Chris, Medical School Dropout Who Now Makes Millions Renting Rooms, Narrates His Story

Cursory: A 30-year-old man, Chris Choi, has revealed how he dropped out of medical school to focus on his business of renting rooms.

A 30-year-old man, Chris Choi, revealed that he was about to go to a dental school when he visited South Korea and saw what his friends were doing. He wanted to build a passive income stream while going to school.

During his visit to South Korea with his friends, he stayed at an Airbnb and was shocked to find out that the host was not just his age but owned multiple Airbnbs.

Choi said his host told him he was using the rental arbitrage system where he sublets the properties. That was when the idea struck him.

He researched and found out that there were not many Airbnbs in his place and that one bedroom charged $150 to $250 per night and that hotels in the area charged the same amount.

He compared monthly rent and said if he rented a room for $180 per night, in just ten days out of the month, he break even, and other nights would be profits.

“The only problem was, I didn’t have much money at the time”. He figured out that it will cost him about $8,000 to get started. According to Choi, the amount would cover the first month’s rent, deposit, and furniture.

He said he borrowed money to add to his savings for his dental school to start. In the first eight months, Choi said things were going smoothly and he got a letter from the leasing office that he has violated the terms of the agreement by listing their property on Airbnb.

They threatened him that if does not stop, he would be evicted. After the threats from the leasing office, he needed to get creative and resourceful and targeted single-family home landlords because they write their contracts. He started calling single-family home landlords and convinced them to get on board his business model.

Choi said he hit jackpot on one of his properties. He was making around $12,000 in revenue monthly. After expenses, he was making profits everywhere from $5,000 to $8,000 in passive income. It occurred to him that he could get and list other properties on Airbnb.

He also decide to abandon his dental school dream temporarily to pursue his business full-time and did not tell his parents. He told the school he was differing his education to focus on his business and knew he was making the right decision.

Choi said he now manages over 100 properties including luxury apartments and mansions. He said he plans to move to rent out mansions instead of short lets. He said he built a strong relationship with realtors over time.

As of 2022, Chris said he was generating $600,000 in revenue monthly and projected to make $10 million in revenue by the end of the year.

He said despite owning several properties, rental arbitrage (renting properties without owning them) is more profitable than buying and renting your own properties.

Choi said the model has the potential to bring in higher returns and suggests getting permission from a landlord to sublet the property to list on Airbnb.

Per Choi, people should look into regulations because they change regularly. They should also learn to do research and use online materials to track Airbnb occupancy rates and other data in the area.

He said his number one piece of advice is to get a mentor early on, saying networking at industry events, conferences and seminars is a great way to stay relevant.

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