All Forum Posts by: Ethan Hanes

I'm looking at getting started with Airbnb/STR co-hosting. I need advice and any tips and tricks for getting started!

I have a partner that I’m going to be starting the business with. We are mainly going to market those who are managing Airbnb’s themselves and would like to give the day-to-day operations to a manager (myself).

I’m brand new to this and don’t know too much about it, but I could use any advice you have.

We’re planning on starting in the Los Angeles area. I live near Malibu and my partner lives near West Hollywood, so we have a fantastic amount of Airbnb owners to market to.

How do we sell ourselves to these Airbnb owners and how do we differentiate from other short term rental management companies like Evolve and Vacasa?

Thank you,
Ethan Hanes

Quote from @Sal Suriano:

Hey everyone!

1. I'm currently based in Los Angeles, CA. I moved here earlier this year, so I'm still getting the lay of the land, but I'm looking to try RE wholesaling in the area and hopefully a house hacking project soon. I'm also looking to invest in rental properties in Nashville, TN (I lived there for 4 years and love it) and the east coast of FL (where I grew up).

2. My goals here are to build a network of folks looking for creative ways to achieve financial freedom and learn as much as possible from people who are farther along in this than myself!

3. I'm a musician and currently work in the music industry on the production side of things. 

 Hi Sal! I love that you’re taking steps to grow toward’s financial freedom. I work in multifamily real estate in Los Angeles and would love to connect. Let’s do it!

Ethan B. Hanes
Hanes Investment Realty

Quote from @Wilson C.:

Hello guys! 
I am based in California, I am not sure where to invest yet! 

My goal is to invest in a multifamily house ( 1st house), I just joined BG pro, and now I am trying to learn Real Estate as much as possible.

I was in Art majors but became a chef now... 

Wilson! Welcome to BP! I love that you’re looking into investing in multifamily. It’s a fantastic way to grow wealth and equity. Let’s connect and shoot me a message!

Ethan B. Hanes
Hanes Investment Realty

Hi Blase,

I'd say just make sure the brokerage you're joining is aware of the hours you'll be working. You can't really go wrong selecting a brokerage as a part time "investor-agent", especially since you will primarily be using your license for the MLS.

I’ve heard so many good things from Compass. Maybe try that one!

Quote from @Osazee Edebiri:

I think the constant discussion of California vs anywhere else is intriguing. So I pose a question. Hypothetical, if a person had a  2 million dollars to invest, they purchased property with 1 million in California and 1 million in any other state, which would perform better after 15 years and why? 

This assumes anything and everything will happen, which is the real life case anyway.  I am not automatically assuming California will perform better just because I live here in the Bay Area. I think someone may have interesting incite to why another state could out perform California property in the next 15 years.

There are so many factors that you need to consider in this question. What type of investment? STR, LTR, BRRRR, etc. In general, California will have better appreciation than any other state.

I work specifically with LTR investors in California, so I've been able to see first hand how their property can scale 10x in 10 years, given they play the market right. It's insane how much appreciation properties accumulate even with minimal renovations. 

Out of state, there is a huge market for STR and the BRRRR strategy.

In my opinion, this comes down to long term vs. short term investing. If you invest 1 million dollars in California, you are going to have appreciation that doesn't require constant renovations etc. If you invest out of state, you will need to be hands on in order to get the same appreciation. 

I'd love to connect,

Ethan B. Hanes
Hanes Investment Realty
(818) 865-8305 ext. 111

Quote from @Greg R.:

Unfortunately I've been away for a few months while taking care of some personal matters, so I haven't been able to keep up on discussions. 

However, several months ago there were ample amount of folks here insisting that a market crash/ correction was impossible and that prices would only continue to increase.

Curious if there are still people out there who feel this way? If so, I'd love to see some data that supports your view that the market isn't going to crash/ correct. 

 In my opinion, "crash" is a big word. Will we see a drop in prices similar to 2007-2008? No. Will we see a drop in prices? Yes! 

We're already seeing properties sit on the market for twice as long as they were earlier this year. That's significant. A lot of sellers are scared to list because buyers are harder to find! 

I think when you look at the big picture, this will not be a SIGNIFICANT drop in values. 

I just noticed however that you are located in Dallas Texas and I'm located in Los Angeles. That could play a factor in our differing opinions too. A lot of people are moving out of Los Angeles to move to Dallas! Kind of crazy.

Let's connect and we can discuss this more!

Ethan B. Hanes
Hanes Investment Realty
(818) 865-8305 ext. 111

Quote from @Melanie Thomas:

It took me a long time to learn that all business is not good business. Its OK to say no and save your sanity! Have an excellent day!

 This is a good piece of advice! Thank you Melanie. It's important that we remember that!

Quote from @Alex Ballesteros:

Im on the verge of purchasing my first investment property here in Los Angeles, and I will be applying for an FHA loan, rehab the house (mostly cosmetically) and maybe add an ADU if possible, and live there until i reach 20% on my mortgage, refinance out of the FHA into a conventional loan, and then look for my next deal & repeat this process over and over again.

My goal is to build my portfolio in this manner and buy at least 1 door every 2 years here in Los Angeles. I would like to see if anyone has any thoughts on this process, or recommendations any other strategies? Any insight or tips would be appreciated.

Alex,

What a great plan! This is sure to work out. I think at a certain point, having your name on multiple properties will be a little bit exhausting. This is the main reason most investors begin investing in multifamily properties instead of multiple scattered properties. There is a hugeeeee market of multifamily properties in Los Angeles and the San Fernando Valley. 

What are your thoughts on this? 

Thanks,
Ethan

Quote from @David Shaw:

Hi, first time posting, long time following the great advice here. 

I own a 4 unit in rent controlled Los Angeles and I am looking into cash for keys for a tenant that has been there for 8 years. 

Looks like it's more complicated in Los Angeles, and many use a company or lawyer. One company quoted me $2500. I wanted to see if anyone has any experience/guidance for doing this? What are typical costs, should I be using a lawyer in Los Angeles with all the regulations, and any idea what amount can be offered to the tenant? 

Thank you in advance! 

 David, it depends! You could definitely start at a lower number. I have heard that some people offered up to $10,000 cash for keys. This is in areas where there are little vacancies. I would say something to do would be offer it to them starting at a low number, then if they deny, ask what they want. 

Just an idea! 

Thanks,
Ethan

Quote from @Leslie Anne Morris:

Super smart. It is one of the major asset classes and isn’t going away anytime soon. Focus on vacation markets and do your underwriting and you’ll be quite happy you started investing. 

 Awesome! Thanks for the advice. Looking forward to beginning the journey.