Becoming a successful entrepreneur is not easy. It takes hard work, dedication and commitment to achieve one’s goal in a chosen field of entrepreneurship. There are many who have started their own business but failed along the way while others have successfully overcome all obstacles.
Ayesha Selden is one of those entrepreneurs who weathered the storm to become millionaires. Like many entrepreneurs, Seldon had a rocky start, but that didn’t stop her from succeeding at a young age.
Right out of college, she moved in with her mom, saving her as much as she could to start her journey in the real estate market. At the age of 24, Seldon bought a house with his savings. It was a Philadelphia foreclosure that she paid $67,000 for.
The black entrepreneur did not rest on her oars; she leveraged her first property to acquire another estate, including equity investments. She bought another house two years after the first, which was strictly a rental.
The first house she bought became part of her real estate portfolio that she owns today. She took the opportunity to buy and rehabilitate more properties. “The last property I bought is a testament to everything I’ve learned over the past 19 years,” she said. Shop Black.
She remembers acquiring her last property from a wholesaler in a rapidly developing section of Philadelphia and had to redevelop the structure because it was in poor condition. “We basically built a completely new house without the front wall of the house. It has been an incredible journey to get to this point,” she said.
Today, Selden is a self-made millionaire with over 35 estates in her portfolio. Its investment formula includes simple and long-term investments. According to the real estate investor, she was motivated to get into the field the hard way.
How? ‘Or’ What?
When she was a child, she lived with her mother in a rough neighborhood of South Philly, close to downtown. They left the property when she was 18. Despite his warning to rent the house instead of selling it outright, his mother sold it for $35,000.
Ten years after the house was sold, the property is now valued between $500,000 and $600,000, according to Selden. “That lesson stuck with me and always will,” she said.
Selden has always described herself as ambitious and driven by money (savings) and fear of failure. She attributes her success in a male-dominated field to discipline. “I’ve always been willing to give up nice things for long-term prosperity. I was a millionaire around my 30th birthday and I basically had holes in my sneakers because I refused to buy more,” said she declared.
Having worked so hard to build up a wealth in his 20s and 30s, Seldon plans to rest in his 40s to enjoy the fruits of his labor. “At 41, I travel more, I bought a personal residence in Los Angeles earlier this year which I was to use as an oasis. I will continue to work but I want to slow down drastically. I say all this, but I will end maybe by buying 44 more units and grinding for the next 5 years,” she said.
For budding entrepreneurs who want to be like her, Seldon said her advice is to have a disciplined mindset. “Discipline is what will keep you from making mistakes like taking all the equity out of your properties and playing instead of reinvesting,” she said.
She also wants investors to strike a balance between “deleveraging and scaling” so they don’t take on too much debt.