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

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 28 October 2020

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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 Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Forums BiggerPockets Podcast Rentometer Yelp Zillow Check the full show notes here: https://www.biggerpockets.com/rookie35 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is, real estate rookie show, number 35.
0:04.8	So then I was able to add a fourth bedroom.
0:10.6	The great thing about renting out for bedroom is to college students and sometimes you can get two people 35 is
0:33.2	Fleep and I always talk about how he takes his son to what is it five below or five and under what's that
0:38.7	and then I take my kids to the dollar store so I took my kids to the dollar store. So I took my kids to the dollar store
0:44.2	last night that I get decorations decorate this bucket for school. So I
0:48.4	we're in the car this morning and we need to give five dollars to the teacher and my son had a
0:54.5	bunch of dollars still left from the dollar store in the backseat with him and I
0:58.2	was like okay count out five dollars and he's like okay I have it Do you think I should give her a tip though?
1:04.4	Because I have some extra dollars.
1:07.0	And I'm like, do you want to?
1:08.9	And he's like, yeah, I do want to give her a tip.
1:12.0	I'm like, okay, go on.
1:13.3	So he was going to tip his teacher for buying him a Lowe's 5 gallon bucket
1:18.9	to decorate.
1:19.9	Well, I think that's awesome. I think teachers deserve as much as they can they are lifesavers and I think now during the
1:25.8	pandemic I think parents can appreciate more the teachers and I think that's awesome but
1:31.5	we don't have a teacher today on the show.
1:33.0	We have Ryan Shaw.
1:34.4	He's in the medical field, but he's not a doctor, right?
1:37.0	What did he say?
1:38.4	A pharmacist.
	...

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