Padsplit insights please

[Heidi Thompson]

new to REI world. Just learned about Padsplit. Searched BP for a post on topic, and there was only 1 10 months ago. Does anyone have experience with it. 14% service fee...would that substitute for Prop Management fee, or do you still have to worry about tenants calling you for maintenance issues, etc. Do you put key locks on each bedroom to secure each individual tenants belongs? The site advertises prices/week. How much higher is vacancy allowance when running numbers? Just considering all options. Any insights are greatly appreciated.

[Savelle Williams]

@ Ke Nan Wang.... What marketing strategies do you use to fill you homes?

[Ke Nan Wang]

Quote from @Savelle Williams:

@ Ke Nan Wang.... What marketing strategies do you use to fill you homes?

Depends on what kind of property you are operating. A normal PadSplit is low income and for that I think the PadSplit platform is pretty good. My property is very nice and the property sells itself so I don’t need PadSplit to do marketing for me. I list on every platform I know (Zillow and its affiliate, roomies, Turbotenant and its affiliate, Craigslist, furnish finder, etc.) and pay every small marketing fees offered by those platforms to get a premium listing and I filled my 6 bedroom house in two weeks. 

[Josh Bowser]

Heidi - Saw this post was from a while ago but figured this might be helpful for someone in the future.

I work heavily with padsplit in the Atlanta market.

The new fee structure is 8% + the first 10 days of rent when there is a move in and that does NOT include property management. This is essentially a finder fee for the member, payment collection fee, and support from padsplit. PM fees are between 6-9% depending on how many you own. If you don't want to deal with maintence and issues calls, then hiring a PM is necessary! 

Each bedroom has it's own individual keypad / lock.

Padsplit has data on occupancy per zipcode through their host portal. Not sure what Orlando is without looking, but Atlanta market is between 80-90% occupied.

[Denny Faircloth]

@Josh Bowser - would love to connect and collaborate. We may have crossed paths at a previous PadSplit meetup. I'm an investor, agent and PadSplit host. Have participated in about 6 PadSplit projects over the past year. I'm not here on BP a ton so I'll look you up and send you a text.

[Josh Bowser]

Quote from @Denny Faircloth:

@Josh Bowser - would love to connect and collaborate. We may have crossed paths at a previous PadSplit meetup. I'm an investor, agent and PadSplit host. Have participated in about 6 PadSplit projects over the past year. I'm not here on BP a ton so I'll look you up and send you a text.

 Saw your text - let's do it sir!

[William Dedelow]

Heidi.  We started managing PadSplits earlier this year.  We have 3 properties and 16 rooms under management at the moment.  With 4 more properties and 24 more rooms we expect to onboard in the next few months.  We've managed the renovations of 2 of the 3 we currently manage and one of the ones coming up.  The PadSplit fee is as Josh outlined.  But PadSplit does not handle maintenance and any member communications, our management covers that.  We key each room separately, so the members have security.  One of our PMs handles all of the PadSplits we manage.  Our office is in Altamonte and we cover all the Central Florida area.  I'd be happy to get on a call with you to discuss.