Thoughts on PadSplit

[Tar-U-Way Bright]

Hello Everyone, 

I am positioning myself to purchase a house hack where I will be utilizing the rent by the rent room strategy. I'm really excited might I add. I've seen great reviews on using PadSplit as a way to get onboard and off board tenants as well as collect rent and property manage as a whole among other things. For a fee of course which I believe to be 12% of rent.

I am a new investor but I do have the ability to learn and take action. Am I better of completing these task on my own or is PadSplit the way to go?

I also know that this may be a preference type of question but I would love to hear some thoughts and opinions on this matter.
Wishing everyone who reads this the best and thank you in advance!
 

[Bill Hampton]

@Tar-U-Way Bright

Be careful with Padsplit. 

Padsplit residents can cause problems with neighbors and other residents because many have substance abuse and/or criminal histories.

If your padsplit residents have vehicles that can cause parking issues. If they don't have vehicles your property will have to be near bus lines or Marta.

Also, Padsplit will want you to eliminate any dining room, den, etc to add more bedrooms. 

Once you do this conversion it will be difficult to change it back to a traditional long-term rental. 

If you decide to sell it after a Padsplit conversion, you can't sell to traditional homebuyers or long-term rental landlords. You can only sell it to landlords using the rent by room strategy. This could lower your resale value. 

You might be better off doing it yourself without Padsplit. 

Good luck.