Browse Tag

Real Estate

Published on
/

Black Engineer Creates Eco-Friendly, Disaster Proof Smart Homes

eco-friendly

Housing is amongst the most basic of human needs, and yet, it’s becoming increasingly elusive — even in wealthy countries like the US. Technology has changed every sector leaving construction as the last industry prime for revolution.

The Solution – Roombus produces high quality and eco-friendly modular Smart Homes that are affordable for everyone. The homes engineered to withstand storms, earthquakes, and even stop burglars.

We caught up with founder, Dami Jegede to learn more about his company.

Eco-Friendly
Roombus founder, Dami Jegede

What inspired you to start Roombus?

So my background is software engineering, and I’ve built 2 successful fintech companies. In 2018 I started looking to solve a bigger and more impactful global challenge. It became immediately clear that affordable housing was what I really, really wanted to do. It has been a big and hairy problem for decades and it gets bigger every year.

Eco-Friendly

Initially, it was about building affordable homes, but when we took a deep dive, it evolved into building the future of housing. We believe that is smart, health-focused, safe and eco-friendly homes.

How does Roombus differ from the homes built from shipping containers?

We actually looked at shipping containers at the onset. In fact, it was what made the venture seem attainable to me, but we abandoned the direction after much research.

We found in the Journal of Occupational Medicine and Toxicology found that the majority of containers have harmful levels of toxicity inside — with spillage of harmful substances and chemicals that were not removed by thorough washing.

Eco-Friendly

Hazardous chemicals and pesticides are used to treat the wooden floors, and some were coated in paint which contains harmful chemicals like phosphorous and chromate.

To top it off, container housing was too niche a market for our vision, only 16% of people we surveyed were open to owning a container home.

Roombus, on the other hand, has designed a proprietary steel core frame system that allows us to build truly disaster proof and healthy homes. Great for humans and the environment. Our homes are not limited by container dimensions and compromise, and so our spaces are much bigger.

Please explain how the homes are designed with sustainability and eco-friendliness in mind.

Construction is one notorious industry that produces one of the highest amounts of waste in the world today. Building homes on lots are highly inefficient from cost, labor and waste perspectives.

Most of us have passed by homes under construction and seen the amount of wasted materials on-site — broken wood framing, off-cuts from roofing sheets, insulation, and drywall. Most of that new junk is heading to a landfill near you.

Eco-Friendly

Our prefab method (building in a factory), and precision manufacturing reduces material wastage by a whopping 95%! Our steel framing system is 100% recyclable, and we use bamboo to replace as much wood as possible.

Bamboo grows super-fast and is extremely light on the environment. We utilize above-code insulation to save energy and reduce the need for heating and cooling all year round — from Florida to Alaska.

What advice do you have for aspiring entrepreneurs?

Grit and resilience can’t be overstated. You need to learn to pick yourself up and just keep moving. This is why you have to be double sure about your venture before you start.

Does it really matter to me? How much do I love this?  Hold on tightly to your destination, but let your path be flexible. Too many people waste too much time on a path that just never will open. Pull up your goal maps and try new routes!

How can people support you right now?

We’re raising our pre-seed round via Equity Crowdfunding. You can invest as little as $100 to own a stake in the company. Support us here: https://wefunder.com/roombus

Tony O. Lawson

Subscribe and Follow SHOPPE BLACK on Facebook, Instagram & Twitter

To advertise with us, CLICK HERE.

You might be interested in

Published on
/

Adenah owns $220 Million in Real Estate, Multiple Restaurants and Creates Jobs in her Community

Adenah

At age 13, Adenah Bayoh escaped the civil war in her native country of Liberia, immigrated to the United States, and is now one of the most successful entrepreneurs in New Jersey.

Adenah has amassed a $220 million real estate development portfolio of several major residential and commercial urban properties across northern New Jersey. She also operates several individual IHOP franchises and Cornbread, her own signature line of soul food restaurants.

In this interview, we discuss the ways her life experiences have contributed to her success. We also discussed her passion for giving back to her community, and how her grandmother inspired her to get into the restaurant business.

CLICK HERE for the interview and Don’t forget to LIKE the video and SUBSCRIBE to the channel!

Tony O. Lawson

Subscribe and Follow SHOPPE BLACK on Facebook, Instagram &Twitter

Get your SHOPPE BLACK Tees and Hoodies!

You might be interested in

Published on
//

Morris Brown College Partners With Hilton And Black Owned Real Estate Investment Firm To Build $30 Million Hotel On Campus

Morris Brown College

Morris Brown College will partner with Hilton Worldwide Holdings Inc. and Miami-based CGI Merchant Group to develop a $30 million hotel on the campus of the historically Black college.

On Thursday, the Morris Brown board of trustees approved the deal that will involve a long-term land lease on the school’s quadrangle and an overhaul of Griffin Hightower Hall, a low-rise building next to the historic Fountain Hall.

morris brown college
The Historic Fountain Hall

The project comes as Morris Brown tries to rebound from accreditation issues and as U.S. companies and philanthropic groups inject more money into schools within the Atlanta University Center to increase racial equity.

Crews will build a 150-room hotel under the Tapestry Collection by Hilton. The project, which is funded through CGI’s recently launched $650 million Hospitality Opportunity Fund, will also include three restaurants and space to train students.

The “H-Fund”  focuses on acquiring and developing hotel properties throughout North American and Caribbean markets and target more than 20 hotels over the next three years. Partners in the fund include three-time Major League Baseball MVP and serial investor, Alex Rodriguez, and capital markets veteran and founder of Maverick CP, Adi Chugh.

“This is not just a commercial investment,” Raoul Thomas, founder, and CEO of CGI Merchant Group told Atlanta Business Chronicle. “We will be working with Hilton to support curriculum development and to provide guest lecturers.”

morris brown college
Raoul Thomas, CEO of CGI Merchant Group

The project will span 125,000 square feet near Martin Luther King Jr. Drive in southwest Atlanta. A hotel will make up the largest portion of the project, 91,000 square feet.

It would provide needed hospitality space just walking distance from campus. The nearest hotel is about a half mile from Morris Brown College. The 195-room Reverb by Hard Rock opened late last year next to Mercedes Benz Stadium in the Castleberry Hill neighborhood.

Several universities in Atlanta, including Georgia Tech and Emory University have large on-campus hotels which host guests and conferences.

In addition to the hotel, plans also include 34,000 square feet of classrooms and an auditorium.

“My goal is to become one of the top institutions in the country for Black and Brown people to learn how to own, operate, and manage hotels,” said Kevin James who became president of Morris Brown in 2019.

morris brown college
Dr. Kevin E. James, 19th President, Morris Brown College

Founded in 1881, Morris Brown College is a private, liberal arts historically Black institution. It is considered the first college in Georgia to be operated by and for African-Americans.

In the 1980’s and 1990’s, the school had a notable hospitality management program.

Nearly 20 years ago, Morris Brown lost its accreditation after its former president and a financial aid director were indicted by a federal grand jury on charges of fraud. While enrollment declined to fewer than 100 students, Morris Brown remained open.

In recent months the school has been making its way back.

Last month, members of the Transnational Association of Christian Colleges and Schools, an accrediting agency, toured the campus.

In April, the group is set to vote on whether to make Morris Brown a candidate for accreditation. That would clear the way for the school to receive full accreditation within five years.

It will take money to get Morris Brown College back on its feet—to accommodate students, renovate its facilities and hire faculty and staff. But amid calls for racial justice and greater equity, corporate purses are wide open, as indicated by recent donations to other colleges in the Atlanta University Center complex.

“This is not a one and done contribution,” Thomas said. “The school will share directly in the [hotel’s] profits,” he said declining to give further details.

In addition to the profit-sharing agreement, CGI Merchant Group will establish a six-figure endowment for student financial aid.

The hotel is currently in the design phase. CGI Merchant Group tapped Atlanta-based C.D. Moody Construction and Chasm Architecture for the project.

The hotel at Morris Brown is expected to open in the summer of 2023.

Investors are optimistic that the completion date will give the hospitality industry time to rebound from the effects of the Covid-19 pandemic, and also provide ample time for Morris Brown to bounce back.

“This announcement should definitely open the eyes of those who want to work in hospitality,” said James who anticipates prospective students will be excited to “be a part of the resurrection class [at Morris Brown], and attend a school that has its own hotel in one of the top cities for hospitality in the country,” he said.

Source: Atlanta Business Chronicle

Subscribe and Follow SHOPPE BLACK on Facebook, Instagram &Twitter

 Get your SHOPPE BLACK Tees and Hoodies!

You might be interested in

Published on
//

Black Developer Hires Black Owned Title Insurance Company for Multiple Deals Totaling $310M In Affordable Housing

Black Owned

Brisa Builders and National Standard Abstract are two Black owned real estate firms that are creating stability within underserved communities through housing opportunities and philanthropy.

Ericka Keller, CEO of Brisa Builders Corporation, has committed her organization to circulate dollars within the ecosystem of Black entrepreneurs. An example is engaging National Standard Abstract, one of the largest 100 percent Black-owned companies in the real estate industry, to provide title insurance for all of her real estate transactions.

black owned firms
Ericka, CEO of Brisa Builders Corporation and Managing Member at Brisa Builders Development

Since 2018, Brisa Builders has developed several faith-based real estate projects totaling over $310 million, including the $154 million Ebenezer Plaza Phase 1A and $75 million Ebenezer Plaza Phase 1B with the Church of God of East Flatbush, $45 million Bishop Philius and Helene Nicolas (BPHN) Senior Residences, and the $36 million Harry T. Nance Apts.

Brisa Builders Corp. is a family-owned construction management, development, and general contracting firm based in Brooklyn. Founded by the late Lilly and Thomas Keller in 1997, the company has a long history of working with faith-based organizations to construct affordable senior housing. 

Ericka Keller was a principal for the New York City Department of Education before taking the helm of the family business in 2012. Four years later, she opened her company called Brisa Builders Development LLC to continue educating and forming partnerships with faith-based institutions throughout New York City to build quality and affordable housing accessible to all residents.

Although there are very few Black real estate developers, studies show that they have the highest percentage of hiring other Black-owned firms throughout the development process. In 2014, The Church of God of East Flatbush engaged Brisa Builders to develop two parcels of land in Brooklyn, NY, known as Ebenezer Plaza. Three years later, Brisa Builders enlisted National Standard Abstract to provide title insurance for the transaction.

Family Affair

Ericka Keller introduced Bishop Dr. R.C. Hugh Nelson from the Church of God of East Flatbush to Osei Rubie of National Standard Abstract in 2017 to cultivate partnerships with faith leaders through educational forums. Ironically, in 2020, Osei Rubie discovered Bishop Dr. R.C. Hugh Nelson was his cousin.

Osei Rubie’s mother, Jamaican-born Yvonne Rubie, identified the new family connection during a Zoom meeting led by Bishop Dr. Nelson’s sister, Joy Nelson. She immediately made the revelation of a development project in Brooklyn that would now reunite long-lost cousins working side-by-side for years and unaware of their shared roots. After a quick confirmation call between mother and son, it became clear why the friendship with Bishop Dr. Nelson and Osei Rubie came with such ease.

Strengthening communities is a family affair for these intergenerational organizations. After realizing the complexities of faith-based development, National Standard Abstract began to supplement the industry insight offered by Brisa Builders. Osei Rubie facilitated public forums on title insurance where he shared crucial knowledge about the history of properties that could benefit faith leaders considering development.

National Standard Abstract is a full-service title insurance agency with expertise in faith-based developments, residential and commercial real estate transactions. Since launching in 2015, the family- and Black-owned firm has closed over $1 billion in transactions within New York and New Jersey. As the bridge to building one community at a time, National Standard Abstract expanded its footprint into philanthropy through the Osei Rubie Charitable Fund to help end racial inequity and support the organizations working on the ground to create real change.

Cooperative Economics

“Cooperative economics is critical in Black communities, where small businesses competing for government contracts are already at a disadvantage because of our race, level of experience, budget, and capacity. Relationships with Black real estate professionals and developers, including Brisa Builders, who hired our agency to provide title insurance, were essential to expanding our business portfolio.

Today, we have set the industry standard with quality services while deepening our commitment to investing in the communities where we do business. As a proponent of Black entrepreneurship and generational wealth, I am excited to carry on this vital work amongst newfound family like Bishop Dr. Nelson,” said Osei Rubie, founder and president of National Standard Abstract.

black owned
Osei Rubie (L), founder and President of National Standard Abstract, and Nadir Rubie (R), Partner at National Standard Abstract

“In less than a decade, National Standard Abstract has grown exponentially because we believe that relationships matter – at home and in the workplace. Before one can lead, you must first learn the fundamental principles of life and business. I am collaborating with my business partner, mentor, and father on development projects that will uplift historically marginalized communities. Together, we have achieved what others thought was impossible because we are family and of African descent,” said Nadir Rubie, a partner at National Standard Abstract.

According to a statement from Ericka Keller, “Every opportunity to partner with industry leaders and faith-based institutions that reflect our community deepens our longstanding commitment to providing stability to Black and Brown families who are vulnerable to economic insecurity and homelessness. I am proud to uphold the legacy of my father Thomas Keller, who believed that it is our collective responsibility to build affordable homes that combat efforts to uproot local residents.” 

Bishop Dr. R.C. Hugh Nelson is the senior pastor of the Church of God of East Flatbush. Currently, he oversees two phases of a three-phase development project called Ebenezer Plaza, totaling $364 million to build nearly 530 affordable housing units, commercial spaces, a sanctuary, and a community facility to provide social services.

“In recent years, houses of worship in New York City have begun to expand their ministry’s focus beyond the borders of the sanctuary to improve the quality of life in the community. Foundational to the existential needs facing the urban landscape is affordable housing.

A little over a decade ago, our congregation decided to take a leap of faith and incorporate affordable housing in our future expansion. A few years after purchasing two city blocks to relocate the church facility, we were introduced to Brisa Builders and later National Standard Abstract to bring the vision into reality. After doing due diligence and checking several references, I am convinced this was the most important step in bringing the vision into reality,” he said.

black owned
Bishop Dr. R.C. Hugh Nelson, senior pastor of the Church of God of East Flatbush

Brisa Builders and National Standard Abstract have created a blueprint that has every potential to spur economic growth, stability, and opportunities in underserved communities.

In the aftermath of the COVID-19 pandemic, where Black-owned businesses were largely excluded from the federal government’s emergency relief programs, we must begin to rely upon ourselves to rebuild Black wealth and communities. Black dollars can only circulate when we hire within to secure the future for the next generation.

Tony O. Lawson

Subscribe and Follow SHOPPE BLACK on Facebook, Instagram & Twitter

 Get your SHOPPE BLACK Apparel!

You might be interested in

Published on
/

These Two Black Owned Real Estate Firms Have Closed over $60M in Deals Together

black owned real estate firms

National Standard Abstract  (NSA) and CB Emmanuel Realty are two Black Owned Real Estate Firms that have closed over $60 million in transactions together.

NSA is a full-service title agency that has expertise in residential and commercial real estate transactions. CB Emmanuel Realty is a real estate developer and investor of Affordable Housing properties.

On December 12th, 2020 National Standard Abstract provided title insurance for a $32 Million deal involving CB Emmanuel Realty. This transaction involved the preservation of Calvary Baptist Senior Housing in Jamaica Queens NY.

This is not the first time these companies have collaborated on deals of this size. In August of 2020, they closed another $30 million affordable housing transaction.

In this interview, Osei Rubie, CEO of NSA, and Chris Bramwell, CEO of CBE, discuss why they decided to join forces. They also discuss the importance of networking and building relationships.

Both men credit much of their success to their fathers and are now passing lessons learned to their children. Osei and Chris also explain how and why they are giving back to the community.

Don’t forget to LIKE the video and SUBSCRIBE to the channel!

Tony O. Lawson

Subscribe and Follow SHOPPE BLACK on Facebook, Instagram, & Twitter

 Get your SHOPPE BLACK Tees and Hoodies!

You might be interested in

Published on
/

African and African American Entrepreneurs Collaborate to Build a Community in Ghana

Kofi Anku is a shareholder and board member of Ayi Mensah Park, a vibrant of 200 unit townhouse community nestled at the foot of the Aburi Hills in Accra, Ghana.

This real estate development is the result of the collaboration between Black-owned businesses that operate in Ghana and in the U.S.

In this interview, we discuss:

1) The resources and opportunities available in Ghana

2) The importance and benefits of Black businesses collaborating.

3) Honoring the vision Malcolm X had for Black American and African unity.

African American Entrepreneurs

Don’t forget to LIKE the video and SUBSCRIBE to the channel!

Tony O. Lawson

Subscribe and Follow SHOPPE BLACK on Facebook, Instagram & Twitter

 Get your SHOPPE BLACK Apparel!

You might be interested in

Published on
/

One of the Largest Black Owned Title Insurance Companies Closes $30 Million Dollar Affordable Housing Deal and Continues to Give Back to The Community

Black Owned Title Insurance

It isn’t often that you hear about large businesses that genuinely care about the community in which they operate, but this case is different.

As New York City is slowly reopening while spurring affordable housing to meet the growing demand post-pandemic, National Standard Abstract (NSA) closed a $30 million real estate transaction deal to develop a new affordable housing project in Brooklyn.

NSA is a title insurance agency owned by father-son duo, Osei and Nadir Rubie, widely-renowned as industry leaders after closing over $1 billion in commercial and residential real estate transactions in less than five years.

“In our five-plus years of operation, a common question posed to us is ‘how do we engage National Standard Abstract to provide title insurance for our project or transaction?’ As an MBE NYC Certified firm, our credentials are inclusive of City-funded commercial real estate projects as well as market-rate development projects,” said Nadir Rubie, partner, National Standard Abstract.

The Deal

Vacant city-owned land situated in the Brownsville section of Brooklyn will now become a seven-story residential building with 71 units. The nearly 47,000 sq. ft. structure will include 55 studios, 14 one-bedroom, and 2 two-bedroom apartments.

The amenities include a reception desk and mailroom; a multipurpose room; offices for supportive services, tenant and bike storage in the cellar; a landscaped garden in the rear yard; and a green roof with solar panels.

Black Owned Title Insurance

Backstory

CB Emmanuel Realty LLC is a real estate development company focused on acquiring and revitalizing investment-grade properties in New York City and the surrounding metropolitan area. With a focus on dynamic urban neighborhoods, CB Emmanuel Realty LLC develops ground-up market-rate and affordable apartments through the preservation and upgrading of historic, irreplaceable assets.

In 2015, the New York City Department of Housing Preservation and Development (HPD) issued a Minority and Women-Owned Business Enterprise Building Opportunity Request for Proposals.

Two years later, CB Emmanuel Realty, LLC and Services for the Underserved received the award to jointly oversee development of the site into housing for formerly homeless individuals with disabilities.

The HPD Supportive Housing Loan Program (SHLP) has underwritten the project. This designation is pivotal in strengthening Black communities by ensuring every dollar invested continues to circulate amongst Black-owned businesses.

Black Owned Title Insurance
Osei Rubie, Christopher Bramwelll and Nadir Rubie

Giving back

Following the announcement, CB Emmanuel Realty, LLC chose National Standard Abstract who has committed a portion of every real estate transaction to support the community in which they do business.

“It is our responsibility to provide opportunities for other minority-owned firms that we know engage, inspire, and empower people of African descent in the community. National Standard Abstract (NSA) has demonstrated this philosophy in action after every transaction they complete. For that reason, we hire NSA to provide title insurance for all of our real estate transactions,” said Christopher Bramwell, managing member, CB Emmanuel Realty, LLC.

“As New Yorkers, we overcame many challenges during the COVID-19 pandemic and continue to persevere despite our new normal. I am proud that National Standard Abstract remains an integral partner during this critical time to build one community at a time. I look forward to helping with the economic resurgence through our leadership in title insurance and our philanthropic arm, the Osei Rubie Charitable Fund,” said Osei Rubie, president and founder of National Standard Abstract.

To date, via the Osei Rubie Charitable Fund,  $100,000 has been awarded in less than a year to fifteen organizations and counting that advance black culture, excellence, and generational wealth.

Tony O. Lawson

Subscribe and Follow SHOPPE BLACK on Facebook, Instagram & Twitter

 

 

You might be interested in

Published on
/

Meet David Moody, Owner of a Construction Company That Has Done $3 Billion in Deals

David Moody

Our previous article about C. David Moody has been shared over 1.3 million shares and counting. That tells us that you all want to know more about the man that built C D Moody Construction, one of the largest construction firms in the country.

We caught up with Mr. Moody to find out more about him and his business.

David Moody
C. David Moody

What inspired you to start your business?

I worked for some small construction companies and a very large construction company and this might sound strange, but it just kind of happened. I had reached a point where my wife and I said we don’t have anything to lose, so let’s give it a try. That is how it all happened. Our first office was our bedroom.

What is the most challenging and most rewarding thing about being an entrepreneur?

The most challenging is not giving up during times of struggle and despair. If married your spouse must be all in. My wife went back to school and became a registered nurse, so we could have a steady income.

The most rewarding is never missing a payroll in 32 years and knowing what we started as a dream has helped others create a great life for themselves. Giving back to help others is a great feeling.

You are pretty open about your childhood trauma. Why is it important for you to speak up about it?

I speak up because I remember suffering in silence about being a survivor of childhood sexual abuse. I had a complete emotional breakdown in 1992, and our business was only 4 years. I had to suffer in silence and I had to heal in secret. That cost me some valuable time in my business growth.

I don’t want anyone to suffer in silence from trauma. I want to help others heal and see they can not only survive but thrive. We will all be knocked to our knees in life. The good news we are stronger than we realize. We can and we will get up. I speak up so others know they are not alone on the journey of healing or life.

David Moody
Former Atlanta Mayor Andrew Young (left) and David Moody.

What do you attribute the growth and longevity of your company to?

I attribute my longevity to God having a plan for me to not only be a successful contractor but to use my platform to help others turn trauma into triumph.

The other reasons are my wife and I have never had an expensive lifestyle and I have loved architecture and construction since I was a child.

I am living a dream that I didn’t think would happen for me. I grew up in the 1960s. I didn’t see any Black contractors growing up.

What advice do you have for aspiring for success in the real estate/construction industry?

First, it must be your love. Money can’t be your focus. Focus on being excellent in your craft and the money will follow. Be present in life and have a blast every day. Be patient and enjoy life. Keep your faith strong and put positive energy into the universe. Don’t cut corners and honor your word. Never lie and let honesty guide your steps.

 

-Tony O. Lawson

Subscribe and Follow SHOPPE BLACK on Facebook, Instagram &Twitter

 Get your SHOPPE BLACK Apparel!

You might be interested in

Published on
/

Real Estate is now considered an Essential Service according to U.S. Government

Real Estate essential service

On Saturday, March 28, 2020, the U.S. Department of Homeland Security Cybersecurity and Infrastructure Security Agency (CISA) updated its list of essential services during the coronavirus (COVID-19) crisis and expressly included residential real estate.

The order now includes residential and commercial real estate, including settlement services, as essential services. However, if a state, city or county has an order with a more restrictive standard regarding what qualifies as an essential service, or more restrictions on activities, those guidelines will still govern the activities of a licensee. Here’s the official notification in you want to read it in full.

Here’s what the California Association of REALTORS® is recommending based on the industry’s updated status to essential services.

“Notwithstanding this new development, all real estate licensees must take into account the health and safety of their clients and fellow licensees, and follow the existing protocols for protecting against the spread of COVID-19. If such heath safeguards and protocols are not followed, the rule for the state could easily change to stop or restrict all real estate activity. To that end, in conformity with current health guidelines, real estate licensees should follow all CDC and local health mandates.

1. No open houses should be held.

2. Showings should be done virtually, if at all possible.”

Here’s a few safety and health protocols ideas to consider:

– Socially Distance – Ask your clients to leave the home or stand at least 6 feet away from you, the photographer or the Home Inspector enters the home. Try not to touch any surfaces, but if you do by mistake, wipe the surface clean with disinfectant wipes or sprays.

Of course, wash your hands BEFORE you enter the home, do not shake hands with anyone and wash your hands immediately AFTER leaving the home. And of course, if you or anyone in your home has been sick with any type of cold or flu, do not enter the home at all.

– Use the virtual showings software that is available and use 3D virtual tours wherever possible to make it easier to understand the home

– Create 3D tours and online Floor Plans – include Floor plans on your listings to help potential buyers get a flow of the house.

– Live, Virtual Walkthroughs – Instead of doing live showings, ask your client to tune into a zoom meeting on their phone and they can walk you and your potential buyer through the home

– Inspections with Hazmat Suits – Ask your Home Inspector to wear their hazmat suits when entering the home to avoid any contamination. Many of them already own hazmat suits because of some of the nasty nooks and crannies they need to examine anyway

 

Source: WAV Group

You might be interested in

Published on
/

Coronavirus and Black Entrepreneurship: The Impact On My Life And Business – AYESHA

coronavirus

Coronavirus was declared a pandemic on March 11, 2020. Since then, it has spread quickly, causing thousands of deaths globally.

The virus has also resulted in a brutal decline in economic activity that is hitting many Black owned businesses and professionals hard.

In this series, we will be sharing personal stories from Black entrepreneurs and professionals about how they are dealing with this new Coronavirus reality.

coronavirus
AYESHA SELDEN – Real estate investor and stock broker

What were your initial thoughts when you learned about the outbreak?

I tend to be an optimistic thinker so I honestly didn’t think it was that big of a deal at first. It wasn’t until the CDC started to get adamant about shutdowns did I think this was really a problem.

How has it affected your business?

I have three businesses that are all impacted by this. First, as a landlord, i’ve already heard from a few tenants who’ve told me that they’re out of work for weeks without pay or their employer has cut their pay to keep the business afloat. That means my rents will be impacted.

Second, I’m a licensed general contractor for my own projects. The city has shut down which means I can’t submit plans or get permits. I’m at a standstill on multiple projects.

Lastly, my primary trade is as a licensed stock broker—so the markets being down over 30% (as of today) impacts every part of my business. I’ve spent a big chunk of the last two weeks talking to clients that were concerned about their assets and their income.

How has it affected your lifestyle?

I tend to love somewhat modestly so this hasn’t impacted my lifestyle very much. I’m also not an outgoing person so social distancing is actually a norm for me.

What new strategies have you implemented or do you plan to implement in your business?

I’ll probably go back to having a handful of section 8 tenants on my rent roll. That guaranteed government issued money would be clutch right now lol.

If you had one ask of your community right now, what would it be?

Stop panicking. It was very disheartening to see folks fighting over toiletries at supermarkets around the world.

 

Related: Meet Ayesha Selden, the Real Estate Investor who has Built a Multi Million Dollar Portfolio of over 30 Buildings

 

–Tony O. Lawson

You might be interested in

1 2 3