35: Doubling Cashflow by Renting out Rooms with Pharmacist Ryan Chaw

Oct 28, 2020

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From $25,000 purchase prices last week to $300,000+ group houses this week!

We head to the Bay Area today to meet pharmacist Ryan Chaw, who ventured about an hour away from his hometown and began buying 1 house per year and renting them by the room to college students.

Ryan collects nearly $11,000/month from 18 tenants, and is creating the kind of generational wealth his grandfather used to put both him and a sibling through college.

Does renting to college kids sound like a disaster waiting to happen? Well... Ryan has found several ways around this, and in this episode he outlines the checklists, systems, and "personal touches" he uses to self-manage without the headaches.

Ryan opens up about an early failure, too. He wasn't getting all his rooms filled, and he realized he wasn't doing a good enough job advertising. So he developed step-by-step, "P.R.I.M.E." marketing method to attract a steady stream of qualified applicants... and you'll learn each step today.

If you're struggling how to figure out just how to create cashflow in a spendy market, follow Ryan's lead! Get creative, consider rent-by-the-room and other outside-the-box strategies, and reap the rewards of greater appreciation and stability that come with high-priced areas.

In This Episode We Cover:

How Ryan is succeeding in one of the most expensive markets in the country, the Bay Area
Using his job as a pharmacist to get conventional financing
Creating generational wealth through real estate
How he saved up to buy 1 property per year, 4 years in a row
Why he rents his houses to college students
The systems he uses to manage 18 tenants and avoiding roommate drama
Unlocking hidden value and boosting rental income by adding bedrooms
Lessons learned from a difficult tenant who smoked weed and played loud music
Why "buy then wait" beats "wait then buy"
And SO much more!

Links from the Show

Check the full show notes here: https://www.biggerpockets.com/rookie35

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