With years of commercial real estate experience, he has done it all. From sourcing, financing, development, and more he has ownership in apartments, hotels, offices, industrial and retail space! Learn how you can build a life of wealth through commercial real estate.
Key Points on Secrets To Build A Life Of Wealth
- Jimmy started his career in a small boutique investment bank.
- In 2013, he heard in the news that Blackstone was acquiring single-family houses. It made him interested in real estate and he invested in a few foreclosures.
- Over the next 2 years, he acquired 38 houses. His financial technique was to go in a deal with private money first, then refi out with a conventional loan.
- As he started to have a lot of money movement on his account, his bank promoted better loan deals to him. He started doing hard money loans to people flipping houses and he was also flipping himself.
- Eventually, many realtors turned to him to invest with him, so he chose to leave single-family behind and focus on commercial properties. He could get better tax benefits this way.
- His first multifamily deal was a 24 unit workforce area.
- He funded his deals partially with debt financing. In the beginning, he had to get local bank financing with recourse. Later on, most of their deals were non-recourse.
- The difference between a recourse loan and a non-recourse loan is that with a non-recourse loan if you default, the lender can take your property but not chase your assets directly. With a recourse loan, the lender can also come after your assets and you personally.
- Jimmy also invests in hotels. The hotels he is working with are Hilton, Marriott, and Hyatt.
- He recently started investing in businesses as well. When he buys a business he focuses on 3 things: how long they’ve been in business, if they have a solid customer base, and if the business’ portfolio matches with his skillset.
- In the future, Jimmy wants to get into the automotive industry, as he sees a big residual income potential in it. He doesn’t want to work harder or more but enjoy his automated businesses.
- Who is your success role model? Gerald D. Hines
- What is your biggest success? Finding his wife.
- What does a typical day look like for you? Jimmy has hotel management meetings once a week and apartment meetings every two weeks. He spends some time on finding new projects, but other than that he is completely free. He speaks at universities, runs, and works out on most days.
- What’s your favorite quote? “Everybody dies but not everybody lives.” – Will Smith
- What are your hobbies? Playing golf and tennis and traveling.
- What is the best business book you’ve read? Ray Dalio – Principles
- If there was one key piece of advice you could leave our listeners with about achieving success, what would it be? Get in the game, break down your goals to bite-sized pieces, and track your income.
About our Guest, Jimmy Lam
Jimmy Lam's primary responsibilities at HarDam Hotels include sourcing, negotiating, financing hotel acquisitions, and development projects. Mr. Lam also oversees HarDam’s development and renovation programs; ensuring product quality is achieved to the highest standard in a timely fashion. His responsibilities include all aspects of high-level operations, ranging from creating a successful differentiating strategy for each hotel to the bottom line. Mr. Lam is also overseeing asset management and strategy of the company’s growing portfolio.
Mr. Lam's primary responsibilities at Kirkwood Haven include sourcing, negotiating and financing apartment acquisitions and growing the real estate debt investment portfolio. Mr. Lam is also overseeing asset management, strategy and investor relations of the company’s growing portfolio.
Previously, he was with Hines where he was involved in all aspects of real estate investments, financing, economic research and asset management for a European Private Equity Fund. Prior to that, he was on the investment team for Hines REIT and other public Hines vehicles. Mr. Lam also led exploratory efforts to start new funds and find new attractive markets for investments.