Many of our members and neighbors in Santa Monica, Downtown LA, and Pasadena are renters. Affordable homes are few and far between in the Greater Los Angeles Area, causing many to be renters for their entire life. On the flip side, renting an apartment or home allows for greater financial freedom than owning a home. This month, we interviewed member company Domuso, who have made it easier for renters to pay for their housing & property owners to manage and accept payments.
Say goodbye to dropping off rent checks & struggling through payday - now there's Domuso.
Q. In one sentence, describe who your company is and what you do?
A: Domuso offers rent flexibility and streamlined payment solutions for the multi-family and single-family industries, including installment loans and online certified payments.
Q: What is the problem you're solving?
A: Over 40% of Americans are renters and 60% live paycheck to paycheck. The largest monthly expense for most families is rent and like clockwork, it’s due on the first and late on the 3rd with notice on the 5th. This transaction is inflexible and impersonal.
Q: What brought your company to Los Angeles, and what do you like about the startup ecosystem here?
A: We are all based in this market and this is my first experience in a shared work environment. I love the energy, great Cross Campus staff, and have made some good friends. A few of our most recent investors are people we met while working here.
Q: How has being a part of the Cross Campus community helped you or your business grow?
A: Many of us feed off the energy and as mentioned above, a few of our investor relationships were originated here. Not withstanding, we met VidroMedia here; they created our new website.
Q: What has been your most satisfying moment in business?
A: I joined Domuso a few months ago, and it's been seeing how we are quickly changing the way owners and management companies think about how their renters pay their rent each month.
Q: Tell me about a time you failed at a goal you needed to achieve.
A: I have been in the apartment rental space for over 25 year. Fifteen years ago, I attempted to start my own rental apartment magazine combined with online presence called Neighborhood Apartments but failed to realize how much capital was needed, and after a long year, I had to close shop and go back to an established company. I always knew I would be back with a start up. I most recently was at a startup and after seeing them get to a level of profitability, I decided to take on a new challenge with Domuso.
Q: What are some of the characteristics of people that have been successful at your company?
A: Dedication, treat others with respect, listen, be humble, and be able to handle the daily highs and lows without getting too high or low yourselves.
Q: Who do you respect the most, and why?
A: My dad. He guided me growing up and has always been there for me but always encouraged me to take chances in life and not to worry what anyone thinks. My mom is equally as important in my life. I truly can’t only pick one person, so my answer is my parents.
Q: Where do you see yourself and your business in 10 years?
A: I’ll hopefully be retired, but will always be investing in multi-family real estate and hopefully have the opportunity to consult with a few startups. I’ll never really be retired as I love being around people and helping others, but after our company becomes the industry standard and we realize all the successes of all our hard work, it might be nice to have a much better balance in my life and play golf more than once a year. Oh yeah, and drink amazing wine and smoke cubans without worrying about work the next day.