Pad Split In Cleveland?

[Bailey Coleman]

Has anyone done a pad split in Cleveland Ohio? I am thinking about buying this 8 bedroom 3 bathroom house in Cle. There is a good amount of square footage and it is a single family house. Instead of converting into a multi family I was exploring other options. If I kept it as a single family, 8 bedrooms is a lot to rent it out to a regular tenant so I was thinking about doing a pad split instead. What has been your experience with pad split in the Cleveland market and would you recommend it? 

*For those of you who don't know pad split is a platform where you can rent you each room individual to tenants. They are most ideal when you have a lot of rooms 

[Ben Firstenberg]

Padsplit hasn't launched in Cleveland yet, so you won't be able to use their platform. You could possibly explore a similar platform, I'm not sure. 

To be honest, I don't think Padsplit would be as successful in Cleveland. It's huge in Atlanta because it's hard to find apartments in Atlanta for under $1200/month, so getting a Padsplit at $700/month is pretty attractive. But in Cleveland there are lots of places where you can get a studio for $600/month or less. (I know because I own one) So Padsplit would have to be much cheaper than that and I'm not sure it would be worth it at that point. 

Hope that helps. Happy to talk further.