Pad Split and related rental by the room company platforms

[Gregg Camp]

I'm looking into a platform named Pad Split as I have a property that would probably work well for that in Florida. I'm assuming that I could probably do an STR in Lakeland Florida, but don't think because of the location that I'd get good revenue.

Who can give me some insight as to whether doing something like this or mid term for nurses has been beneficial for a 5 bedroom 3 bath house. It's not large at about 1900 sqf, but not small either.

What other platforms good and bad can you suggest that I investigate? Thanks

[Lauren Kormylo]

I agree with Michael, nurses are not likely to want to split a house like this.  Maybe a 2 bedroom split with one other person, but not this many room mates.

A few things to thing about - many counties and cities limit the number of unrelated occupants to 3 or 4 people, no matter how large the house, so check to see if there is a limit in your area. 

Parking is another problem.  Most of these house shares are in big cities where renters don't usually have vehicles.  If yours will have them, is there enough parking on the property?  Or are your renters going to anger the neighbors by where they have to park?  I live in a cul-de-sac, and had a home share situation next to me for years.  5 guys living in a 4 bedroom house, with 7 vehicles between them.  Their vehicles were always out in the street in the way of the automatic trash trucks on trash day. 

If you look at the PadSplit website, they put up walls and convert the living room and dining room into more bedrooms, to fit even more people and get those high incomes.  They also have strict rules for renters about sharing the kitchen, cleaning, etc. with monetary penalties for not complying.  If you're doing this yourself, it will require a lot more involvement by you or a manager.