“IT’S OKAYTOADMITWHAT YOU DON’T KNOW. IT’S OKAYTO ASK FOR HELP. AND IT’S MORE THAN OKAYTO LISTEN TO THE PEOPLE YOU LEAD – IN FACT, IT’S ESSENTIAL." - MARY BARRA (CEO, GENERAL MOTORS) FAVORITE QUOTE
What niche of REI do you prefer and why? “It’s no secret what our company niche is—manufac - tured homes! What people don’t know is how lucrative they are. People dismiss them picturing the 1970s tin siding home that nobody wants to touch, and that is sim - ply NOT what we deal with. We purchase manufactured homes on land that are titled and insured as real prop- erty just like a single-family home. The beauty of what we do is our price points are half that of a single-family home and they cash low better for the investor. While we dabble in fix and flips, land buying and other areas of real estate, our bread and butter is mobile homes, and they are a cash monster!” What characteristics do you exhibit that have made you successful? “I am a no-nonsense person. I expect a tremendous amount out of the people that work with me, but I expect the same from myself. I am a meticulous, analytical, and logical thinker. Most would say I am a bold person who overthinks most things before I make a move on them. By the time I open my mouth with an idea or process I have already run through every scenario that could go wrong or right with it and have a contingency plan for all of them. I have no problem speaking up and making my opinions known. As a woman, oftentimes it is hard to allow yourself to be bold and heard, but I have found speaking up is a requirement to be successful.” What is a trait you exhibit that has held you back, and did you change from recognizing it? “My biggest weakness that I have to make a conscious effort to overcome is my ability to seem unapproach - able. I spend a lot of time in my own head, thinking and processing and what that translates to on the outside is someone not easy to approach. I have had to work on bringing out my extroverted self and it’s something I practice daily. Recognizing this as a weakness allowed me to harness it and manage it. Recognizing your weak - ness, whether business or personal, does not make you vulnerable—it makes you stronger. You cannot work on what you do not acknowledge.” When things get tough, how do you get going? “I find peace in the fast-paced world of real estate. It’s when things get quiet that I start to panic. Learning how to balance the stress of your workplace is something that will propel your career forward. The ability to remain calm when everyone else’s pants are on fire allows lead - ers to make decisions that are well planned as opposed to throwing answers out and seeing what sticks. Howev - er, on the days I want to escape and realign my thoughts,
I jump on my Peloton and block everything out long enough to sweat it out.”
Best advice for new investors? “Knowledge is your greatest guard against being taken advantage of in real estate. You cannot defend yourself against things you do not understand. Find yourself a group of like-minded investors and learn from them. One of the best things we do in our company is participate in masterminds to surround ourselves with people that have been where we want to go and to learn from them. Find someone who has been where you want to be and learn from them.” Best advice for seasoned investors? “Diversify! Do not put all your eggs in one basket. You would not buy a box of crayons that only had blue cray - ons in the box and your portfolio should be no different. Purchase in different markets, own different types of real estate, work with different providers or companies to purchase those properties and make sure you know, like and trust anyone you do business with.” Why is the real estate industry good for women? “Real estate allows women to be successful and have a wonderful professional life while also having a person - al life. While it is true ‘real estate never sleeps,’ I think women in general have a wonderful ability to multitask and prioritize, and the flexibility of real estate makes it the perfect opportunity for women who want it all. I do not think women should ever have to choose between family and career and as a wife and a mother of three daughters, real estate has allowed me to find my passion professionally and still pack school lunches and be at most pick-ups.”
You can learn more at www.stromberginvestmentgroup.com or connect with Melissa on LinkedIn.
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