All Forum Posts by: Ethan Hanes

I agree with Mr. Copeland's response...Analysis paralysis, or just plain waiting, is my biggest regret thus far in RE. Even the seemingly small window of time of being in your early 20s vs. later 20s (or early 30s) to start investing can make all the difference. I didn't know that until I actually started investing, though, and got some myself in the game.

Crazy. I know someone who bought their first STR condo at age 19... Crazy! I hope to get started here soon. I just need a down payment haha!

1 Vote

Los Angeles County, California

Quote from @Sergey A. Petrov:

Limiting yourself and creating unnecessary boundaries. Everything is an opportunity or could be made into one. And that thought is not just for real estate!

Good point. UNNECESSARY BOUNDARIES! I've never heard that term but definitely gonna start using it. Thanks Sergey!

0 Votes

Los Angeles County, California

Quote from @Carlos Ptriawan:

Quote from @Ethan Hanes:

Hey all,

I was bored and wanted to ask everyone here what their biggest mistake was in real estate to this day. Something that you will never forget as your biggest screw up.

I haven’t had enough experience to have an answer to this question, but I want to learn from other people’s mistakes so that I don’t make the same ones!

Appreciate it.

Ethan Hanes

My mistake is prioritizing buying for multiple cash-flow properties. Now I realized it's way better to put the money into one or two flipping project or STR market that I can enjoy.

Carlos, can you expand a bit? I'm confused by this.

1 Vote

Los Angeles County, California

Quote from @Jeff Copeland:

Honestly, I think the biggest mistake new investors make is analysis paralysis. Time is your best friend in best friend in real estate, so there is a very real cost to doing nothing (aka "waiting").

And a corollary to that is thinking everything is going to go exactly to plan, and freaking out or giving up when it doesn't. It never will. Your numbers and projections will never be 100% accurate, and there will always be unexpected issues and problems.

Real estate (in the sense of owning and holding real estate long term for real equity accumulation and generational wealth) is a get rich slow scheme, so you have to be in it for the long haul, be prepared to roll with the punches, pivot, and have multiple exit strategies, and realize that a single eviction or repair is not the end of the world. One the contrary: it's a normal, expected, everyday part of being a landlord.

Keep your eye on the prize.

This is a great point. As an agent, I constantly hear this term, "analysis by paralysis". It's something I'm totally guilty of. Focusing on every small detail instead of just taking action! Crazy. I'm getting better at focusing on the bigger picture, but it's a learning process.

I also talk with tons of property owners who are also guilty of just "waiting". It's the classic example of staying in your comfort zone when getting outside of your comfort zone and taking advantage of an exchange or seller carried financing is a viable option. Anyway, enough ranting. Thanks for your input Jeff.

Ethan Hanes
Hanes Investment Realty

1 Vote

Los Angeles County, California

Quote from @Bob Stevens:

Quote from @Ethan Hanes:

Hey all,

I was bored and wanted to ask everyone here what their biggest mistake was in real estate to this day. Something that you will never forget as your biggest screw up.

I haven’t had enough experience to have an answer to this question, but I want to learn from other people’s mistakes so that I don’t make the same ones!

Appreciate it.

Ethan Hanes

Not keeping 50 or so of the 500 I flipped in the Cleveland markets ,HUGE mistake . I was all in 30k, with rents of 1k on avg, Now they are all selling for 100k ++++ AHHHHHHHHHHHHHHHH

Wow! That's crazy Bob. Hope you were able to recover from this! This goes to show that taking action is better than sitting. HAHA it's okay there will always be other investment opportunities out there! Don't beat yourself up too much.

2 Votes

Los Angeles County, California

Hey all,

I was bored and wanted to ask everyone here what their biggest mistake was in real estate to this day. Something that you will never forget as your biggest screw up.

I haven’t had enough experience to have an answer to this question, but I want to learn from other people’s mistakes so that I don’t make the same ones!

Appreciate it.

Ethan Hanes

6 Votes

Los Angeles County, California

Quote from @Eric Yu:

Hey @Ethan Hanes! Welcome to the journey :)

I got started with my first house hack in 2020 right after turning 25. Started off by doing Airbnb house hacking (lived out of an ADU & then Airbnb'ed the main house). There were definite headaches in getting the systems set up & we had our fair share of problems w/ guests, but things have been smoother since we've gotten stricter with screening. We cash flowed ~$2.5-$3k a month on top of paying off the mortgage, so it was nice cash flow + rent free. Leveraged 5% down loan to get started. In terms of learnings, I think we didn't account for how much time/stress owning a property would be. Until you decide to fully delegate the day to day, it can be very stressful. We ended up outsourcing all the management after hitting 3 properties.

I think your approach makes sense & is a good way to get started. Would recommend looking at the Airbnb route to juice up your cash flows.

Eric, this is a great comment. Thanks so much for posting this. Where was your Airbnb located? What was something you wish you knew while getting started?
Thanks,
Ethan

0 Votes

Los Angeles County, California

Quote from @Account Closed:

Quote from @Ethan Hanes:

Quote from @Account Closed:

My first deal was at 20 years old, I invested in a multifamily real estate sydication. I got really lucky, and when I went full cycle I made 80% in a 2 year period! not bad!

That’s awesome Zachary! Just out of curiosity, how much did you invest? What program did you use to invest?

Ethan

Hey Ethan! I was going to real estate meetups, and met a syndicator who I liked. From his network, I was introduced to a lot of other syndicators, and after reading a few books I was able to filter the "good" deals from the bad. Though I was by no means an expert, I have learned with every deal and have done 10 of these now. I can share with you a few syndicators I use and you can get on their email list( you need to be accredited, tho there are ways around this). I invested my entire networth at the time (don't do this LOL)

Yes! Please send me a message and I can give you my phone number to text!

0 Votes

Los Angeles County, California

Quote from @Jim Pellerin:

Quote from @Ethan Hanes:

Quote from @Jim Pellerin:

Maybe try looking for wholesale deals in other markets. You already have the skills. With that amount of effort you should be able to do 1 or 2 deals a month.

Jim,

All due respect, but everyone works at a different pace. Saying “you should be able to do 1 or 2 deals a month” doesn’t encourage or help anyone. It just discourages those who aren’t making 1 or 2 deals a month. Ask more questions.

I'm basing my estimate on his effort. If he's making 6 hours of calls a day that a pretty good pace.

Jim,

I guess you are right. Whenever I hear people tell me “you should be doing this, or you should be doing THIS well”, it makes me frustrated. That’s all.

2 Votes

Quote from @Nicholas Coulter:

@Ethan Hanes Glad to see you starting to get into the game!

My wife and I got a SFH in Redlands! We rent out the rooms to tenants and have had some really good success!

We did a 5% down conventional loan to keep capital in the deal low. We have been able to cover the mortgage since day 1 and have saved all the money to roll into a much larger deal in SD.

Many people told me this but I didnt listen... TAKE ACTION. So many deals I have seen go by and not pulled the trigger and when I finally did it worked out!

Nicholas,

This is great! So happy to hear it worked out! I really do need to take action in one way or another. At this point in time, I don’t have the funds to purchase, but I’d love to purchase by the end of next year!

Let’s connect and stay in touch!

Ethan

1 Vote

Los Angeles County, California

All Forum Posts by: Ethan Hanes

Ethan Hanes has started 7 posts and replied 63 times.

Post: Biggest Mistake in Real Estate

Post: Biggest Mistake in Real Estate

Post: Biggest Mistake in Real Estate

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Post: HONEST opinion on 20 y/o Real Estate job 🫣😬

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