Woodtock, GA · Member since 2016 · 23 posts · 14 votes
I'm looking at a duplex opportunity that says "Corporate tenant, PadSplit has a low-risk 2-year master lease that protects your investment and alleviates landlord headaches.", this is the first time I hear about PadSplit and saw that they are here in BP.
Houston, TX · Member since 2019 · 88 posts · 97 votes
4y
PadSplit host in Houston here, I was actually the first Houston host with my first property going live in April of 2021.
I have 3 homes up on Platform and manage another 2 homes. The homes I own total to 24 bedrooms, 8 bedrooms per home (1 master and 7 shared bath bedrooms). The ones I manage total to 20 bedrooms.
These rooms rent for between $125 to $225 per week depending on room size and amenities in the room (beyond basic amenities may include: Desk, Tv, private entry, tenant controlled AC, additional storage).
This month after padsplit takes their 14.25% cut of the revenue I am recieving, from the units I own, $15,230 from 3 homes. After all PITI, utility, and services (lawncare and cleaning) costs I have $7,225.
I set aside 25% of this for my maintenance fund.
The remainder funds my lifestyle, wife has a Tesla, and quarterly vacations as well as business growth.
In 2023 I am tracking to build 4 duplex units designed as room rentals funded in part from a recent land sale. With this I will have an additional 8 units bringing in $20k+ in after expenses revenue.
Always happy to talk if you have questions, just reach out.
Rental Property Investor · Atlanta, GA · Member since 2013 · 119 posts · 28 votes
7y
I've met the owner, and my friend has 2 padsplit properties. He said they are killing it compared to regular SFR rentals. You can hit the 2% rule if done right. I'm looking for a property now and plan to use them.
Realtor · Atlanta, GA · Member since 2016 · 17 posts · 7 votes
6y
I am an investor/agent and own 5 and it's my primary investment strategy. I was one of their early adopters. I'm also a REALTOR who focuses on PadSplit primarily with many clients building portfolios of these high cash-flowing properties. They are mainly in the Metro ATL are but are expanding to Louisville and Houston.
I am very happy with the performance of my portfolio - all my properties are between a 10-13% cap rate.
@Josh Stanton Hello! I’m wondering if you are still happy with pad split? It seems like an important service & a win/win for tenants/owners. 🤔🤔 I’m assuming it can be done OOS? I’m mostly interested in Houston.
atlanta, GA · Member since 2020 · 21 posts · 4 votes
5y
@Josh Stanton
Great post. Thanks for info. I have me the team as well and they are great. I think it’s a very cool investment. Would love to chat on finding properties for my personal investments. That’s where I think I have a gap - finding the right property to convert to a Padsplit.
Houston, TX · Member since 2019 · 88 posts · 97 votes
4y
PadSplit host in Houston here, I was actually the first Houston host with my first property going live in April of 2021.
I have 3 homes up on Platform and manage another 2 homes. The homes I own total to 24 bedrooms, 8 bedrooms per home (1 master and 7 shared bath bedrooms). The ones I manage total to 20 bedrooms.
These rooms rent for between $125 to $225 per week depending on room size and amenities in the room (beyond basic amenities may include: Desk, Tv, private entry, tenant controlled AC, additional storage).
This month after padsplit takes their 14.25% cut of the revenue I am recieving, from the units I own, $15,230 from 3 homes. After all PITI, utility, and services (lawncare and cleaning) costs I have $7,225.
I set aside 25% of this for my maintenance fund.
The remainder funds my lifestyle, wife has a Tesla, and quarterly vacations as well as business growth.
In 2023 I am tracking to build 4 duplex units designed as room rentals funded in part from a recent land sale. With this I will have an additional 8 units bringing in $20k+ in after expenses revenue.
Always happy to talk if you have questions, just reach out.
Realtor · Atlanta, GA · Member since 2016 · 17 posts · 7 votes
3y
Next Saturday March 4th, I'll be teaching another seminar on everything PadSplit, hosted by Georgia Real Estate Investors Association (GaREIA) at their main office.
For those who are unfamiliar, PadSplit is an affordable housing tech startup that provides a house-sharing service for working people. PadSplit has developed a platform that aligns incentives among residents, property owners, and communities to make affordable housing possible for the private market. It makes rapidly growing affordable housing possible by making it profitable. PadSplit is rapidly growing and now is in over 9 metro areas around the country. Growing at this breakneck pace, the startup could potentially rival AirBnB as a revolution in real estate. Leveraging PadSplit as an investment strategy now could yield profits on a similar scale to the windfalls earned by early adopters of AirBnb.
I've been working with and investing on the PadSplit platform since 2017. It is my primary investing strategy and a big focus of mine as an agent. I will use these years of experience to provide an introduction to investing in PadSplits. This class will include hands-on deal analysis and a tour with a contractor to learn how to convert a home to the optimal PadSplit setup. I'll also teach you what I know about identifying the ideal property for PadSplit, refinancing, as well as strategies for flipping homes into turnkey PadSplits that command a premium on the market.
Please forward this to any folks in your network who you think may be a good fit for this class!
I have one padsplit with 5 bedroom (this was a rental) and am converting my home into an 8 bedroom padsplit. But have been thinking about actually building a house as a padsplit, which would maximize bedrooms and roi. So when I saw your building for the padsplit purpose I had to reach out! Curious as to what the layout you chose and how the building experience and whether it was worth it! numbers wise vs converting a house into a padsplit. I live in Tampa FL and housing prices are ridiculously expensive and from a basic research I’m pretty sure I could build cheaper.
PadSplit host in Houston here, I was actually the first Houston host with my first property going live in April of 2021.
I have 3 homes up on Platform and manage another 2 homes. The homes I own total to 24 bedrooms, 8 bedrooms per home (1 master and 7 shared bath bedrooms). The ones I manage total to 20 bedrooms.
These rooms rent for between $125 to $225 per week depending on room size and amenities in the room (beyond basic amenities may include: Desk, Tv, private entry, tenant controlled AC, additional storage).
This month after padsplit takes their 14.25% cut of the revenue I am recieving, from the units I own, $15,230 from 3 homes. After all PITI, utility, and services (lawncare and cleaning) costs I have $7,225.
I set aside 25% of this for my maintenance fund.
The remainder funds my lifestyle, wife has a Tesla, and quarterly vacations as well as business growth.
In 2023 I am tracking to build 4 duplex units designed as room rentals funded in part from a recent land sale. With this I will have an additional 8 units bringing in $20k+ in after expenses revenue.
Always happy to talk if you have questions, just reach out.
They rent dumps. You will get a bad reputation because they already have lawsuits.
Hey Katherine, have had amazing experience with them, just finished my second padsplit and it’s really nice! Both of mine have pools and for this reason rent better with better people. Was not aware of any lawsuits. Can you share?
Investor · NV and CA · Member since 2016 · 373 posts · 227 votes
2y
@Issa Santos- I found 8 lawsuits they've been in, but I don't know of the details. They're in GA, FL, and TX. Of course just being sued isn't proof of anything.
New York, NY · Member since 2019 · 17 posts · 12 votes
1y
Hi, @Eddie Espinal! The agreement between PadSplit and hosts has changed over the years but the platform has gotten so much better. Better at finding and screening members as well as giving you more tools to help you manage your PadSplit effectively. Just in the last 2 years, PadSplit has doubled the amount of units on the platform thanks to hosts like you.
Hi Jean thanks for your articles. I am looking into being a host for Padsplit. Question can the owner of the property live there and be a host for Padsplit?