Suzette Sommer Tells Her Story About Becoming A Successful Landlord

In 2013, Suzette Sommer had never considered converting her home into an investment. In fact, she had never even thought of the possibility that her gorgeous house might be prime Seattle corporate housing. She did know, though, that she had lost her business, and that, in caring for her dying husband, she had come within a month of foreclosure.

Then she was inspired by a friend staying in a Seattle furnished rental. Suzette’s friend was waiting for her new house to be built, and, as she visited Suzette, she saw how luxurious and comfortable Seattle corporate housing could be. Immediately, she had a brilliant idea to get herself out from under a financial burden and to turn it around into a profitable investment.

Instead of giving up and giving in to foreclosure, Suzette says she got together enough cash to avoid foreclosure and to make some upgrades and minor renovations. This way, she converted the main house to a Seattle furnished rental and created her own mother-in-law suite in her daylight basement. With all new furnishings and appliances, the house was gorgeous and ready to be rented to corporate tenants.

To attract tenants and start profiting from her beautiful home, Suzette then listed her house as a Seattle corporate housing property with us at CHBO. Her first renter contacted her within just a few days, and she was on her way!

Today, Suzette makes enough money renting out the main portion of her home as Seattle corporate housing that she can more than cover her mortgage and utilities. Thus, she’s able to live for free in her own spacious basement apartment.

CHBO vs. Other Furnished Rental Services

At first, in addition to CHBO, Suzette experimented with Airbnb and other corporate housing listing sites. She said, though, that “working with CHBO was the most profitable and convenient experience she had.”Suzette’s homeShe did not like that Airbnb would not let her screen potential renters, and listing on Zillow didn’t do her property justice, as she couldn’t differentiate her house from unfurnished rentals in the area. Because she has a Seattle furnished rental, and not an empty house, she is able to command higher rental rates from corporate tenants, and listing and advertising with CHBO has helped her do just that.

For more information on Suzette’s property, visit her listing, or you can find out about becoming a CHBO advertiser here.

Sea Captain Tells His Story About Becoming A Landlord

A sea captain at the time, Norman Sollid first became a landlord in 1980, when he, his wife, and their growing family moved out of their first home and converted it into a rental property. Though he would spend 20 years renting this house out to long-term tenants, it would be a few more years until he learned the benefits of Alameda corporate housing.

After the kids moved out and Norman retired, he and his wife decided that they wanted to split their time between their beautiful lakefront vacation home in the Sierra Nevada Mountains and their original home back in Alameda. In the summers, they would live in the mountains, and they would winter in their bungalow in Alameda where they were closer to the city and all it had to offer.

Corporate Housing Alameda

Real Estate Investment Story

My favorite real estate investment story is the one about the first rental investment I ever made, my husband and I purchased a San Francisco Condominium for $89,000.

My husband and I had just graduated from college and I thought this was a large investment. We scraped and saved and, within a few months we had saved enough for the down payment on a 400-square-foot condominium.  It included a washer/dryer, kitchen, closet and an area just big enough for a Murphy bed. The unit was on the top floor so we could call it a ‘penthouse’ and the window was just big enough to look out under the onramp of the Bay Bridge.

The condo wasn’t much to talk about, but it had all the necessary features and, for an extra $60,000, we added a parking space.

This property turned into the best rental property and, within a few years, the property was renting for $3,900 per month.

I like to think of all of my real estate investments as tools in my toolbox. Some I use to develop cash, some I use to fund the next property, and some I sell to accomplish larger goals. For example in 2001, as the events of September 11th happened and the world stood still, I was completing a home I had been building for the previous 15 months. Just as the air traffic was frozen, so was the real estate market and, as a result, I couldn’t sell Real-Estate-Property-investmentmy primary residence which would have enabled us to have the needed down payment to purchase our new home. However, even in bad times, the least expensive real estate in the best neighborhood will always sell.  So only two months later, in November, 2011, we sold that first investment condo for over $400,000, over a $300,000 return on our initial investment of $89,000, giving us the need cash to finish building our new home.

Have fun investing in your future!

Regardless of your real estate experience, there are always important fundamentals that are important for you to remember and understand and that are essential elements for your success.

To get you started keep these 3 principals in mind:

  • First, always treat your rental property as a business and make decisions accordingly.
  • Second, respect and appreciate your tenants; they are the clients and customers to your business. Without them, you will not survive.
  • Third, it is your responsibility as a property owner to maintain the safety and integrity of your investment.

This blog is designed to reinforce these concepts and give you the confidence necessary to operate your property successfully and earn residual income and long-term profit.