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