DC-Metro Homeowner Turns Investment Property into Lucrative Corporate Housing Rental
Arlington, Virginia resident, Adriane J. McCray Webb, took her first foray into corporate housing when she and her children accompanied her husband, a military officer, on a tour of duty. It was during this overseas assignment when she gained the valuable knowledge about temporary housing that would serve her well in the coming years as a real estate investor.
Upon returning state-side, Adriane and her husband purchased their first income property. Soon after, the property was rented and immediately began off-setting the couple's expenses. Hoping to continue the trend, the couple expanded their real estate investment portfolio by acquiring a second investment property.
However, with changing market conditions, the couple was not recouping their expenses. One property had a viable tenant, but the second sat idle for several months with no solid rental prospects. "What started out as a real estate investment had gradually become a financial drag resulting from a lack of qualified leads in a tenuous housing market," said Adriane.
Recalling her overseas housing experience, Adriane began researching the need for similar housing in her area. After consulting with numerous real estate experts in the housing industry, she decided to convert her investment into a corporate housing rental in hopes of attracting and increasing the pool of quality renters.
Further research led Adriane to Eric Smith, founder of CorporateHousingbyOwner.com. "I really came to rely on Eric's professional judgment. He not only walked me through every step of making the transition, but also he helped me do so effectively and efficiently," recalls Adriane.
This decision proved to be the turning point in a cycle of negative cash flow. After applying a fresh coat of paint and installing new carpet, Adriane was able to create an environment worthy of their targeted audience by installing contemporary fixtures, high-end furnishings, modern housewares and luxury linens. As a result, the couple secured their first tenant within three days of listing their fully furnished property with CorporateHousingbyOwner.com. "Furnishing our unit enabled us to share our vision of what this home would look and feel like, making it easy for potential clients to see themselves moving in and living here," Adriane said.
Her first tenant not only referred her to the next qualified renter, but is now a repeat customer. Adriane says, "CorporateHousingbyOwner.com has made a believer out of us and we plan to list other properties with the company to realize our goal of earning passive residual income on real estate."
That said, the couple realizes that corporate housing remains a constant learning process. "We are learning as we go," Adriane said. "We continually reassess our expenses and adjust our rates accordingly so that we remain competitive in order to attract quality renters. Yes, it's a learning process, but one that we're excited to be a part of!"
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