All Forum Posts by: Cameron Lam
Cameron Lam has started 4 posts and replied 106 times.
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
Originally posted by @Michael Leahy:
Awesome post. Thanks for sharing and wishing you continued success!
Thank you Michael!
Post: Mountain House Transformation: $29k In Bookings The First Week!
- Gilbert, AZ
- Posts 106
- Votes 604
@Jack B. So awesome man! Where is you’re located? We just did one in flagstaff and have maybe 35 days booked so far from oct 16 to Jan 3 for a total of 13K! Playing around with pricing still but hoping to hit that 100K mark in gross! What do you charge for cleaning and what do you pay the cleaners ?
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
@Sidharta Surya Kusnanto thanks for the kind words and best of luck
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
@Kenny Manchester moving to vineyard
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
Originally posted by @Steve Burt:
@Cameron Lam Thanks for sharing this story. Can I ask if you have to personal guarantee your mortgages? Were you eventually able to stop providing a guarantee as your portfolio grew?
How did you evaluate your debt risk at you continued to add properties?
Great question. Yes personally guarantee the properties that I personally went into. Partners are the ones guaranteeing the loans in their name. Even if you move title over to a land trust with beneficiary as LLC you still have to guarantee it. Debt risk is very high but I always make sure cash flow numbers are high to weather any downturn. I think right now I can decrease rents by 40% and cover Mortgage PTI
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
Originally posted by @Mitchell Bohlke:
First time post for myself. Your post grabbed my attention and enjoyed the read. I'm 28 and starting to get my feet wet with the rental/real estate market in MN. Awesome to see the exponential growth potential!
Honored to be a part of your first post Mitchell! Best of luck to you!
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
Originally posted by @Spencer Hatfield:
Originally posted by @Cameron Lam:
Haha! Yes we are building in the Hamptons neighborhood right now and our current home is just a few neighborhoods over. I'm mostly doing buy and hold investing with long term rentals.
Vineyard has had a lot of vacation rentals and renting by the room but they are starting to crack down on that. You can't have a multi unit unless you are living in one of the units or were grandfathered in and they are getting strict about the no more than 3 unrelated parties in a single residence so renting by the room is going away in the family neighborhoods from what I've seen and heard. But despite that rents are pretty attractive because these are the newest and nicest homes in the Provo/Orem area.
Thanks for the info! What's the restriction on airbnb? I'm looking to do that in my basement.
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
Originally posted by @Spencer Hatfield:
@Cameron Lam super inspirational stuff. This post has got my wheels turning on how I can grow my portfolio faster. I own three homes now and am building house number four that we will live in and rent out the basement. I saw you are building in Vineyard Utah. Any chance it’s in the Hamptons neighborhood? Regardless I’d love to connect when you move up here.
Hey Spencer thanks for the note! This is super sad but I THINK it's the hamptons neighborhood. Are you there as well? What is your strategy for investing out in Happy Valley? Is it a lot of vacation rentals as well?
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
Originally posted by @Anthony Weiss:
Great time lapse of your path to success! Looks like 2020 has been your biggest year so far too. Your stats have me beat right now, but let's race to that 500k mark. Best wishes from NC
Hah I love it!!! Ok you're on $500K! Where are you at right now/
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
Originally posted by @Jeff White:
@Cameron Lam Great stuff Cameron, how do you plan to deal with showings/vacancies for your Arizona rent by room properties once you move to Utah? Do you have virtual tours for all your properties? Do you let the tenants choose and you screen the prospective applicants? Or, are you planning on having someone handle that aspect of your business?
Great question. As of now I’ve been doing virtual tours and truly interested parties just visit the home with my current tenants. Covid has been a good test so I haven’t had to visit my properties much this past year