How do you find families to help?
I partner with the housing authority. By doing so, low-income families on their waitlist can reach out to me if they need the size house I have available. The housing authority typically has a waitlist so long that it will take years for people to find housing. Due to the high demand for affordable housing, it makes the process a lot easier for me to match families with homes. By collaborating with the city, families know that I do not
discriminate based on socioeconomic background. Families are now finding me, so I’ve also started my own waitlist which has about seven families waiting for me to purchase additional homes.
Currently what is your strategy for promoting your business?
I really don’t promote my business much by advertising because I’m not selling any products, I really don’t find the need. I network with people, and the topic of what I do typically emerges in an organic conversation.
Are you a nonprofit?
No, I am a social enterprise., which means an organization that addresses a basic unmet need or solve a social or environmental problem through commercialization. It is a middle ground between a traditional nonprofit and traditional for-profit. My profit margin is not as lucrative as most other real estate companies, but I’m okay with that because my focus is mainly on helping people, not on capital gains.
What challenges have you faced as an entrepreneur?
There are a couple challenges I face which I think is typical for most start ups. The lack of access to capital is one. Without capital you can not run a successful business. So I explored different paths to funding such as traditional banks, venture capitalists and investors. Banks typically do not lend to startups. Investors and venture capitalists expect high rates of return on their investment.
Paradise Estate is my legacy, I don’t want to scale it and sell it. I’m building it to provide affordable housing. I discovered that the best method to acquire capital that aligns with my business value is crowdfunding. I am launching a crowdfunding campaign for Paradise Estate Oct. 1-Nov. 15 on the iFundWomen platform. If it’s successful, I will be able to purchase additional homes for more families.
Have you experienced any additional challenges as a woman of color, if so, how did you handle it?
As a woman of color, my biases are bundled with my sex and race. Due to this, lack of mentorship is also my other challenge. I particularly face the issue of non-inclusiveness. Typically, real estate is a boy’s club and sometimes doors get slammed in my face. People won’t let me in or divulge advice because I don’t fit their description.
Men mentor other men all the time. On the golf course, over lunch or at dinner. However, when a male mentors a female sometimes intentions can get lost in translation, as I’ve learnt from experience. He might think it’s a date, but I’m thinking strictly business. Because of this, myself and a lot of other women miss out on great mentorship from the male population.
I think the best ideas are generated when we hear ideas from different perspectives, genders and races. To combat this issue, I seek out mentors from organizations like Score and female oriented organizations. They give me the mentoring and support I need to grow Paradise Estate.
Get a business mentor and let them nurture your dream until it grows, and give a helping hand to other entrepreneurs.
What advice do you have for other aspiring entrepreneurs?
I have many but my biggest advice is, find what fits. Take a personal assessment of your skills, strengths and weaknesses and find the right business that suits you and your lifestyle. I am an adventurer. I love to travel around the world meeting new people and exploring new places.
However, several years ago I started a business whose mission was not aligned with my personal vision. Needless to say, it was not profitable and there was no one to blame but myself. I wasted precious time and resources. I was trying to sell a product I was not interested in and I discovered I am not a good sales person. When I explored real estate everything fell into place for me. I don’t have to sell anything and I have the freedom to live life on my terms. So find what fits you, and you’ll be happy doing it.
In addition, I would tell aspiring entrepreneurs to dream big but start small. Every little step is going to get you closer to your dream. Don’t let anyone persuade you away from it and don’t think your dream is ever too big. You can accomplish it by taking small steps. Get a business mentor and let them nurture your dream until it grows, and give a helping hand to other entrepreneurs. I am always reading and researching and if I come across an article that I know someone could use, I share it. There is an abundance in this world for everyone.
Can you share a favorite quote?
My favorite quote is, “In a gentle way, you can shake the world,” by Mahatma Ghandi. Oftentimes, people think if they are not performing grandiose acts of kindness, it means nothing. But even a small act of kindness makes a big impact in the receiver’s life. By doing small acts of kindness we can inspire others to do the same and together we will create a powerful change in this world. Even though I am a small company, I live life with a purpose knowing my mission is helping one family at a time.
For more information on Marcia and Paradise Estate, visit paradiseestate.us.
