By Jenelle Etzel, June 14, 2023
Even been laughed at and hung up on by a bank? I have..
In 2008-09 in the depth of the housing crash I tried to buy the commercial building where I started Living Room Realty.
Bankers thought I was joking or completely out of my mind. (I had two babies under 2 years of age- I was out of my mind!)
But I was serious.
Commercial loans need 25-30% down. Didn’t have it. Needed a business plan. Didn’t have it. (Did I mention I have a weaving degree not a business degree?) So this bitch got crafty & got to work. Googled “biz plans” and put my ideas and strategy onto paper while backing it up with number’s and projections I scratched out while the babies slept.
The owner who offered to sell me the building, Roslyn Hill, encouraged me to look into grants that may be available. (Thank you Roslyn!) She connected me with the Portland Developement Commission and they offered me a “Gap” loan for women and BIPOC biz owners if I could find a bank to loan the other half the value of the property. I was responsible for 10%. Every bank I called said “No”. I CALLED A LOT OF THEM. You just need one “Yes!” and local bank Lewis and Clark bank was that “Yes”. They looked at my past track history as the best predictor of my future success, I wasn’t just a number but a person who they were willing to bet on. Small local banks and credit unions are so important to our economy for this very reason.
Another option could have been SBA financing as well. They also have 10% down programs. You will need a business plan in place for them as well as long as proof of reserves to pay the mortgage for the next 6-12 months.
This was one of the most challenging things I have done in my business. But after doing this once, it got 100X EASIER! Like buying a home, the 1st purchase opens doors to opportunities.
Please reach out to talk about the benefits of buying real estate. I’m passionate about seeing more folks make it happen!
Jenelle Etzel
President & Owner, Licensed Broker OR
She/Her
What does being lead singer and guitar player in a female punk band have in common with starting a real estate company in the middle of a recession? Not many people can answer that question. But when you ask Jenelle Isaacson Etzel founder and CEO of Living Room Realty, there’s no hesitation; where most would see a chasm, she sees a bridge.
For Jenelle, it’s all been about finding a voice—the singular and irrepressible expression of self. Once a quiet, studious, high-school girl growing up in Portland, Jenelle started a punk band after college. She played guitar, wrote cathartic songs, performed, and traveled across country while living out of a van. All that seems light years from the present moment--owning a successful, growing company; serving on boards of civic and philanthropic organizations; enjoying family life with her two young daughters and long-time partner. Still, she uses the same voice now that began to emerge on stage years ago.
Whether it’s business or music, “It’s important to know what your voice is. If it’s true, it will resonate.” Jenelle’s voice, her truth, is about being brave enough to take action without apology, being heard without being exploited, to be energized, constantly problem-solving and refining her skills in the pursuit of building a purpose-driven company. All this requires risk-taking. She’s learned the hard way that she can’t fix everything and that not everyone will share her vision. But even as she explains the difficult choices she’s faced, Jenelle radiates joy.
“It’s never okay to play small,” she says with conviction. And this, more than anything, is what she strives to impart to other women, empowering them to pursue their passion whole-heartedly and to be leaders who speak with their own unique, unapologetic voice.
Living Room Realty, founded in 2009, offers residential, commercial, and property management services. Living Room ranks in the top 15 real estate companies in Oregon, with more than 110 affiliated broker-agents. For more information, visit www.livingroomre.com.
Noted Achievements: First west coast real estate office to receive B Corp status • Top Workplaces, 2014-2016 • 100 Best Workplaces in Oregon 2017 • 100 Best Green Companies 2017 • Oregon Business in Ethics Awards in 2014 • Jenelle has been featured in The Portland Monthly, Oregon Business, and REALTOR® Magazine • Portland Business Journal 40 under 40 Business Leaders • Board of Directors, Rock n Roll Camp for Girls, receiving 2015 award for creative philanthropy • Board Member, Entrepreneurs’ Organization Global Network, Portland chapter • Orchid Award recipient for Business and Civic Contributions • Guest speaker: OPB’s Think Out Loud, Investor Beat, Cascadia Green Building Council • Advocate speaking on behalf of Benefit Corporation legislation with Oregon Secretary of State, Kate Brown
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- jenelle@livingroomre.com
