Has any body here used PadSplit for their rental properties?

[Eddie Espinal]

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.

https://www.biggerpockets.com/co/padsplit

I'm curious to know how that works and if this is a deal breaker for me?

Thanks in advance for any feedback.

Sincerely,

Eddie Espinal

[David Edwards]

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.