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Started with a Co-living house Jan 1 2024. Filled 8 rooms in 12 days on Padsplit!
I don't post much, but had to post my January results doing a rent by room model for one month. I bought a 4 bedroom and turned it into an 8 bedroom. It went live and we filled it in 12 days. I had planned on 3 months of vacancy, so this was a very welcomed surprise! :) PITI = $2907
I like this so much I am under contract for a new house that I am doing to do the same thing to but in Phoenix somewhat near my Glendale house. This way my cleaning service and handyman won't charge me more for the "distance" fee. :) I have one cleaning service that is great, but charges me more because she has to drive from Globe. I have her as a backup, but switched to another service that is in the area I am buying and it is less than half the cost per room turn, but same cleaning fee.
Has there been any issues with the tenants and shared spaces in the house? what is the average length tenants are staying?
@Jarrod Ochsenbein congrats on the solid first month! What's worked best when it comes to finding tenants?
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Real Estate Agent
- Zaback Group
- 602-754-0399
- http://bozigiansellsaz.com
Quote from @Sean Bozigian:
@Jarrod Ochsenbein congrats on the solid first month! What's worked best when it comes to finding tenants?
I am using Padsplit, so they are finding the tenants. I had to deny 4 of them due to evictions in the past 7 years. New earnings updated
Quote from @Kelly O'Keefe:
Has there been any issues with the tenants and shared spaces in the house? what is the average length tenants are staying?
Yes - someone locked the bathroom door once. Also someone left the vacuum in their room. Average stay I heard is 7/9 months, but time will tell
#5 Medium-Term Rentals Contributor
- Investor
- Youngstown, OH
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#5 Medium-Term Rentals Contributor
- Investor
- Youngstown, OH
Congratulations!
@Jarrod Ochsenbein, Congratulations on launching your first PadSplit! Full occupancy in 12 days is outstanding.
I post about rent-by-the-room investments and PadSplit on the forums constantly. If anyone is interested in learning more about this unorthodox investment strategy, specifically in Atlanta, GA, I'd be happy to connect and chat. BRRRR rent-by-room is where things get interesting...
@Kelly O'Keefe, the average stay in Atlanta is nine months. However, some of my client's PadSplits have housed members for years.
Quote from @Michael Dumler:
@Jarrod Ochsenbein, Congratulations on launching your first PadSplit! Full occupancy in 12 days is outstanding.
I post about rent-by-the-room investments and PadSplit on the forums constantly. If anyone is interested in learning more about this unorthodox investment strategy, specifically in Atlanta, GA, I'd be happy to connect and chat. BRRRR rent-by-room is where things get interesting...
@Kelly O'Keefe, the average stay in Atlanta is nine months. However, some of my client's PadSplits have housed members for years.
Thanks Michael. I was not expecting it at all! :)
Quote from @Jarrod Ochsenbein:
Just curious, how do you handle eight cars in a residential property? The neighbors must love that.
@Kristi K., if I'm not mistaken, PadSplit enforces a policy of four cars per property. However, they may have overcome this rule since they're growing significantly. Many PadSplit residents rely on public transportation, so being close to bus stops, transits, and other forms of public transport is vital when identifying deals, at least here in Atlanta.
Quote from @Kristi K.:
Quote from @Jarrod Ochsenbein:
Just curious, how do you handle eight cars in a residential property? The neighbors must love that.
2 or 3 of them use public transit and I have 4 car port and a ton of street parking not near the neighbors.
@Jarrod Ochsenbein is it true that you can’t list on Airbnb at the same time as listing on pad split?
Quote from @Gi'angelo Bautista:
@Jarrod Ochsenbein is it true that you can’t list on Airbnb at the same time as listing on pad split?
That is true as far as I know. Padsplit is the one not allowing that. AirBnB I don't believe would care.
Quote from @Kristi K.:
Quote from @Jarrod Ochsenbein:
Just curious, how do you handle eight cars in a residential property? The neighbors must love that.
Handling multiple cars in a residential property can be a challenge, but it's all about proactive management and setting the right expectations. Whether it's a long-term rental (LTR) or short-term rental (STR) strategy, being proactive as a landlord is key. By setting clear guidelines and fostering a culture of respect among tenants, many potential headaches with neighbors can be mitigated. It's all about communication and creating a positive living environment for everyone involved.
Congrats!