LEARNING THE TRICKS OF THE TRADE
Having basically zero knowledge about the real estate business, Eden initially harbored more than a few apprehensions about herself. In fact, she would often call her mentor for advice whenever a client asked something that she couldn’t answer right away. “I’m the type of person who wants to be pushed to do something and also wants to have an assurance that I’m doing the right thing.”
Her first property purchase probably counts as one of the most nerve-wracking experiences in her career. “I didn’t have the cash to buy it in the first place. Still, I was bidding for the property--and won!” Eden exclaims. “I couldn’t sleep for a few days after that, constantly worrying if the deal would push through. But I felt relieved when I found an investor for the property, and everything else followed. I renovated the property, marketed it, and found a buyer. Every step of the way, I was convincing myself that I could do it. And I found myself loving the process.”
She soon started trusting in her own abilities as a real estate investor
. “After the first deal, I gained a lot of confidence--that this is really possible because I’ve done it myself.” Eden humbly adds that much of it was due to the help of her mentors. While being a real estate investor has a lot of rewards, it is not without effort--at least, when you’re just starting out. For someone who had next to no background in the industry, Eden really managed to leave her comfort zone and stepped up her game.
While there have been a few close calls, real estate’s golden girl has never lost money. “The most worrisome part that I’ve encountered is the buyer not being able to pay for the balance as agreed,” Eden explains. “[It's a] good thing I structured the deal well because the balance that he is unable to pay only represents the profit, and I’ve already recovered the amount I paid to the seller and rehabbers. What I did was I talked to the buyer and restructured the balance according to his capacity to pay. I learned that, in this business, it also pays to be nice.”