Has anyone worked with Homeroom before?

Question

Hey guys!

Looking to get my first investment property and came across Homeroom. Essentially their model is to take a 3/4 bedroom SFH, put flex wall it to 6 tenants and rent out each room individually. Has anyone had experience working with them before or this kind of model?

Thanks for your help!

Josh Bowser · Answer

My partner @Michael Dumler is Homeroom's go-to agent in the Atlanta market. Please feel free to reach out to him and he can give you the rundown/connected with the right folks

Kristin Flores-Brockman · Answer

Personally, I have not. I have heard great things about Padsplit though, it's a similar model. Since I am not familiar with Homeroom I cannot compare the two, but you should check them out!

Harrison Sharp · Answer

I own a property with them in Arlington that i purchased in 2020. It has stayed occupied with tenants since i purchased, i love how it is completely hands off as well and i don't have to do any management and still get great returns.

Justin King · Answer

@Jayson Tripp What zip code is the property in? PadSplit is 94% occupied in DFW right now.

John Hobbs · Answer

I did Dallas/Fort Worth

Michael Dumler · Answer

@John Hobbs, I'm sorry to hear this! What market did you buy/invest in?

John Hobbs · Answer

I have had a horrible experience with Home room. It was great with the purchasing. However everything was down hill from there. They were not straight forward with the renovations and even tried to hide a painting error they made and have us pay to have the room redone. Multiple issues emerged the entire renovation period. Their numbers were not anywhere close to accurate and we are paying the bulk of the mortgage out of pocket.  I have contacted them multiple times about the performance with little to no change. They even pitched that I run marketplace adds for my property and refer homeroom (and if a lead goes to another property in the end, I do not get any sort of compensation). This is absolutely a horrible experience in real estate investing. We went with them as it seemed very hands off and I was getting ready to deploy. Our property is consistently around 50% occupancy. My wife and I are at a loss of what our options are to get out of this. Others may have had a good experience but we would have been better off lighting our money on fire to heat out our home. We stuck it out over a year hoping things would improve but they have not.

Marc S. · Answer

Can you let me know why you decided not to?

thanks!

Daniel Slayton · Answer

I did not.

Has anyone worked with Homeroom before?

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