Our guest today is Jimmy Lam who is a superstar investor. From single-family and multifamily investing to ownership in hotels, offices, industrial and retail spaces, he has done it all. In this episode, he shares his success journey and the strategies that helped him on the way. If you want to know how to properly work the margins, add real value to your properties, and increase your income, then this is the episode for you! To learn more about Jimmy and his journey, visit reiclarity.com!
“At that point, I couldn’t just continue to buy the small single-family properties. That’s when I got into apartments and hotels and stuff like that and started really expanding.”
Jimmy Lam started his real estate career in 2011. In the beginning, he took advantage of private funding and bridge financing. As he got more successful, banks started to offer him better loans, so he started doing hard money loans for people flipping houses. Eventually, he took the leap from single-family to multifamily investing as it was easier to scale up.
Jimmy created a strategy for his business from the start and grew his portfolio to 40 single-family properties. He shares some of those strategies with us.
“Whenever you look at these deals, you’re always trying to find areas that you can increase income.”
Jimmy had experience in multifamily investing and raising money from his corporate job. He found his first deal through a university where he spoke regularly. On this property, he was able to increase the investment return by about 100%. He did that by working the margins, adding value to the property, and through that, raising the rent.
Jimmy’s 2 pieces of advice for business owners on how to make spaces more valuable for tenants:
- Always keep your tenant’s needs in mind and don’t forget that people want service quickly.
- Systematize how you do things, create clear processes for your business.
“It’s a matter of trying to understand the reason why you want to jump into commercial investing.”
Jimmy invests in Texas, where everything above 4-units is considered commercial investing and falls into a different loan category. For people who just want to acquire 5-6 units, he advises to only invest in single-families for better loans.
Jimmy’s advice for people who want to jump into commercial investing:
- Get a deep understanding and knowledge of how commercial investing works.
- Prepare to have very high additional fees and higher risks compared to single-families.
Jimmy is also involved in hotels and franchises like Hyatt, Hilton, and Marriott. For people who want to get into the industry, he suggests to partner up with someone more experienced because a resume should be attached to the loan.
Jimmy’s 3 pieces of advice for real estate investors to find REI clarity:
- Take a step back, put yourself in the customer’s shoes, and consider if they would be satisfied with the service you’re providing.
- Find a mentor who can help you on your journey.
- Think about your strategy and make sure that it helps you in the long-term.
Mentioned in the show:
- His phone number: 832-303-1884
- His email: firstname.lastname@example.org
Learn how to grow your portfolio and reach incredible success the right way! Visit us here for everything you need to know: www.shineinsurance.com/reiclarity.
Special thanks to Jimmy Lam for taking the time to share so many great insights with us
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