Nine members of the Minneapolis City Council—enough to constitute a veto-proof super majority—pledged to disband the Minneapolis police department on Sunday, as the city approached nearly two weeks of daily anti-police brutality protests following the killing of 46-year-old George Floyd at the hands of MPD officers.
YouTube’s live streamed commencement ceremony to celebrate the members of the graduating class of 2020 nationwide was held on Sunday. “Dear Class of 2020” was initially going to stream on Saturday, however, it was pushed back a day out of respect for George Floyd’s memorial service.
Sen. Mitt Romney joined demonstrators in the nation’s capital on Sunday in a protest against police brutality on Black Americans.
Romney is reportedly the first Republican senator to take to the streets in Washington D.C. to support the voices decrying race relations in the U.S.
READ MORE: Republican candidate denies saying Blacks are ‘political slaves’ to Dems
Romney, who represents Utah, shared a photo on Twitter showing him wearing a mask as he walked with a group of nearly 1,000 Christian protesters in Washington. He captioned the image: Black Lives Matter.
Black Lives Matter. pic.twitter.com/JpXUFlxH2J
— Mitt Romney (@MittRomney) June 7, 2020
Outraged conservatives lit up the comments to slam the senator for taking a stance against racism, with some writing “All Lives Matter.”
One user wrote, “This is Mitt Romney scratching & clawing in his attempt to be relevant.”
“We need a voice against racism, we need many voices against racism and against brutality,” Romney told NBC News. “We need to stand up and say, ‘Black Lives Matter.’ ”
He shared the same thing with the Washington Post, saying he marched “to make sure that people understand that Black Lives Matter.”
On Saturday, Romney shared his support for the movement in an emotional tweet about his father.
This is my father, George Romney, participating in a Civil Rights march in the Detroit suburbs during the late 1960s—“Force alone will not eliminate riots,” he said. “We must eliminate the problems from which they stem.” pic.twitter.com/SzrcAyfPD8
— Mitt Romney (@MittRomney) June 6, 2020
“This is my father, George Romney, participating in a Civil Rights march in the Detroit suburbs during the late 1960s,” Romney wrote. “Force alone will not eliminate riots. We must eliminate the problems from which they stem.”
Like most people in America, George Floyd has been on his mind since Memorial Day. On March 28th, he posted to Twitter:
No Americans should fear enmity and harm from those sworn to protect us. The death of George Floyd must not be in vain: Our shock and outrage must grow into collective determination to extinguish forever such racist abuse.
— Mitt Romney (@MittRomney) May 28, 2020
He also called Floyd’s death “abhorrent” on the social media platform.
The George Floyd murder is abhorrent. Peaceful protests underscore the urgency of addressing injustices. But violence drowns the message of the protestors and mocks the principles of justice.
— Mitt Romney (@MittRomney) May 31, 2020
READ MORE: Rising Black Republican running for Senate actually calls out Trump
Amid the ongoing civil unrest over the death of George Floyd, Minneapolis officials announced on Sunday plans to disband the police after former officer Derrek Chauvin and three other cops were charged in relation to Floyd’s death.
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The post Mitt Romney protests in support of Black Lives Matter appeared first on TheGrio.
COVID-19 has hammered or imperiled everything from the likes of Wall Street companies to Main Street entrepreneurs in America, wreaking havoc on the nation’s economy. But master real estate investor Joseph Asamoah has defied the pandemic by sticking to a business model that has worked for over 25 years.
His approach includes buying, renovating, and managing single-family houses. Plus he provides homes for low-income families who could not typically live in those places.
Born in Ghana and raised in England, Asamoah came to America over three decades ago with $100 in his pocket and decided to invest in real estate. Converting a hobby into a business, Asamoah has built a real estate investment and management business with a portfolio of 32 single-family homes in the Washington, D.C. area, one of the nation’s most expensive housing markets.
But the journey to success for Asamoah did not come without obstacles. When he bought his first investment property in 1987 in Washington for $47,000, several people warned him he was paying too much. And there were pitfalls. Despite assurances from the seller, Asamoah discovered the tenants had not paid rent for several months. Further, the tenants had accumulated a $5,000 water bill.
“Unraveling this situation was very stressful and something I was completely unprepared for,” he says. “As a real estate investor novice, I was way over my head.”
Asamoah learned from his mistakes and found a niche in the real estate space. Having worked in corporate America, including a stint at IBM, his goal was never to build a multimillion-dollar corporation. Instead his goal was to achieve financial independence by owning appreciating assets that generate passive income. He achieved that in 2003 when income from his rental portfolio equaled his salary at IBM. Since then, his goal has been to implement repeatable and scalable systems, selectively acquire rental properties based on clear criteria, and seek business opportunities as they arise.
His business model includes a very stable income stream that is guaranteed via a contract with what he calls the safest source in the world: the U.S. government. “As long as the tenant (customer) is in the home, then the income stream will continue—guaranteed,” he says. “It really doesn’t matter if the economy is good or bad, the income stream is predictable and reliable. To me, this is what makes my approach time-tested.”
His properties range from $180,000 to $1.5 million in value. On the rental side, monthly rent ranges from $1,400 thru $6,000. Asamoah says most of his real estate acquisitions are held as long-term portfolio properties. Take that first home he bought and still owns today. He says the house is now valued at $750,000 and monthly rent for the property is over $4,700. Asamoah says real estate rental income has consistently increased in value due to rent increases and new property acquisitions. With acquisitions, his company has been able to steadily grow annual revenues at an average 5% to 10% for several years.
He added since most of his tenants are low-income housing choice voucher holders (aka Section 8), most rents are paid by the local housing authority. Asamoah says tenants’ portions typically range from zero to $700 per month. Most of his properties are in “gentrified neighborhoods or in the path of gentrification.”
Asamoah’s firm makes money in many ways, including cash flows from rental properties, revenue from education and coaching services, and net profits when long-term portfolio properties are sold. Known as Dr. Joe (he has a Ph.D. in Information Systems), Asamoah plans to keep growing his company. He recently acquired two more properties in Washington that are now being beautified and transformed with the addition of bedrooms and bathrooms.
As an entrepreneur and investment strategist, Asamoah teaches others how to thrive. And with all the uncertainty the coronavirus crisis has caused, Asahmoah offered five tips to help renters, landlords, real estate investors, or small business owners in the black community survive under current conditions.
He suggests they assess their monthly expenses—take steps to cut unnecessary expenses as fast as you can. Seek options to boost your income, including renting part of your home, exploring alternate income streams. Take steps to build up an emergency fund. Determine how much capital you must have to buy your next property. If you do not have the funds, locate a financial and/or credit partner.
BLACK ENTERPRISE caught up with Asamoah via email to get his expertise on real estate.
You have a business model that has survived four recessions. We understand your business model is something called BRRRR? What does it mean?
Since 1987, I have been through four real estate cycles: early 1990s, mid/late 1990s, 2001-2002, and 2008-2011. It appears we are approaching a 2020 COVID-19 induced recession.
The BRRRR business model comprises the following elements:
Buy – Acquire properties in desirable neighborhoods that are in the path of gentrification
Renovate – Transform “ugly” houses into beautiful homes
Rent – Rent the properties to “Tier 1” low-income families with vouchers that are yearning for an opportunity to live in HGTV-grade quality homes in safe, desirable areas
Refinance – Replace short-term acquisition and renovation funds with permanent financing based on the appreciated value of the home and the monthly cash flow
Repeat – Repeat the process for the next property
The BRRRR strategy allows me to acquire and renovate properties in gentrifying areas with bank financing, force appreciation via targeted improvements, and then replace short-term financing with permanent financing based on the higher appraised values. Through BRRRR, I’m able to replace most of my initial funds via refinancing so money is recycled for new acquisitions.
How have you been able to achieve such housing diversity with low-income black families living in the same areas as high-income white families?
My screening process is extremely thorough and involves several steps including visiting prospective tenant’s homes. Screening is based on the premise that it’s easy to get someone into your home and very difficult to get them out once they are there.
I don’t invest in low-income areas. All my houses are in desirable areas. At the core, my voucher tenants are no different than you and I. They don’t want to live in bad areas, or in “crappy” houses or rent from slumlords. They are yearning for a nice house in a nice neighborhood and to rent from a quality landlord. I call these tenants “Tier 1” voucher holders.
If you treat your Tier 1 voucher holders well, I’ve found that they take care of the house, pay their rents, are pleasant to deal with, and they stay a very long time. My longest tenant has been renting from me for over 23 years. I regularly have 10-15 year tenants. Since good tenants stay a long time, they allow me to grow my portfolio with minimal stress and hassle. My tenants are the reason why I’ve been able to achieve financial independence and build real wealth. Without them, none of this could have been possible.
If I am a real estate investor, what strategy or approach can I apply to survive in today’s market amid COVID-19?
In a downturn, your ability to survive as a real estate investor will be closely linked to your ability to access financing (bank financing, lenders, and private investors). In a downturn, financing becomes harder, however, if you are “bankable” then there will be some excellent buying opportunities. With this in mind, some of my suggestions to help increase your chances of accessing real estate financing include:
How can a real estate investor turn real estate equity into cash flow? And why would that be a good strategy to apply now if I want to finance a real estate project or development?
Many homeowners and long-term investors are equity rich and cash poor. Although equity looks good on a financial statement, it is sometimes appropriate to tap into this “dead equity” and reinvest the funds to take advantage of buying opportunities and transform dead equity to cash flow streams. For example, an investor can leverage the home’s equity. Obtain a business line of credit or home equity line of credit or simply refinance an existing mortgage. Conduct due diligence and locate properties that may be purchased at discounted prices that once rented would generate positive monthly cash flows. Purchase a rental property or investment-grade assets at discounted prices. Make the property rent-ready by completing minor or mid-level upgrades. As mentioned previously, in a downturn, access to financing is extremely important. By tapping into “dead equity,” a ready stream of low-interest funds can be accessed quickly to finance real estate and development projects.
You have coached 150 experienced and novice investors in your rare investment strategy. What programs have you developed that could help others achieve financial independence?
The Joint Venture (JV) Program is my premier program and the primary forum where I engage with beginner and intermediate-level real estate investors. In my humble opinion, the best way to learn real estate investing is to do a deal, period—not going to seminars, boot camps, reading books, or listening to MP3 files. There is no better learning experience than doing a deal. None. Short of this option, the next best thing is to “look over the shoulders” of a successful real estate investor as they execute a transaction from start to finish. We meet at least twice per month virtually from day one thru tenant move-in and refinance (typically 6-8 months).
I host free weekly “Wealth Wednesday” Facebook and Instagram Livestreams (@drjoeasamoah). I also host “Get Real with Dr. Joe” Facebook, Instagram, and YouTube livestreams every other Friday on the “Bigger Pockets” platform. Bigger Pockets is the world’s largest online platform serving the real estate community (@biggerpockets). I am a frequent contributor to Bigger Pockets. I’ve published a number of articles.
Why is real estate still a good business for blacks to pursue to build financial wealth for themselves and their families?
Real estate, especially in many U.S. markets, has proven to be a time-tested vehicle for creating wealth and generational legacies. Compared with other racial groups, black Americans experience a distinct wealth gap that appears to be growing. Correctly executed, real estate investing offers many advantages, especially when compared with other asset classes. Real estate can build financial wealth and create legacies. Additionally, real estate offers several other benefits that include cash flow, tax benefits, equity build-up, appreciation, and the ability to leverage.
What advice would you offer to black real estate investors before starting up or expanding into the business?
Despite what late-night infomercial gurus tell you, successful real estate investing requires hard work, patience, and a business system. To realize financial independence through real estate, it is important you treat your real estate activities as a business more so than a hobby. Work on yourself first and set goals. Allocate time for education and training. Understand your strengths and weaknesses. Discuss with spouse and family and get their buy-in and support (if possible). Decide on your method of focus based on your financial situation, risk tolerance, time availability, etc. Identify and work with a local mentor. Locate a mentor that is knowledgeable in your area of focus, able and willing to provide guidance, and has a proven track record of success and real-world experience. Proceed immediately to your first deal and do what it takes to get that first deal under your belt. Don’t wait for the perfect time. There is never a perfect time to start. You just have to start.
Artificial intelligence seems like something out of a science fiction novel that will play a vital part in our lives in the future. But, according to Mike Bugembe, AI is already here and he has taken advantage of the knowledge he has gained in a way that has enabled to help increase a company’s value to more than $100 million.
Bugembe, the founder of data company lens.ai, spoke to Black Enterprise about his ability to utilize algorithms to help companies achieve more success.
You’re considered to be a thought leader in the world of data, analytics, and artificial intelligence. Why did you decide to enter the world of technology and what is it about artificial intelligence that sparked an interest?
I wrote my first code for a game when I was 9 years old as I was interested in how things work.
This led to my first degree in electronic engineering and it was my first introduction to artificial intelligence because I learned a lot about the mathematics that’s behind the algorithms that we use today. After that, I started my career with Accenture, where I was helping organizations use e-commerce and web technologies to bring their companies into the digital age, and it took off from there.
You were chief data officer for JustGiving and helped developed an algorithm that generated more than $20 million in a year and then the company was acquired for over $100 million. How were you able to achieve those accomplishments?
My journey with JustGiving started in 2010 and the brief was simple: they had millions of records of people doing fundraising activities like baking, but they did not know what to do with the data. I spent the first six months looking at what the data was telling us and discovered we could use machine learning to transform the company. We concluded that we wanted to move from a transactional platform to an engaging platform which would make giving more of a social activity that you would engage in over a longer period of time. I managed to secure a team and the implementation of the social features led to the high valuation of the company.
Seventy-five percent of organizations that invest in artificial intelligence fail to see any form of return, so I made it my mission to be in the top 25%.
What was the reason you decided to write the book Cracking the Data Code and what can people gain from reading it?
It was the fact that I was able to implement AI at JustGiving, which led to the $100 million valuation and was able to succeed where 75% of others had not. It was clear that the pattern I discovered was not visible for most. My mission was to see more people win. Cracking the Data Code helps people understand the data, what you can do with it, and how being data literate can enhance your career. This is a segue on to the six courses that I am putting together that will help people to see and understand data. There is a huge diversity gap, and there are not enough black people within the data space.
There are people who don’t ‘get’ the purpose of artificial intelligence. What would you tell them to make them understand the importance of this technology?
It’s begun to change every career, and AI and automation will change the landscape of work and create more jobs. It’s about survival. Human intelligence is still superior but we need to find how we can work together with the machine, and that’s where it’s critical. Data and artificial intelligence have one purpose: decision making. For example, Amazon’s recommendation engine helps them to decide what other content shall I serve up to this user so that we can maximize basket size. Every decision requires information.
What should we look forward to in the future when it comes to this technology?
I’m concerned about the social aspect, like what we were able to do at JustGiving and unlock people’s generosity. I’m currently involved in two exciting projects: Children that are being excluded from school as young as 6. I thought this was just a problem for teenagers, but you have young children being expelled from school and are out of the schooling system. Two major problems occur: they become likely to end up in the prison system and they also have a high propensity to commit suicide. We can use AI to help teachers to identify some of these prospective kids. Imagine a system that can predict that a child is going to come in and throw a chair at a teacher? If the teacher has this information before the child comes to class, they can treat the child a little differently and prevent him from throwing the chair, so he does not end up in a vicious spiral. AI can also help to read exam papers, which removes the need for girls to give sexual favors to teachers for grades, which is something happening in Africa.
AI can remove corruption and improve inequality. It comes with a caveat: unless we increase the diversity of the programmers, AI will continue to be biased, racist, and prejudiced.
