Full Time Pharmacist Replaces Income with Room Hacking & Student Housing Investments | Ryan Chaw

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What if one decision could double—or even triple—your rental income… with less risk than you think?

That’s the story of Ryan Chaw, a former pharmacist who used a niche student housing strategy to escape the rat race and build a real estate portfolio that now generates over $50,000/month in cash flow.

In this episode of the Millionaire Mindcast Podcast, Ryan reveals how he went from a demanding W-2 job to a real estate entrepreneur with 14 properties, 90 tenants, and a waitlist of students begging to rent from him. His strategy? Renting by the room to graduate students near top-tier universities—a model that triples income and minimizes risk.

👉 In this blog, you’ll uncover Ryan’s exact strategy, learn how he built systems to manage dozens of tenants while working 60-hour weeks, and walk away with a tiered playbook to help you launch your own student rental empire—no matter your skill level.

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Fast Takeaways: What You’ll Learn from Ryan Chaw

• The "triple rent" model: How renting by the room can turn a $2,000/month rental into $6,600/month.
• The low-risk tenant formula: Why grad students are Ryan’s preferred renters—and how to attract them.
• The blueprint for scaling: From 1 house to 14 properties in multiple states—all while working full-time.
• Management made simple: How he empowers tenants to reduce maintenance requests and drama.
• Systems that scale: How virtual assistants and local boots-on-the-ground help run a 90-tenant empire.

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The Student Rental Model That Tripled His Income

“I bought a house, added bedrooms, and rented it out by the room. Instead of making $2,000 a month, I made over $6,000 on that same house.”Ryan’s strategy is refreshingly simple—but incredibly powerful. He buys single-family homes near grad-focused colleges, increases bedroom count (often 5–6 per house), and rents each room individually to students. By catering to graduate students—future doctors, pharmacists, lawyers—he attracts mature, reliable tenants who often have parental co-signers.

Why This Works:

• Low vacancy: Colleges supply a steady stream of tenants year-round.
• Higher rent per square foot: Renting rooms individually triples gross income.
• Stable tenant profile: Grad students = less partying, more studying.
• Built-in demand: Most universities under-supply housing for grad students.

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The Power of Strategic Location

Ryan's secret sauce? He chooses the right schools.

“You can’t change your location. That’s why I only invest near top-tier schools with grad programs.”

His properties are near universities like Case Western, CSU Sacramento, and the University of the Pacific—schools that attract high-achieving grad students but often lack dedicated off-campus housing. That imbalance creates an opportunity for landlords who can fill the gap with clean, furnished, affordable rooms.

Ryan even provides extras like:

• Furnished rooms for international students
• Electric scooters
• Shuttle maps to campus
• Walkable or shuttle-stop locations

All of these boost appeal—and reduce vacancy.

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How He Scaled—While Working 60 Hours a Week

“I worked 14-hour shifts as a pharmacist—but still bought one house per year.”

How? Systems.

From day one, Ryan built tenant empowerment protocols, trained his renters on basic maintenance, and developed scripts for resolving housemate conflicts. Instead of outsourcing everything to expensive property managers, he trained local helpers and virtual assistants (VAs) to manage the day-to-day.He now manages 90 tenants with:

• Two full-time VAs
• One part-time VA
• Boots-on-the-ground helpers paid per visit
• Automated leasing and rent collection systems

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Your Playbook: Launching a Student Rental—Step by Step

No matter where you're starting, here’s how to follow Ryan’s footsteps with actionable advice tailored by experience level.

🟢 Beginners: Just Getting Started

✅ Start small, but smart Buy one house near a college with grad programs. Use U.S. News to research target schools with pharmacy, medical, dental, or law programs.

✅ Rent by the room Convert existing space (dining rooms, offices) into additional bedrooms. Most of Ryan’s houses have 5–6 bedrooms to optimize income.

✅ Use simple tools Track rent and utility splits in Excel. Post room ads on:

• Facebook Housing Groups
• College off-campus housing portals
• Apartments.com
• Avail.co (to syndicate listings)

✅ Focus on tenant quality Target grad students. They’re mature, pay on time, and usually have co-signing parents who ensure rent gets paid—even in tough months.

🟡 Intermediates: You’ve Got 1–2 Properties

✅ Systematize onboarding Create a welcome packet or video for new tenants. Include house rules, maintenance basics, emergency contacts, and roommate etiquette.

✅ Empower tenants Train tenants to solve small issues. Example: Show them how to reset breakers, plunge toilets, or change filters. Ryan's tenants handle 80% of small fixes.

✅ Delegate with VAs Hire a virtual assistant to manage:

• Rent reminders
• Maintenance logs
• Lease paperwork
• Responding to tenant FAQs

✅ Build a waitlist Because Ryan’s properties are so close to campus, he has overflowing demand. Use that momentum to pre-lease months in advance.

🔴 Advanced: Scaling Strategically

✅ Operate in multiple states Ryan now owns homes in California, Ohio, and Alabama. Use a repeatable checklist to analyze new markets:

• 1,500+ sq ft houses
• Close to top-tier grad schools
• Price range: $215K–$350K
• Minimum 5–6 bedroom potential

✅ Train and lead your team Ryan now manages 3 VAs and trains them on leasing, operations, and maintenance triage. Empower them to make decisions—don’t micromanage.

✅ Plan your exit from your W-2 Ryan calculated his freedom number: replace pharmacist income with cash flow from rentals. Once he hit his target—he quit.

“August 2023 was my official exit. I replaced my income and went full-time into real estate.”

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Case Study: From $100K Down to $50K/Month

Ryan’s first deal? He accidentally overpaid the down payment—dropping $100K when he only needed 20%.

But that house still cash-flowed like crazy.

Today:

• 14 Properties
• 90 Tenants
• $50,000+/month gross income
• All without massive rehabs or risky BRRRRs

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Ryan’s Final Advice

“Choose the right college. You can’t change location—but you can guarantee better tenants by being near the right school.”He looks for:

• Law, dental, med, and pharmacy schools
• Strong international student population
• Limited campus housing for grad students

Ryan Chaw didn’t wait for the perfect moment or perfect deal. He took action, built a model, and scaled with systems.

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Final Thoughts: Build Wealth One Bedroom at a Time

Ryan Chaw didn’t start with a trust fund, a real estate license, or a background in construction. He started with a full-time job, a story about his grandfather’s humble beginnings, and a burning desire to avoid a life of burnout and regret.

By thinking differently—targeting graduate students, maximizing bedrooms, and focusing on walkable locations—he turned ordinary properties into extraordinary income streams. In just a few years, he built a portfolio of 14 properties, 90 tenants, and $50K+ in monthly income, all while working demanding pharmacy shifts.

If you’re feeling stuck, overworked, or unsure where to begin, Ryan’s journey proves that clarity, consistency, and creativity can replace your paycheck—and set you free.

✅ You don’t need dozens of doors.

✅ You don’t need to be a full-time investor.

✅ You just need the right strategy—and the courage to take the first step.

From pharmacist to financially free. What’s your story going to be?

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Stay Connected & Learn More

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