses Oprah Winfrey's story of resilience, Michael Singer's book Living Unattached, and the importance of living with gratitude.


Tune in to hear about the current opportunity for real estate investment in downtown locations; understand the benefits of turning existing commercial real estate into residential properties; learn tips on financing such projects; and gain wisdom from Beth's own journey of making successful conversions!




·        “Oftentimes when I've invested in real estate, I kind of defer to other guys […] and I would discredit my own point of view to say I didn't know. And finally, I turned around and I'm like: ‘How come I don't know? I do know. I have invested, I am smart. I can see market trends.’” (07:31 – 08:19)

·        “As we grow smarter and we gain experience, we need to start listening last to the voice in our head and paying more attention to our gut and owning who we are." (08:53 - 09:10)

·        "I absolutely love challenges, but I also prefer challenges that I can assess and win. What I love is going into a place where it appears that the city or town won't let you do something, but you find out they will and then purchase under those circumstances." (22:28 - 22:51)

·        "I think as investors, we need to solve problems of housing. You are going to be effective in this business if you solve people's problems”. (34:20 - 34:27)

·        "What I tend to do is look at who's trying to rent their property, and they haven't been able to rent it for two to three years, that’s who I want to buy from. I look at every single rental as a possibility of purchase.” (39:23 - 39:33)

·        “It is super important to be incredibly grateful for what I have and remember that we can't control everything or anything but we can do our best at what we do”. (48:47 - 49:01)



Connect with Beth:

LinkedIn: https://ae.linkedin.com/in/elizabeth-kromer?trk=org-employees

Website: https://www.myvadu.com/


Resources Mentioned:

 ·        Living Untethered: Beyond the Human Predicament by Michael A. Singer



How To Join the InvestHER Movement 


1) InvestHER CON 2023


Get a ticket to IC2023 and receive access to the 2022 recordings immediately!

·        How to spot a good deal from a bad deal? - Kim Kiyosaki + HANDOUT

·        Why 10x Is Easier Than 2x - Shannon Waller + HANDOUT

·        And much MORE! 


Here is what you can expect at InvestHER CON 2023:

·        Pre-event network

·        2 Full days of transformational experiences

·        Access to over 20 Sessions with Keynotes and Speakers

·        Recordings from all sessions

·        Access to investors, mentors, and influencers

·        Mindful networking

·        Opportunities to connect with our sponsors + vendors

·        Coffee and Lunch included

·        Final Reception: Red Party

·        Live 30-day Group Accountability Virtual Session with the Founders Liz and Andresa

·        Exclusive Breakfast for STRIVE members only.

"InvestHer CON was truly a transformative experience. I have felt so alone for so long and now I feel like a have a community of support. I don’t have to be the master of everything and take it all on my shoulders, I just have to do what I am excellent at." 

Heather Giammichele 


We reserved the entire resort for us! 


Join us in Scottsdale, Arizona, May 18-19. Get your ticket today!


 *Promotion ends on Dec 31st at midnight EST


2) The Real Estate InvestHER Podcast - The weekly show details the journey of some of the most amazing women real estate investors around the world, who open up their lives and share practical and strategic tools for growing a rental portfolio, flipping houses, and the mindset that allows them to run a successful investing business while taking care of their families and most importantly taking care of themselves. Subscribe via:

·        Apple Itunes 

·        Spotify

·        Amazon Music

·        Android  

·        Stitcher 


3) The Real Estate InvestHER Membership 

STRIVE A membership for highly ambitious and decisive Real Estate investors looking to build generational wealth on their own terms.   


Are you ready to...

·        Grow your Real Estate portfolio on your own terms.

·        Make deeper relationships with successful women playing at the same level

·        Build a reliable team and leave solopreneurship behind

·        Implement processes and systems that will allow you to scale your business

STRIVE is for you!

 APPLY today at https://www.therealestateinvesther.com/membership

*We only open the doors twice yearly (Dec and May).


4) InvestHER Community on Facebook 

We have thousands of members in our Facebook InvestHER Community (and growing!) This is a safe place for women to ask real estate investing questions and gain the support they need to achieve their goals! 


5) InvestHER Meetups Around the Globe 

We have Investher Meetup members attending in-person meetings across the country and Canada. Meetups are being held monthly by experienced InvestHER Leaders! Learn more about our InvestHER leaders, meetup locations, and how to become an InvestHER Leader HERE!  


6)InvestHER™ ORG with eXp

You helped your clients build their real estate portfolio, now it's time to invest in yourself! Join our all-woman investment group for agents and build your personal portfolio while creating generational wealth!

Get the benefits of being part of a team without extra fees!

Click here and schedule a discovery call with Jonna Weber today!

Take your business to the next level without losing your sanity!

Join STRIVE membership and get the support and accountability you need to take the next steps towards achieving your goals on your own terms