Condo rental business helps couple create a rewarding retirement income stream

May 3, 2023

Morten and Leli have been going back and forth from Norway to manage their properties in the Philippines.

Morten Wichstrøm and his wife, Leli, have bought several DMCI Homes condo units plus other properties here and overseas ever since they retired from working in the airline industry.

Yet, they are still keen on investing in more properties if there is a good opportunity.

“Absolutely!” Morten answered when asked if he agrees that real estate is the best way to grow money especially with the steady flow of rental income they are getting from their condo rental business.

They have also tried stocks and ran a sailboat business in the Caribbean but it is in the condo rental business where they found much success and stability.  

“We tried other forms of investments. Boats, sailboats, yachts, we had them in the Caribbean for 18 years. We also tried stocks but real estate is much better because it’s more solid. It’s not like a paper you bought,” Morten, a Norwegian national, explained.

“It’s not as sexy as buying stocks, but it’s more solid. It’s something that stays there and grows all the time. It’s like a tree, it takes time before the fruit comes out, but the fruit will come as long as you care for the tree,” he continued.

Morten and Leli during the turnover of their newest DMCI Homes property, Kai Garden Residences last February.

Invest early

Morten said his only regret is they did not invest in real estate early. They only started investing in March 2011 with a 2-bedroom unit in DMCI Homes’ Flair Towers condominium in Mandaluyong City.

“My wife’s cousins started in real estate 10 years ahead of us. Now they have an apartment in Greenbelt and in BGC. They have those things that we can’t afford because we invested too late,” he lamented.

Nonetheless, Morten is thankful they have also built an equally impressive real estate portfolio which include multiple DMCI Homes condo units and parking slots.

“When we came here, we put all our money into our first apartment in Flair Towers. It was a big investment for us. It was paid down in 4 years. That’s 25% return on invested capital and for investors, this is a dream,” Morten said. 

“I said ‘this is fantastic. We should do it again and again and again.’ If you find a gold mine, you continue to have gold. If the chicken gives you a golden egg, don’t kill the chicken,” he shared on what convinced them to invest in more properties.

Why DMCI Homes

With their good experience in their Flair Towers investment, Leli said they have become smitten with DMCI Homes since then, leading to more condo purchases with the country's first Quadruple A developer.

“Most of our investments have been with DMCI Homes because we’ve had good experience with the company,” Leli said.

Aside from Flair Towers, they also have investments in La Verti Residences, Torre De Manila, Brixton Place, Fairlane Residences, Prisma Residences, and just recently accepted their 3-bedroom unit in Kai Garden Residences.

The couple also has plans to invest in The Crestmont, Allegra Garden Place, and Alder Residences in Acacia Estates, Taguig.

“We are renting out long term. Our customers are happy with the locations and with the amenities,” Leli said.

The couple with their trusted DMCI Homes sales person, Gemma Aldama (left).

Unlike any other condo

Morten said he is happy they found the right developer to invest in.

“We prefer DMCI Homes because it is a builder with a good reputation, and known for quality in their buildings and architectural designs. Sometimes, they deliver ahead of schedule. Their properties are value-for-money and they guarantee perpetual ownership,” Morten shared.

“We also love the resort-style amenities, with a lot of plants and greens. It’s like ‘an oasis in the city!’ with nice pools, walking and running tracks, cabanas, sit-down areas and barbecue places. Great balconies and roof top garden with sitting groups too!” he continued.

The couple also loves that DMCI Homes condos are well-ventilated because of the Lumiventt® Design Technology.

“We love the atrium floors and wide airy spaces indoors, with plants and waterfalls - not just a corridor between condo units. Plenty of air-conditioned lifts in the new buildings also!” Morten said.

More importantly, they appreciate that they found a sales agent that guides them to the best property that is best fit for their needs.  

“We have a trust-worthy sales agent in Gemma Aldama who is honest about the pros and negatives in a sale.  We have been blessed by finding such a sales agent and she has helped us to buy DMCI condos, without any mistakes or regrets,” Leli said.

DMCI Homes is the Philippines’ first Quadruple A real estate developer known for building quality resort-inspired communities in Mega Manila, Baguio, Boracay and Davao City. The company’s portfolio boasts of more than 60 properties since it was launched in 1999.

To learn more about DMCI Homes’ pre-selling and ready-for-occupancy projects, units for lease, and special promos, call (632) 5324-8888. You can also visit to know more about opportunities in leasing and rent-to-own programs of DMCI Homes. News and other updates are also posted on the company’s official website and its social media accounts on Facebook, Twitter, Instagram, and YouTube.