A Conversation with James Bohan, Founder of Stonehan

Episode two of the RIZZ Podcast features a conversation with James Bohan, CPA and founder of Stonehan, We discussed marketing, the power of financial strategy in real estate, what separates operators who scale from those who stall, and why now might be the time to consider boutique hotels.

Why Idaho Still Has Momentum

James lives in Coeur d’Alene, a market that saw explosive growth during the pandemic. While the hospitality sector is now normalizing, population growth and investor interest remain strong. He’s actively investing in the region and believes Idaho and the broader Intermountain West will continue to attract residents and capital in the years ahead.

Marketing as a Long Game

One of the takeaways from our conversation was James’ approach to marketing. When he launched Stonehan, he committed to a five-year marketing plan. That level of foresight reflects his belief that visibility, trust, and credibility don’t come from a single campaign but from a consistent and strategic effort.

James advice is to allocate 2–5% of revenue toward marketing and growth initiatives or up to 10% if you’re in scale mode. “People think marketing is a switch you can turn on and off,” James said. “It’s not. You build the system first, then you can dial it up or down.”

James also stressed that financial clarity and marketing performance go hand in hand. If your back office is a mess, it’s hard to tell what’s working. And if you don’t track how leads move through your funnel, you can’t scale.

Traits Seen in Successful Sponsors

What sets top sponsors apart isn’t just the deals they do, it's the systems they build behind the scenes. James emphasized that successful sponsors are defined by two core traits, execution and infrastructure. They stay organized, track every dollar, and respond quickly to due diligence requests. “A strong track record doesn’t matter if you can’t package and present it,” James said. “When an institutional investor sends you a DDQ, how fast you respond says everything.” In James’ experience, the sponsors who succeed are the ones who invest early in their financial, operational, and marketing systems and treat those systems as non-negotiable components of their growth strategy.

Rent-by-the-Room: The Model He’s Betting On

While hospitality is still part of his strategy, James is bullish on rent-by-the-room models that maximize unit revenue while addressing the growing affordability gap. Think of it as a modern take on house hacking with units designed for privacy and independence, including separate entrances and kitchenettes. This model works especially well in resort towns, where workers are often priced out of the housing market and commute long distances to their jobs.

Why James is Bullish on Boutique Hotels

James explained why he’s bullish on boutique hotels and it has everything to do with branding, pricing control, and operational leverage. Unlike short-term rentals, which face regulatory pressure in resort towns, boutique hotels are already permitted and properly zoned. “If you buy a hotel, you’re already permitted,” James pointed out. That’s a big advantage in markets like Lake Tahoe or Coeur d'Alene, where Airbnb inventory has drawn pushback from locals and lawmakers. Operators who get this right, like Isaac French and his experiential cabin brand in Texas, are able to sell at a premium, not because of unit count, but because of brand value.

Advice for First-Time Fund Managers

• Keep it simple: Avoid overly complex waterfalls.

• Split your income streams: Separate fee income from promote to optimize taxes.

• Back office is everything: A knowledgeable real estate bookkeeper and strong systems can make or break your capital raise.

Thanks for reading. If you found the conversation helpful or if there’s a topic about CRE marketing or business development you would like to hear more about, drop us a message.