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