All Forum Posts by: Ethan Hanes

@Ethan Hanes

If I listened to everyone who told me I couldn't do something, I'd still be welding on the oil rigs in Saskatchewan, Canada.  That being said, you are jumping into a world that is flooded with professionals.  Have you thought about bringing an experienced person on to your team to help you with the intricacies of making sure your business is 100% reliable and safe (for you). I think you need to reach out in your area and grab up a partner who knows the ins and outs. That will be your easiest avenue.

Read "Exactly What to Say for Real Estate Agents", if you haven't yet.  That will help you in the verbiage you need to sell.  Don't bring negative into your sales pitch, and fake it until you make it. 

Good luck!  Make sure you have your butt covered!

Why would anyone hire you if you have 0 STR experience?

How can you address this and get experience?

Quote from @Ethan Hanes:

Quote from @Michael Baum:

Hey @Ethan Hanes, so everyone does have to start somewhere, but usually that is under someone who has the experience. Internships etc.

Like @Dave Stokley, I usually don't hire recent college grads that have never actually done the work. The company I worked for was huge so getting RCG's was acceptable for some entry level jobs. They have the infrastructure and a lot of people overseeing new peoples work while they learn.

So would you take your car for major service, like a head gasket, to a shop that had never touched a car before? They will do the job for 1/4 the cost of experienced shops. it's your only car and you rely on it for everything.

That is kinda what you are asking of owners.

Michael, I’m a bit confused by your response. Airbnb co-hosting is not like a car shop. That really wasn’t the best example. Airbnb co-hosting is not rocket science. I have experience dealing with real estate contracts (expense sheets, profit and loss statements, net income, etc.), so I already have experience in the field.

My job is to be sure everything is running properly and the owner is getting the most net income possible. 

You’ve made several comments now that are worrisome and reinforce my feeling that you’re a little naive about what you’re trying to do:

”we both are commercial real estate agents and know the ins and outs of property management, solely by listening to other property owners.”

Huh? Please don’t ever use this line to try to sell your services. 

”There really is no risk involved.”
Yeah only someone’s ability to pay their mortgage.

”Airbnb co-hosting is not rocket science. I have experience dealing with real estate contracts (expense sheets, profit and loss statements, net income, etc.), so I already have experience in the field.”

If it’s so easy, why are you here asking advice? And moreover, why would anyone pay you to do something so easy?

Asking people for advice then telling the people generous enough to offer it that what they do is so easy that any old real estate agent could do it probably isn’t going to make you many friends here. 




 I’m confused. Don’t you co-host? 

Hey @Ethan Hanes, so everyone does have to start somewhere, but usually that is under someone who has the experience. Internships etc.

Like @Dave Stokley, I usually don't hire recent college grads that have never actually done the work. The company I worked for was huge so getting RCG's was acceptable for some entry level jobs. They have the infrastructure and a lot of people overseeing new peoples work while they learn.

So would you take your car for major service, like a head gasket, to a shop that had never touched a car before? They will do the job for 1/4 the cost of experienced shops. it's your only car and you rely on it for everything.

That is kinda what you are asking of owners.

Quote from @Ethan Hanes:

Quote from @Michael Baum:

Hey @Ethan Hanes, why would someone hire you do something you have never done before? You want to learn on the job with someone else's investment.

Basically you could ruin someone's property on VRBO and AirBNB so they have to start over. I understand you want to get started, but maybe you should start saving and buy a property and learn that way.

Michael,

Thanks for your response. The same reason anyone would ever hire a beginner. To give them experience and to get a discount. There would be no one starting any career if they weren’t allowed to be a “beginner”. In our situation, we would be sure that the expectations are laid out clearly with the owner. We would create a contract that demonstrates that the owner can relieve us of our co-hosting duties whenever. However, we both are commercial real estate agents and know the ins and outs of property management, solely by listening to other property owners. 

I get and appreciate your mentality, Ethan, because I’m the same way: I’m super self-confident and pretty damn sure I can be good at whatever I decide to dedicate myself to. But, I agree with Michael. In almost any industry most people don’t start out on their own with no experience. Rather they typically get a job working under someone with experience to learn the ropes, or like Michael is suggesting and like I did, create their own experience it by doing it for themselves first. 

Lawyers, accountants, financial advisors, etc., all typically get a job at a firm where they learn from a veteran. I would NEVER hire a brand new professional in any of these fields no matter how much of a discount they were offering. Same goes for someone managing my real estate.

It seems like you have two options to gain some experience:
1. Buy your own property for STR and learn the ropes there, or
2. Go work for another PM for a year. 
Or you could probably do both!

I don’t think anyone is saying you shouldn’t do it, but just that it’s unreasonable to ask someone to trust you with a hugely valuable asset which you have no prior experience with. 

good luck!

Quote from @Ethan Hanes:

Quote from @John Underwood:

Quote from @Ethan Hanes:

Quote from @John Underwood:

Are you licensed and insured to manage property for people?

I have an LLC and a real estate license in California.

An LLC does nothing for being able to manage properties.

So are you licensed and insured to manage other people's properties?

You may be, I'm just checking.

No. What kind of licensing and insurance is required?

 Well it appears neither of us knows. But you should find out what it takes to be legal before trying to fo it. 

Just trying to keep you out of trouble.

Quote from @Ethan Hanes:

Quote from @John Underwood:

Are you licensed and insured to manage property for people?

I have an LLC and a real estate license in California.

An LLC does nothing for being able to manage properties.

So are you licensed and insured to manage other people's properties?

You may be, I'm just checking.

Hey @Ethan Hanes, why would someone hire you do something you have never done before? You want to learn on the job with someone else's investment.

Basically you could ruin someone's property on VRBO and AirBNB so they have to start over. I understand you want to get started, but maybe you should start saving and buy a property and learn that way.

Are you licensed and insured to manage property for people?

Quote from @Ethan Hanes:

Hi everyone! Lovely to be a part of this community.

1. I’m based in Westlake Village, California. I would love to invest out of state, maybe in Minnesota (where I grew up) or Utah since it’s beautiful out there.

2. I would love to buy my first AirBNB or duplex!

3. I love to swim 😂🤷🏼‍♂️ + I am a real estate agent assisting in multifamily transactions in Southern California!

Looking forward to meeting everyone here!

 Hi Ethan!  I live in central CA and am also looking OOS to invest. I lived in Utah for several years growing up, and I can confirm it's beautiful out there. Also looking to get a duplex. Have you made any progress towards that goal yet?