A star of "Selling Sunset" says the house tax was a "nightmare" for high-end real estate in Los Angeles this year. Some people think that 2024 might be a good time to buy.

Her name may be familiar to you as the Barbie-like character who closed multimillion-dollar deals for a Los Angeles-based high-end real estate company on the hit Netflix show Selling Sunset. But Emma Hernan invested in real estate a long time before she was a celebrity real estate agent.

This self-made multimillionaire was a model, business owner, and real estate investor before she bought her own home in 2017. She made her money by investing in the stock market and new businesses.

The next year, she started working for the Oppenheim Group, the company she used to buy her house. Her main job was to sell high-end homes to and for famous people. 

She fought many of the problems the local housing market was having in 2023, including the new city mansion tax, by helping pop star Harry Styles sell his L.A. home for $6.7 million.

During that time, she also ran Emma Leigh & Co., a company in Boston that makes vegan food. It is best known for its plant-based empanadas. The company also works with other food companies, which, according to her, has helped her real estate business by putting her in touch with CEOs and other officials who are likely to buy expensive homes.

This multimillionaire lives on both coasts and owns a number of homes and businesses in both Los Angeles and Boston. She refers to her rental income as "mailbox money."

She tells Fortune, "When I rent out my house, someone pays my mortgage, and my mortgage is paid off." "And now I just get a check every month." As a result, I found it easy to move from the stock market to real estate.

Being a luxury real estate agent for the world's rich and famous isn't as easy and luxurious as it may seem, even with some big wins in 2023. The real problem was the mansion tax, which adds between 4% and 5.5% to the price of selling multimillion-dollar homes. High mortgage rates, which hit an all-time high of 8% in October, also hurt business.

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