Unlocking Freedom: How Joe Lam Transformed His Life with Airbnb Rentals

Dylan Silver (00:00.93)
Hey folks, welcome back to the show. I’m your host Dylan Silver and today on the show I have Joe Lam in Las Vegas, Nevada. Joe is the founder of Cozy Furnished Homes, an Airbnb business with over 30 listings across Nevada, California and Thailand. Joe, welcome to the show.

Joe Lam (00:20.337)
Thanks for having me on Dylan.

Dylan Silver (00:22.958)
Absolutely, before we hopped on here, I said Las Vegas, probably Florida, and I throw in an honorable mention for Arizona are some of my favorite places for real estate entrepreneurs. But let’s start off at the top. Joe, how did you get into the real estate space?

Joe Lam (00:39.421)
I started by attending an event that’s put on by the Rich Dad Poor Dad Elite Education Company. And this was back in January 2019. And I wanted a change because I was running a family business. It was e-commerce. You know, we sold on Amazon a lot of different sites. And it was something where it wasn’t a lot of time freedom.

And when I went to this event, I realized like, wow, like, you know, the real estate professionals here, you know, they can do whatever they want. They can travel, go here and there, and then they work when they want to. And that wasn’t the case with my business, which was an office and warehouse. And I had three, between three to five employees at a time, just shipping products out of this warehouse. I’m like, I’m stuck here, you know? And so, and I’m a filmmaker by heart. So I wanted to…

Dylan Silver (01:25.763)
Yeah.

Joe Lam (01:29.923)
start a business where it would free me up to do the things that I really love.

Dylan Silver (01:35.138)
And so you are at this conference and was the first step for you to get involved into wholesaling or where was the entry point for you in your first real estate deal?

Joe Lam (01:46.969)
That’s exactly it because this three-day training It costs about $16,000 and I’ve honestly Dylan. I did not have that money When I when I started it, but I knew I wanted to change my life So I had six grand on me and the rest I had to borrow Getting loans and credit card. It was like six different credit cards and two loans I had to get And but I was all in I said I’m gonna change my life and it was wholesaling that that’s what they

taught us as the very basic beginner level. But there were other courses, a lot of other courses involved, but I started there. Yes, wholesaling.

Dylan Silver (02:25.89)
You know, when I talk about the path of a real estate entrepreneur,

I this is how I got in Joe too is I went to a local RIA event in San Antonio I’m in Dallas now and funny enough the RIA event that I went to ended up being a way for me to get to a conference that was in Dallas and then last week with the mastermind that is sponsored to this podcast they had their Event at the same place that I went to that first event and just divine intervention and Wholesale for me was was the way in

And I look at like a real estate entrepreneur career and I see a lot of people doing wholesale then maybe some fix and flips then short-term mid-term You know corporate housing long-term maybe people get into commercial you could do I’ve seen now lot of lending hard money lending or note buying and So for me, I’m in the I’m still wholesaling I shouldn’t say still but I’m wholesaling and I’m a realtor out here And that’s where I’m currently at and where I’m hoping to scale

from, how did your business grow Joe from that first deal?

Joe Lam (03:36.047)
it took me eight months to do my first deal.

I was trying to wholesale anything and everything. It was mainly things that were four units enough because we were told that you have enough meat on the bones for an investor to take it on. But I would call almost every single day, out LOIs and just search and just crunch the numbers and spreadsheets that they gave me and literally for eight months, nothing. And I was attending events all the time. I would go to like six different like RIAs in my area and like these

Dylan Silver (03:44.129)
Yeah.

Joe Lam (04:09.407)
big symposiums that the education company put on. It would just fly to different states. And it wasn’t until I partnered with two accountability partners that I had met back in January 2019, I said, I’m going to need your guys’ help because I’m going to be too slow at this because I’m an analytic type of person. And these two were like lions. They were attack dogs. so we just called every day, 9 a.m. to 9.30, and said, what are you doing? What are you going to do the next

24 hours, how can I help you and…

That just kept us going for that entire period. And then we got our first deal under pre-foreclosure. The homeowners were, they were going to lose their home. They were happy to walk away with nothing. They were just because they were so stressed out underwater and they wanted to be free of this issue. And so we got this property under contract. We acquired it. It wasn’t a purchase. We acquired it for 15,000 and then we renovated for another 15,000 and started cash flowing it doing Airbnb.

Dylan Silver (05:12.674)
So is that a subject to deal?

Joe Lam (05:16.189)
Yeah, can, it’s similar subject to, yeah, yeah. So we cured the loan for 15,000 and then we took over the monthly payments for $906. And then we were bringing in about $3,800 a month, $3,800 to $4,000 in revenue a month. So net positive cash flow was $2,000 every month. No, single family, it was valued at $250,000.

Dylan Silver (05:24.718)
Okay, gotta, yeah.

Dylan Silver (05:33.688)
and it was a multi-family deal.

Dylan Silver (05:40.222)
huh.

Joe Lam (05:40.603)
And then like a year and three months later, because of the pandemic happened, we made money on it so far and the value was at 360,000. So we said, well, let’s just sell cash out. And this is back in California. And because of the pandemic, the moratorium, I moved to Vegas and my partners went to different places too. So we kind of all just split up.

Dylan Silver (06:03.79)
I love hearing about these origin stories. My experience getting into the real estate space was working for a national real estate wholesaler. And I remember the day that I showed up there was kind of an interesting time for the office because there was a lot of turnover at that point in time for this company.

And as I’m brand new and not knowing what’s going on, I’m kind of seeing people come and go and they even sold everything in the office. And I’m asking one of my buddies who had just gotten out of the Air Force, like, hey, how do I learn about this, this wholesale thing? And he was giving me kind of his one on one on wholesale. But then now that I’m caught up the speed on what I know right now, I realize kind of we were all in the same boat and it’s amazing we were able to get any

deals done knowing what little we knew. But pivoting Joe a bit here, so from that first deal, what were the next steps for you after that first deal took eight months? And I’m sure you had some relief and kind of a proof of concept there. What was the next steps for you?

Joe Lam (07:12.637)
The next step, mean, we acquired our second property, I mean, soon after that. That was a $650,000 home. again, the family was, they were not paying the mortgage, they were not paying like two HOAs, surprisingly. And this was all adding up. So we cured it for $25,000, we took over the payments. They wanted to stay in the home. So we said, okay, we’ll let you stay here. But the only thing is, they didn’t learn from that.

I found that that wasn’t an ideal situation because they continue to, you not save up.

Dylan Silver (07:47.181)
Mmm.

Joe Lam (07:52.317)
to prepare themselves to exit this and then get into another home that they can live in throughout their retirement. But yeah, again, so the moratorium happened. I came to Vegas and I had an introduction to an investor out here and this person had, it was like four or five homes in different phases of construction and I did a little mentorship and just advised him, like do one at a time, finish one, then we’ll furnish it.

it, well cash flow it, I’ll help you run it on Airbnb and then we move on to the next one. And then that’s how I started in Vegas and now I’ve grown to, what is it, it’s 39 now. So since we’ve spoken, I’ve grown.

Dylan Silver (08:39.438)
How did you end up directly from, or I shouldn’t say maybe it wasn’t direct, but how did you end up going from wholesaling to the Airbnb space and was it a natural transition?

Joe Lam (08:52.421)
I mean honestly, I…

It would have been nice if I was successful in wholesaling. I’ll be honest, I was not. I do know somebody who’s extremely successful. He built his business on wholesaling and now he’s at the point where he’s got so many businesses, I think like up to 10 businesses where it’s like he buys and rents cars, he’s got his rental properties, he has like, you know, what do call it? Like virtual assistants. But now, I mean, he actually posts on his social media. like, I just made 50 grand from a wholesale deal. I made 150 grand from a wholesale deal. He posted checks.

Dylan Silver (09:17.261)
Yeah.

Joe Lam (09:24.659)
but he hides the information. That’s amazing. I couldn’t do it. know, one of my partners that we did the accountability calls.

In his second week, he got a deal that was paid out like 60 grand, you know, because he got an apartment under contract. He kind of didn’t know what he was doing. He was just being told to do what to do. But for me, eight months and nothing. I wish something would have happened for the whole sale, but maybe it’s a blessing in disguise because then, like, you know, I really do enjoy.

Airbnb, property management, all that because again it frees up my time which is great. And I know that I believe a lot of people start in wholesale and then they branch off to other areas where it’s a little bit more time freeing.

Dylan Silver (10:08.364)
Yeah, I couldn’t agree any more with you. When I look at the ability to pivot for real estate entrepreneurs is so critical because it’s not just like what niche is someone ultra competent at. It could be something out of our control, right? Like a moratorium, right? And so when we have to pivot.

Oftentimes, for most people, we look at it as like, wow, this is this really uncomfortable thing. But in the real estate game, it’s just like inevitable. Like it is a matter of time before everyone has to adopt a new strategy. And so, you know, you had to do it fairly early on, but now here you are, big rental portfolio, Airbnb. So.

When you moved out to Nevada, I’m imagining the thought process was something along the lines of, me figure out exactly how I can start making some money fairly quickly. But you ultimately ended up getting into the Airbnb space out there.

Joe Lam (11:13.155)
Yeah, because we were successful in California doing it. I figured, don’t I just, you know, if that’s where I excel at, why not do that? You know, I mean, I did some fix and flips in Texas. They did not go well. I’ll be honest. Yeah, it’s not easy. Anyone who can, who’s good and successful at fix and flips. mean, my hat’s off to them because I was not able to pull it off.

Dylan Silver (11:24.718)
Yeah.

Dylan Silver (11:30.175)
uneasy

Joe Lam (11:41.575)
Purchased three properties, they were all distressed. Ran through a lot of contractors, over 30 contractors over there. So it was a lot of headaches. So we did lose investor money, but I actually vowed to pay back my share to the investors. It was a lot of money. It was a big chunk of change, but because of my ability with Airbnb and…

the rate that I grew it, was actually able to pay them off and I’m at the tail end. So by the end of this year, after three years, I will have paid off the investors that lost money. I don’t have to, but it’s just something that, these were people that were, they have nine to five jobs, they are not wealthy individuals, and so that’s why I decided to do that. Not everybody does that though.

Dylan Silver (12:29.646)
I’ve heard of, I haven’t done a fix and flip, but having seen fix and flips and participated in some of the contract, the actual demo of the fix and flips in Dallas, it is a huge undertaking and things quickly become more expensive than anticipated. And if we’re not buying these deals for pretty much the exact right price.

it quickly becomes a whole ordeal. But you found a niche that really works for you in the Airbnb space. How did you end up finding that niche? And talk to us about the first deals that you had.

Joe Lam (13:05.117)
Again, was just when we did in California that first that first property we got under a pre foreclosure the funny thing is my focus

in the education when I first started was I took a course on social housing and it was specifically for sober living people transitioning out of drug and alcohol treatment centers and to be housed all together so they can you know have random drug testing to stay sober and just have more of a structured guideline for where they live and support them to get back on the feet and get jobs and get cell phones and all that. It didn’t work out. That’s why we had

pivot, like you said, pivot into Airbnb. And luckily, it’s just right away, it was in a few days, we just, got our first booking and we were off to the races.

Dylan Silver (13:56.376)
Did you find that Airbnb on the MLS? Was it off market? Was it a distressed seller? How did you find that Airbnb?

Joe Lam (14:02.333)
No, we turned it into an Airbnb, so it’s not like we found it. We were sending out 3,000 to 5,000 phone calls in Los Angeles County that we were doing robo-dials. Someone’s phone, it would not ring, it would just show up in the voicemail and it would have a message because we hired someone, an actress to do recordings, three different recordings, and it would just be different every time. It’s saying things like, you don’t have to go through pre-foreclosure alone,

If you’re thinking about bankruptcy, please call us. can work with you to acquire your home and get you out of the situation. That’s how we started.

Dylan Silver (14:44.59)
So working the pre-foreclosure list and then turning it into Airbnbs.

Joe Lam (14:48.774)
Yes, exactly.

Dylan Silver (14:50.466)
So this is interesting. So I’m doing something similar out here in Texas. And my strategy, I think, is fairly unique in that I’m combining a lot of the aspects of cash offers with some of the aspects of being a real estate agent. And I think in many cases, the two worlds don’t collide. When I went to real estate school, I just got my license last month. When I went to real estate school, was kind of like wholesale was a dirty word. But now I look at it and I see like there’s

So many ways where people in tough spots can be helped, but in many cases, their needs are not able to be helped. Either in a negative equity situation, or it’s too close to the auction. And there’s so many different ways where really it’s not a one size fits all solution. So hearing that someone like yourself.

was going to the pre-foreclosures, turning it into Airbnbs. I love to hear that because really, you’re helping those people, but you’re also able to find a deal at a discounted rate.

Joe Lam (15:51.503)
Yeah, and there’s been times where pre-foreclosure, we will give a portion of the proceeds when we sell the property back to the homeowner. We work out a deal like that too. It all depends on their situation and what their wants and needs are. So it’s not like we’re getting home for nothing. We are partnering with them so they can get money back into their pocket as well.

Dylan Silver (16:17.186)
I’m a big fan of the idea of partnering with the sellers and it’s something that I’m gonna try to do and prototype out in my business. Joe, when you talk about being an Airbnb host or when anyone talks about being an Airbnb host,

I kind of emphasize the word host because I’ve spoken to a number of guests here who tell me, you know, I was an Airbnb host and you really have to like to actually host people and that’s kind of part of the process there. And it seems like based on the level of success that you’ve had in multiple different areas, locations throughout the country, that that’s something that you must like and have a passion for.

Joe Lam (16:55.523)
Yeah, I mean the funny thing is, know, real estate is not my passion. That’s the funny thing, but anyone who gets into real estate, you don’t have to be passionate about it. The beauty of real estate is that it can free up your time unlike other businesses, unlike other jobs where you’re trading your time for money. It’s always locked in.

Dylan Silver (17:00.994)
Hmm. Yeah.

Dylan Silver (17:20.227)
Yeah.

Joe Lam (17:20.507)
Real estate is not like that. If you can run your real estate business in a specific way, you create systems, it frees up my time. I’m also a filmmaker, so I’m a movie director, so I go to horror conventions once a month. If I had a nine to five job, I couldn’t do that because I have to fly out on a Thursday or Friday and then come back on a Monday sometimes. There’s no way. But with my Airbnb business,

Dylan Silver (17:40.302)
Do that.

Joe Lam (17:50.083)
Money just comes into my bank account whether I’m awake, asleep, I’m traveling, I’m watching a movie, I’m eating. It’s constantly flowing in and I don’t have to be there. I just manage everything from my phone. Yes, of course, I go to my properties once in a while, but I have my team that does that that I pay. My cleaning crew, my maintenance professionals. So it’s amazing what real estate can do for you.

Dylan Silver (18:19.404)
Was the real estate career or the real estate portfolio born out of a desire to do filmmaking and have more flexibility with doing filmmaking and needing a way to support that?

Joe Lam (18:33.785)
Yes, absolutely, because the interesting thing is, I mean, I’ve been at it for over 20 years to make my first movie, and I would go to events where there’s film events, and I would see filmmakers, a lot of producers there, and then I’d go to real estate events. And the producers were always like, they were not in the best shape.

in terms of their state of mind. I could tell their finances. It was just stressed out all the time. I’m passionate about this business, but I see people struggling here. I go to these real estate events, and the men and women, they were just smiling and happy and joking around. I’m like, they’re doing something that this group over here is not doing. So I say,

Let me get into this one so it’ll support me doing this. So I’m not always like stressed out financially here.

Dylan Silver (19:31.118)
love that Joe. And when I think about myself and where I’m at in my journey, I look at it, and I don’t always tell this story, but I look at it like if I can’t model my life after someone from a financial standpoint, from a entrepreneurial standpoint, from a relational standpoint, from a health and wellbeing standpoint, then I kind of have to be careful

how much exposure I give myself to that person or that group because it’s gonna rub off on me. Like I know myself. It’s like osmosis. It doesn’t matter if I’m strong, if I try my best to not let it kind of affect me or influence me, it will.

And so I recently had to start, like very recently, I had to start evaluating, like hey, this person or this group may be great in one area. Like for you, you had the film group and the real estate group. For me, I have like my people that I do athletics with and then I have the people that I do real estate with and oftentimes it’s totally, like two totally different personalities. And so it’d be great if there was kind of an overlap, like if there was a film real estate group, right, or if there was an athletics real estate group.

Joe Lam (20:40.125)
Yeah, yeah, I wish. And I just want to mention what you said about, you know, the real estate agents.

see wholesaling is a dirty thing. I can understand that but to me they’re just different ways of helping people, of serving people. Because let’s say someone’s trying to buy a home and they get it under contract and it’s not right for them. Well you can take that and you can wholesale that to somebody else. You’re essentially being a finder.

Dylan Silver (20:52.173)
Yeah.

Joe Lam (21:13.789)
to help in the sales process, facilitate the sales process. I don’t see that as a negative at all. And sometimes the average that someone makes is like $5,000 in a wholesale deal, right? And so everybody wins in that instance. And the realtor is still getting paid as a result. And the homeowner gets to sell their home. yeah, to me, it’s perspective. But if you only learn one side and you’re not learning the other side, then it’s easy to just look in and say, that’s not a good thing that’s happening in our business.

Dylan Silver (21:42.306)
Yeah, I am with you. I’m with you, Joe. When I told the people in the room that I was a wholesaler, it was like, my gosh. I was like, maybe I shouldn’t have said that. Joe, we are coming up on time here. Where can folks go to get a hold of you?

Joe Lam (21:59.439)
Well, they can go to my website if they’d to learn more about me and just see some of my listings. CozyFurnishedHomes.com. That’s C-O-Z-Y, furnishedhomes.com.

And also if they want to copy my book, they can get it. It’s called Airbnb Mastery. If you Google Airbnb Mastery Joe Lam, the link would show right up. It’s on Amazon. It’s the second edition. I also teach for a larger real estate education company called Life Surge. So if anyone attends these big events where there’s like thousands of people, I think it’s like 3,000 to 4,000 attendees. They travel around the country. And so it’s similar to like the three day event that I

attended and they fly me around to different parts of the country to teach at big symposiums and I teach online as well through them. And I’m doing this to really just give back and educate because to me, if I’m only just running a business and just earning revenue for myself and my clients, then I’m missing something. And that’s why I chose to write the book and educate and give back to other people.

if they want to transform their lives and free themselves up using the power of real estate.

Dylan Silver (23:18.584)
Joe, one final question before we head off here. Airbnb Mastery, I’m going to get the book right after I hop off here with you. For folks who are newer investors or maybe are just getting in, would it be applicable to them? What level of understanding do you have to take advantage of your book?

Joe Lam (23:35.157)
I I walk people through the eight steps. The subtitle is, Eight Steps to Launch and Grow Your Short-Term Rental Business. And it’s pretty, it’s pretty like basic foundational.

the way that I write. I don’t use anything like very fancy or complex. I’m very straight to the point. This is where you go to research if it’s possible to have a short-term rental. If not, you can pivot to a mid-term rental. You can do long-term, but here are the pros and the cons of it. There’s actually a lot more risk doing long-term. That’s what I found. But yeah, I walk people through the steps. And again, I’ve been teaching Airbnb for the past three years now.

I have a knack of how to guide people through getting started.

Dylan Silver (24:24.568)
Joe, thank you so much for coming on the show and for giving us some value here today.

Joe Lam (24:29.127)
Alright, thank you Dylan, appreciate it.