Today we’d like to introduce you to Amanda Moreno Lake.
Alright, so thank you so much for sharing your story and insight with our readers. To kick things off, can you tell us a bit about how you got started?
Growing up in West Dallas in an 800 sq ft. house with nine people, my parents and seven siblings, we went through many hardships, and that hardship is what molded me into the person I am today. My childhood upbringing contributed to my success. My dad always told me, “America is the land of opportunity,” I knew I had always wanted to own my own business and land. My entire family are entrepreneurs. I owned a beauty, coffee, and western store before finding my passion, Real Estate Redevelopment.
I went to cosmetology school and leased the property at 334 W. Davis, with no air conditioning, and I leased out my stations at a young age. As a small business owner, you work harder. You must do your own payroll and pay rent, and you have people who depend on you. The entire time I had my salon, I started growing my business by surrounding myself with smarter people in the industry and asking questions. I learned how you will know if you don’t ask; many people are embarrassed to ask the questions.
I was blessed to have met Victor Ballas, whom I asked questions and learned so much from him. Victor took me under his wing and became my mentor; I was and am blessed. At that time, I wasn’t making much money, but I took it as an opportunity to learn, which was the college experience I did not have. He challenged me to learn how to collect, write demand letters, attend JP court, write leases, close deals, how to look for properties, etc. Remember, this was the time before computers and the internet; I remember having a beeper. He also taught me, “If you are early, you are on time; if you are on time, you are late; and if you are late, you are history.” I’ve still instilled this in my core values today. I took it to heart, memorized it, and do not think your time is more important than the other person you are meeting. I have had many sleepless nights; I am eager for the next day. But when you are doing something you love, it never feels like working. This industry has a lot of responsibilities and challenges, but mostly, do not do it because of the money but do it because you love this industry.
Building relationships, getting involved in your local chambers, networking, getting to know your city plan commissioners, and plan development for your city in this industry or any industry is extremely important. There was a time when working for Victor was difficult, but he was committed and dedicated to teaching me seven days a week. With all those lessons and relationships I have built and learned, I now teach my sons, who are also in the industry.
My advice is do not quit. Most people do not realize how close they are; when they do, they will never know. Everyone has something, and we should not lose hope. Most importantly, we do not grow alone. Surround yourself with knowledgeable people in the industry you are trying to enter, and find a good mentor to push and motivate you.
We all face challenges, but looking back, would you describe it as a relatively smooth road?
It was hard to hear, “You are not going to do it,” in a men-controlled industry; many men underestimate my abilities. Whenever someone made a negative statement, it sparked something in my brain, and I wanted to prove them wrong. I have managed to work around it by working harder and knowing that there are different ways to get to the end results.
I did not go to college, but I did go to the college of life experience, which books cannot teach you. I had many ups and downs and was rusty at the beginning. Still, I must thank the people who called code compliance, the fire marshal, and those who were upset that I was doing something and turned me in. Because of all of that, I was able to become more educated in the subjects. I went through many trials and tribulations, and that is where I learned to memorize Chapter 51 of the Dallas Development Code.
Getting to where I am at today took work. It was before the era of Google and computers where nowadays you can get on the computer and google and look up information. I remember driving around looking for properties, putting up flyers at Home Depot, and having my beeper go off to contact the prospect around the clock, seven days a week.
When I made a mistake, I owned it and made sure that I didn’t do it again. Sometimes, you have to learn how to lose to win. I hate to lose since I am a sore loser, but after all the loss, I gained some education from it.
Alright, so let’s switch gears a bit and talk business. What should we know?
Because I was a small business owner, I know how difficult it is to start one. From my own experience, this is why I want to give small business owners an opportunity to provide small spaces to incubate and grow. I now help first-time tenants by signing them to short-term leases, cheaper rent, and no credit checks.
My biggest accomplishment has to be Bishop Arts, a unique, one-of-a-kind destination. There are no two businesses in Bishop Arts that are the same. This is where I gained my redevelopment experience. I bought my first property there in the 80s. From there, I went on to redevelop Waxachahie. Before Jim, my husband (we were partners before we were married), and I came to Waxahachie, you could literally film the movie The Night of the Living Dead; now, there is 100% occupancy. I currently have projects underway in Cedar Hill and Ennis and at the Oak Cliff Tower with my husband, Jim Lake Jr.,
When I was younger, my dad and I visited businesses in The Oak Cliff Tower, and I was always in awe. This building has its unique features, being the tallest in Oak Cliff, and it will turn 60 years old this year (built and unofficially opened in 1964).
Cedar Hill: it’ll be dining; it’ll be retail-office use and a work-live component with a ‘tiny dwelling’ concept, all-in-one. The ‘tiny dwelling’ concept is fascinating and unique; it’s not just a residential space; it will also provide commercial opportunities to work and live in the same space and pay rent. With mixed-use projects, we want to create a pedestrian-friendly, walkable place where families can feel extremely comfortable coming and safe by adding wider sidewalks and even some outside seating. Our experiences have taught us that’s what makes a planned development work. It’s a combination of the office use, the retail, the restaurants, and the live-work residential.
Ennis and I have been working with the city to create a mixed-use development with 11 buildings.
Can you share something surprising about yourself?
Many people do not realize I am a grandmother of 2 beautiful granddaughters and one on the way. One thing I do not do is get my nails done. I want people to know I am not perfect, and I don’t want my granddaughters to think I am perfect. I love to cook and am passionate about raising money for non-profit organizations.
Contact Info:
- Website: Moreno-lake.com
- Instagram: https://www.instagram.com/moreno_lake_redevelopment
- Linkedin: www.linkedin.com/in/amanda-moreno-lake-23188197
Image Credits
Danny Campbell
