We caught up with the brilliant and insightful Jamala Wallace a few weeks ago and have shared our conversation below.
Jamala, so good to have you with us today. We’ve always been impressed with folks who have a very clear sense of purpose and so maybe we can jump right in and talk about how you found your purpose?
Thank you for asking me such a thought provoking question. My life wasn’t handed a silver spoon, and my parents worked hard to provide a home and they instilled strong work ethics, morals and values, but they mainly taught the importance of having an entrepreneurial spirit. Growing up in middle class America in an urban area where life can seem overwhelming, my father was the driving force who made it clear that home ownership, real estate investment and commercial property was a path to establishing family wealth. I married at 21 and lived in an apartment for one year, afterwards, my father started talking to me about home ownership. I had not thought about owning a home but assumed it was a far-fetched idea. However, little did I know, he already had a plan in mind. He told me about a house that belonged to his aunt (my great aunt) that needed to be assumed and rehabbed because it was fire damaged. When he took me to the house, I clearly said, “I don’t want that house – it’s ugly and horrid looking”.. he chuckled at me and then gave me a stern look and said, “You’re taking the house – it wasn’t a question it was a demand”. He further said to me, the house is still standing, the rest is cosmetics and instead of paying rent to someone else, use my money towards home ownership (not to mention it was a three-family house which would generate income). At that point, I knew there was no need to argue my case, but to understand his point. From that fixer-upper, I found my purpose to make the ugliest house on the block a home for us (and later others) and inspire others to see, it’s not where you start but how you finish.
Great, so let’s take a few minutes and cover your story. What should folks know about you and what you do?
After years of being a seasoned home owner with rehabbing the multi-family home in Newark, NJ, we relocated to the small town of Whitmire, SC. Here is where I recognized an even better opportunity in owning not one, but multiple single family homes and grow our portfolio. The town had many homes that needed renovation and could become investment property. Using the same principle my father used with me, I encouraged my children to think of home ownership and the importance of owning property. We eventually sold the first property and afterwards myself, along with my twin sister, Amina, and both our children (Jamil, Amir, Nazeeh, Nadiyah) formed a partnership LBW Investments and began the journey of real estate investing. Through our partnership we acquired four additional properties to create affordable housing in our community. Not only did we provide housing, but we also employed local contractors to complete the renovations on the homes which benefited the people of the town as well.
If you had to pick three qualities that are most important to develop, which three would you say matter most?
With our first home, we took the plunge into real estate investing without any knowledge on what to do, how to do it and seek funding. My father basically threw us in the dilapidated housing river and we had to learn to tread the mucky waters of renovation and contractors. After learning the ropes, I’ve come to learn three important rules when getting into property ownership and building a family business.
1) You must have an open mind – learn to see the potential. Some people can’t or won’t look beyond the eyesore and try to dampen your spirit. Don’t let them. Learn the importance of crawling before walking then running.
2) Have a strong circle of commitment – weak links will break the chain.
3) Learn to be patient. The old saying – Rome wasn’t built in a day – holds true. It’s going to take time to find contractors and to shore up funding. You may also realize it’s a good time to amp up a few DIY skills and take on projects yourself.
Okay, so before we go we always love to ask if you are looking for folks to partner or collaborate with?
In the first home, trying to find funding was truly the hardest part. Banks were not willing to lend money on dilapidated properties (especially to a 22 year old with hardly any credit history). Then along came a dear friend who worked for HUD and was looking for a home for a starter program at a local bank (HUD 203K loan) and this is when the miracle happened. Our home became the pilot loan for that program and we were granted the funding to completely renovate the house. With this, knowing there is great potential in renovating homes, it’s important to have a banking partner to help not only our business but many other families are who are willing to follow in our foot-steps.
Contact Info:
- Website: https://vivalavintageforyourhome.com/
- Instagram: https://www.instagram.com/urvintagegirl/
- Linkedin: https://www.linkedin.com/in/jamala-wallace-3b53b739/
- Youtube: https://www.youtube.com/channel/UCDwhBMakxZhDzKMttMQAy4Q
Image Credits
All images are by Jamala Wallace
