How to Find PRIME Tenants w/Ryan Chaw
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Episode Description
Welcome to the Freedom Point Real Estate podcast! Jeremy Dyer welcomes Ryan Chaw to today's episode to share his journey from busy pharmacist to successful investor, his PRIME method for vetting tenants, his experience in active real estate, and more.
Ryan Chaw is a pharmacist and real estate investor inspired by his grandfather, who owned three San Francisco Bay Area rentals. His grandfather used the rental income to help pay for Ryan’s and his brothers’ college tuition, while living a life free from financial stress and giving back generously. Determined to create the same legacy, Ryan began investing in real estate after graduating as a pharmacist in 2016. He built a successful student housing portfolio by purchasing single-family homes and renting by the room, doubling rental income and boosting cash flow. By age 28, Ryan became a millionaire, earning six-figure rental income while providing high-quality student housing and continuing his grandfather’s tradition of financial freedom and generosity.
CONNECT WITH RYAN CHAW!
Get Ryan's Guide: https://www.newbierealestateinvesting.com/guide
Blog: https://www.newbierealestateinvesting.com/blog/
LinkedIn: https://www.linkedin.com/in/ryan-chaw-0a9995187/
Instagram: https://www.instagram.com/caocao8888/
CONNECT WITH JEREMY DYER!
Website: https://startingpointcapital.com/
Instagram: https://www.instagram.com/startingpointcapital/
LinkedIn: https://www.linkedin.com/in/jeremydyer
Facebook: https://www.facebook.com/startingpointcapital
Book a Call! https://calendly.com/startingpointcapital/discuss-investing-with-jeremy-dyer?month=2023-12
Summary
Tip #1: Focus on Your Niche Tenant Market
"You really want to think about what is your target tenant—is it healthcare workers, college students, or young professionals?"
To build a successful rental portfolio, identify your niche and tailor your strategy to that audience. For the guest, college students became the focus due to their steady demand and parent-backed rent payments. Narrowing your niche allows you to market more effectively and set up systems specific to your target audience's needs.
Tip #2: Advertise Where Your Audience Is
"The P in PRIME stands for placement of ads—student bulletin boards, Facebook housing groups, and college affiliate websites."
Strategic ad placement ensures you're fishing where the fish are. By advertising in locations where your target audience is most likely to see the listing, you save time and attract high-quality tenants. This approach also minimizes vacancies and maximizes cash flow.
Tip #3: Screen Tenants Thoroughly
"I always review their social media and background to ensure they’re not partying or doing drugs."
Thorough tenant screening can save you from future headaches. Checking social media profiles and asking for proof of income ensures that tenants meet your expectations and will respect the property. Don’t skip this step—it protects your investment and maintains a harmonious living environment.
Tip #4: Value Responsiveness During the Application Process
"The more responsive they are, the more responsible they are—it’s a good indicator for how they’ll handle rent and house responsibilities."
Responsiveness during the application process often reflects a tenant's reliability. Quick communication and submitting paperwork on time are indicators of someone who will handle responsibilities well, making them ideal renters. A delay in communication could indicate future issues with rent or maintenance requests.
Tip #5: Vet Your Team Carefully
"You want to interview Realtors, contractors, lenders, and property managers—ask situational questions to see how they’d handle challenges."
Assembling a reliable team is essential for long-term success. Interview professionals and ask about their strategies for overcoming common challenges. Rockstar team members often work with other high performers, so finding the right people can lead to exponential growth in your portfolio.
Tip #6: Plan for Inspection and Maintenance Costs
"All I had to do was follow up with inspections like sewage line checks, which can save you thousands of dollars."
Failing to plan for inspections can lead to expensive surprises. Proactively order additional inspections for major systems like sewage lines, roofs, and HVAC. This upfront investment can save you from unplanned costs and tenant dissatisfaction later.
Tip #7: Leverage Mistakes as Learning Opportunities
"Sometimes mistakes cost a couple of thousand dollars, but they save you from making a $100,000 mistake in the future."
Mistakes are inevitable, but they’re also valuable learning experiences. Whether it’s underestimating repair costs or choosing the wrong property, use each setback as an opportunity to improve your processes and strategies. Resilience is key to long-term success in real estate.
Tip #8: Scale by Delegating and Building a Strong Team
"The biggest obstacle I’ve faced is scaling the team, but investing in talent is one of the best investments I’ve made."
As your portfolio grows, so does the need for a capable team. Hiring virtual assistants, property managers, and specialized contractors can free up your time for acquisitions. Delegating effectively allows you to focus on growth while maintaining operational efficiency.
Tip #9: Adapt Your Strategy to Your Lifestyle
"If you have at least 3–4 hours a week to invest, go active. If not, the passive route may be better."
Your investment strategy should align with your availability and personality. If you enjoy hands-on management, active investing can be rewarding. However, if you’re strapped for time, passive investing allows you to benefit from real estate without the daily demands.
Tip #10: Diversify and Focus on Long-Term Goals
"Eventually, I want to focus on acquisitions while operations handle themselves."
Scaling your portfolio involves both diversification and long-term planning. Whether your goal is passive income or active involvement, having a clear vision helps guide your decisions. Build systems and teams that allow you to focus on growth while maintaining balance in your life.
