Who is using Padsplit to house hack?

Question

Hello everyone,

New investor here, I like the idea of house hacking and am in the process of getting my first property to house hack.

However my fear has always been how to get folks to fill up the extra rooms especially trying to carry out background check on them.

Then I stumbled on padsplit. Padsplit promise to take all the load of filling up the extra rooms and background checks and so many other intresting stuffs they mention on their website.

I just love to know if anyone has used or is using padsplit for house hacking and what their experience has been so far?

Thank you

Brandon P. · Answer

For my first house hack, which I have been doing for 1 year now, I used turbo tenant for managing the background checks and room payments. I used roomies.com for finding and interviewing potential roommates, in person, before deciding the best fit. I do a month to month lease, allowing flexibility for both my wife and I, as well as the tenant. We have had the same tenants since the beginning, and this is solely because of our due diligence in choosing the right tenants and laying out the rules before anyone moved in, as well as getting signed documents. The more work you put in on the first few deals will create your own well oiled system to replicate down the road when you expand, if you choose to do so.

On the contrary, I have had a friend who keeps renting his room out on Airbnb and keeps getting subpar tenants that he is not pleased with. These software and apps promise a lot, but do not do the due diligence that only you can provide for a good experience.

Best,

Brandon

Phillip Austin · Answer

@Adelola Sokoya I haven't used it personally but here are a couple recent threads from other users:

https://www.biggerpockets.com/...

Adelola Sokoya · Answer

thanks for your input, I appreciate.

Michael Dumler · Answer

@Adelola Sokoya, the links posted above are great references. I would first encourage you to try to source your roommates/tenants on your own before resulting to PadSplit. For a house hack deal with several roommates, I don't necessarily believe PadSplit is the answer. Moreover, their fee will add to your monthly expense. Sites like Facebook marketplace, Zillow, Zumper, etc., will get the job done when marketing your rooms for rent. For properly screening tenants, you can either result to a service like TurboTenant, RentRedi, RentPrep, etc. Or, if you're still not 100% confident, then you can always work with a local property manager, but again, this will add to your monthly expense. When we last communicated, you mentioned you were interested in house hacking in Athens, GA. Is this still the case? If so, work with the UGAs school housing board and let them know that you have rooms available. Hope this helps!

Ryan Thomson · Answer

Hey @Adelola Sokoya one of the pad split guys came to our meetup in Colorado Springs. I enjoyed speaking with him and pad spit sounds like a really good idea to me.

Doing background checks and getting leases signed isn't that hard. If you are trying to manage yourself, you can certainly figure that out with a little research. Happy to send you some tips I have on that as well.

Adelola Sokoya · Answer

thank you

Adelola Sokoya · Answer

ok...noted

Brandon P. · Answer

Hey Blake, no hate towards PadSplit at all, as I have never used it. I was just sharing information with what I have personally done that has worked well for me. As I have not used PadSplit, I cannot honestly say anything good or bad about it. In my above comment, I was simply sharing my experience vs. my  friend's situation using airbnb. Thank you for not misunderstanding my previous comment.

Blake Lewis · Answer

@Brandon Peery thanks for chiming in and congratulations on what you've accomplished! I do take issue with the statement around PadSplit not doing our due diligence. We have several levels of security including background check and ID verification tools that may not exist with our competitors but we definitely take very seriously.

I think investors can do what you've done on their own, with one or two properties. Most investors on the PadSplit platform are trying to (and succeeding in) creating enough passive income to leave W-2s behind. Without all the tools we have in one place, investors cannot scale their operations to reach these goals. For anyone doing just one house, perhaps PadSplit isn't a fit.

Blake Lewis · Answer

@Adelola Sokoya I've worked at PadSplit for 4 years, bringing on over 4000 rooms to the PadSplit platform. I'd love to help you - please send me a message if you'd like to set up a call.

Who is using Padsplit to house hack?

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