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 @Steve Smith:
Nice success story and an inspiration to many folks just getting going. Most of us seasoned investors took a fair amount longer to get that kind of cash flow, but your methods work. And they'll work for others.
I can argue to get educated, get your feet wet and be sure each property had a reasonable cash flow (with a few rare exceptions). And they add up pretty quick.
Keep up the great work, and great posts.
Thanks Steve that was my hope...to inspire those afraid to take the plunge!
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
Originally posted by @Bill C.:
@Cameron Lam
Awesome post thanks for sharing.
I was curious about the legal structure and the Law firm you mentioned. When did you set up the Series LLC? And which properties does it hold? Are the primary residences later transfers into there?
I’m trying to scale fast as well and having the right legal setup early will definitely make things less of a headache later.
Thanks!
Fortune Law firm in las vegas. I almost went with Royal legal in texas and they have a similar structure in there. After you close on the property you move title into a land trust. Beneficiary of the land trust is an individual sub series LLC which holds 1 property only. That sub series is owned by the master series LLC which flows into whatever else you want it to. One tax return for the master series only as far as I understand it. Haven't done taxes yet :)
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
Originally posted by @Duane Richards:
@Cameron Lam, welcome to the Utah market - I'd love to get some details on your deal (Vineyard seemed to have some pretty steep HOA's when we looked at some multi-family units there). My wife and I put money down on a new townhome in Sept 2019, supposed to close in March 2020, but COVID pushed it to May. Had tenants lined up for 45 days waiting to move in. The area was so popular, we put earnest money down on a second one (being built) from the builder in April, which just closed in September. Also had a renter lined up for 30 days waiting to move in.
We are about to close on two more (invested in an OZ at the end of 2019) in a different area, all while COVID is in full swing in Utah. We've had tenants lined up on these as well for almost 30 days now. If the seller would just get their stuff in order, we would have closed in July LOL!
Would love to connect! Good luck with everything and your continued REI successes!
Wow that's amazing Duane would love to big your brain on the utah market when I get out there seems like you are really just taking advantage of the explosive growth out there. I'm guessing you're going for the appreciation play given all the people moving in from out of state? What do your cash on cash numbers generally look like out there
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
Originally posted by @Account Closed:
Cam, you are an absolute monster and extremely humble at the same time. Your attention to detail and professionalism is top notch. I've enjoyed seeing your rise over the last 10 months (wow not even a year for me). I feel extremely blessed to be a small part of it and feel like I am learning from the best. Looking forward to doing our next deal!
ALl you man. Thanks for taking the leap with me on that first deal!
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
@michael chizhov
Yes my partner gets all of the cash flow. Half of it pays him back what would've been my initial equity. So if the initial investment was $40K, my half is $20K. If we cash flow $1000 a month, $500 of it goes to pay down my 20K. $6K a year...about 3.3 years. BP investors I've worked with have reached out to me to collaborate
Post: 4 Million Dollars in 4 years - Thank you BP
- Gilbert, AZ
- Posts 106
- Votes 604
Shiloh, great post and congrats on you and your partner's success. I hope to emulate. What are your goals for ROE? Seems like 360K/4000K at 9% leaves some opportunity to reinvest/cashout refi to maximize returns and scale more?
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
Originally posted by @Brian G.:
@Cameron Lam dude I’m happy for you. That’s very encouraging. Congrats!
Thank you really appreciate the kind words!
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
Originally posted by @Jeremy Davis:
@Cameron Lam
Just curious, whereabouts in Utah? I just relocated to Salt Lake area from Los Angeles. Get ready for a different market ;)
Vineyard near Orem. Hah it's competitive but nothing like LA where we're from eh?
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
Originally posted by @Haley Powell:
Thank you for sharing! You are a machine! And I mean that in the best way possible.
How did you go about finding reliable contractors? My fear is that I will get taken for a ride as I'm not super handy and I don't always know what I'm looking for in quality workmanship.
Definitely a valid fear. So unit 2 which was a primary me and my wife moved into after we got married needed about 10k in rehab. New tile, refinish cabinets, new bath vanity, shower tile etc. I just shopped around and bid out stuff to people with high google ratings. After that I made friends with some of the people doing the actual work and found contractors through the local area Facebook page. I think just being around it all the time now for the last two years has helped baseline what’s I should be paying. I definitely probably overpayed in the beginning
Post: How I achieved $100K annual cash flow in 2 years
- Gilbert, AZ
- Posts 106
- Votes 604
Originally posted by @Samantha McEntire:
Thanks for posting! I have been considering renting by the room for enhanced cash flow in this market where it is hard to get strong cash flow. Would love to connect and find ways to work together as I am just getting started in building my rental portfolio. Do you have any book recommendations that guided you in setting your goals/5 year plan? Cheers!
Hi Samantha, yes room by room is the ONLY way...or STR's to get high CoC in this market. The only book I read cover to cover was Brandon Turners Guide to real estate investing if I'm honest :)