Eric Chebil of Cher®.
Tell us about yourself?
Originally from Canada with parents from North Africa and Eastern Europe, I was raised in an environment the promotes hard work to get ahead.
Graduating from the University of Washington, Seattle, with a BS in Construction Engineering, double minoring in Architecture and Finance while earning a LEED AP BD+C sustainability license, I have always been passionate about housing.
Experience includes managing teams and projects while working for top global general contractors including Kiewit and Swinerton Builders, as well as representation of buyers and sellers in real estate transactions and mortgage loan originations.
Background in the fields of engineering, general contracting, construction management, and green building consulting. Credentials include a California Bureau of Real Estate Broker’s license, mortgage loan originator’s license and certification of LEED AP BD+C status. Previously has founded Chebil Realty.
What do you think is the single biggest misconception people have when it comes to startups?
You and your company will become ultra successful, but in reality the failure rate is above 90%. There are also a variety of different ways to get capital to keep your business going.
First recommendation is to have some sort of savings to keep you and your idea afloat and founded while you iron out the details.
Once a few sales are made, you can borrow on credit from either lenders, credit card debt, or for the very few that want can elect to sell a part of their company for investment capital.
If you could go back in time to any moment from your journey, and give yourself one tip, what would it be?
You don’t need investment capital to start a company. Ensure your company has sales and only raise capital to get your company to the next level if it ever needs to. If you can do this organically without outside capital then do that.
What makes you stand out as an entrepreneur?
My teamwork mentality and deep appreciation and promotion of team’s creativity. A great company is not made up of one person, rather it is a group of talented professionals who believe in the company’s mission.
What are some of the best working habits you’ve gained over the past couple of years?
My ability to zone into work while being creative and having little to no distractions in one place.
Give us a bit of an insight into the influences behind the company?
We are living in a world where homeownership is nearly impossible.
I experience this first hand living in a state where the average home price is nearly $1 million dollars where the average individual needs to earn well over $200,000 while paying such a low rent to save up for a downpayment. Moving to new areas is also frustrating to find others to live.
What if there was a solution to co-own with anyone? We’re lowering the barriers to homeownership by 50% to up to 75%, allowing two, three, or even four people to co-own either a single-family home (if they want to share a space) or a multifamily home (if each person wants their own unit).
Here they build equity in higher-appreciating areas with great walkable spaces, then fractionally sell after a few years to anyone in or outside of our social marketplace.
Where do you see your business in five years?
The largest primary residential co-ownership marketplace in the world and improving accessibility into housing and building generational wealth.
What do you think the biggest challenge will be for you in getting there?
Market changes specifically paradigm shifts where renters need to have a better understanding that they will not be able to ever own a home without co-ownership with someone else. Marketing this in a more friendly informational manner will be a challenge.
Talk to us about your biggest success story so far?
How we help we helped a homeless single mother co-own a home with her daughter in Long Beach and are now building wealth even seeing double digit returns on their equity for their first home.
How do clients and customers find you? Are you much of a salesperson for yourself?
2022 has been about organic marketing. We’ve spoken on podcasts, conferences, case studies for MBA Pepperdine and speaking at Berkeley MBA program.
What one tip would you give to fellow startup founders?
Insanity is doing the same thing over and over expecting different results. If you hate your job and have been passionate about changing something in the world, start it now.
And finally, what do you hope the future brings both you personally, and your business?
Continued happiness by being creative personally and for my business to help millions of renters to become co-owners and begin earning equity.
