All Forum Posts by: Ethan Hanes

@Ethan Hanes

I bought my first rental at 19

How was your experience with it? Learned a lot and overall and it ended up really well. I turned the property, put a new tenant in place and it's cash flowing really good

What type of loan did you use? Conventional loan 15% down on a single family non-owner occupant 

What is your opinion on this type of investment as a beginner? A house hack is a great way to get started. Live in one unit and rent the other unit out as well as the other bedrooms in your unit. 

23 years old, I bought a primary home with the idea of converting it to a rental down the road.  It was 2007.  Bad timing!!  The lesson that I learned, dollar cost averaging is the best long term plan and be ready for ups and downs.  If you commit to the long term it will work out.  If the market changes embrace it and be ready to buy more.  Tough lesson to learn though!  

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! 

Hi Ethan, 

I bought my first home at 24 years old, it was a house hack in the San Fernando Valley. I rented out my spare two bedrooms to my friends and basically owned a house and paid about $300 myself towards the mortgage. It was a great way to buy a home when I was young and ok with having roommates and I recommend doing to same to all young investors looking to get their first property. Start with a low down payment (3.5% FHA or 5% conventional), rent out spare room and even garage space, and live for virtually free. While doing that fix it up with some sweat equity, creating that forced appreciation, and buy your next. Keep repeating that and you will be financially stable in no time.

I sold that and bought my current home in Westchester. Wish I kept that one as it has appreciated a ton since selling, but I needed the funds in my mind to buy my current house. At that time I wasn't a BP listener and if I had something like BP back then I would have taking a heloc out or cash out refi and used that money to buy my next house. I am currently building an ADU on my primary and just bought my first investment property in Joshua Tree, that will soon be live on AIRBNB and all other STR platforms. Building the ADU may have been a mistake because I could have used that capital and bought several other investment properties at the time, but I won't know for sure for the next few years. I am excited for the STR and think that's the best way to buy an investment property right now.

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. 

@Ethan Hanes @Brian Badolato 9 months cold-calling and no deals, then something is wrong. The product is bad? The script is bad? The leads are bad? And Brian, you said the manager is doing a deal a month? So reach out to him for coaching. 

Hey everyone I’ll try to make it short. I’m 20 y/o and my ultimate goal was to primarily learn about real estate. I saw this job app on Indeed “Real Estate Acquisitions” I applied and got hired. 1 week in I realized it’s a small asset management group. 2 wealthy brothers tryna grow their port with 80 units in town and a property manager. Brother A, is the real estate head Acquisitions he meets w sellers lowballs them and also does prop management. Brother B,is the most experienced he’s CEO he’s but now just the numbers guy and talks w mortgage brokers, lenders and brokers etc…

First months was fukin great it was like a newbies dream to enter the real estate. Brother A, took me around properties showed me in person red flags in properties, the construction problems etc... I even saw real estate transactions live in person when he was speaking to sellers directly. I also met this multimillionaire who owns 6 apartments when we wholesaled a this one deal to him. So the experience was awesome.

However once THAT first month was over… the reality set in. I soon realized this job position was to be on the phone for 6-8 hrs a day straight up cold calling. Now I’m two months in I haven’t had my first deal yet this is all commission base. I’m still going…..

To reclarify, The job in a nut shell is to cold call (6-8hrs) get properties under a STRICT ball park range 50-90k a unit in California, then get out to the property and put it under contract. Rinse and repeat cold call again etc…

Both Brothers are encouraging me to keep continuing and tell me these are the “walls” you’ll face. Brother A has been getting deals once a month, that first month I used recycled leads. Now I’m they put me in a market where 50-90k a unit is almost impossible. (I cold called realtors and brokers they said 200-300k in this new market I’m in) and the Brothers rebuttal “they always say that”

This job pay is. Close a 2 units $2,500, close 6 unit and below $5,000. Close 6 units and above $7,500.

I’m having second thoughts about this job and found that I should value my time than cold calling 6-8hrs… It kinda sucks rn, I love real estate and wealth generation but my plan now is to get one property learn the process of acquiring then quit. I’ve been looking into selling life insurance I heard that could be good and has a wayyy better work life balance, I also have a business that helps people and I think life insurance could possibly fit me more than lowballing and offending sellers idk lmk….

The only reason why I’m staying is really gain the experience of that 1st real estate transaction w a seller in person. Then leave…

Let me know what I should do or what you guys would do🙂🙏