Many have substance abuse and/or criminal histories is absolutely false. The OVERWHELMING MAJORITY are folks who you brush shoulders with on the way or maybe even at work. Think the CNA at your local hospital or your kids pre-school teacher. Please stop spreading this false narrative that someone who rents a room to afford living is a junkie or a criminal. Simply not true. We invite into one to see for yourself. Oh! We have team members that have lived PadSplits before buying a house to do househacking, exactly what you're talking about. One was making an extra $600/month while covering all of his household expenses with just 3 PadMates.
You do not need to remove or even re-configure your property to list it on PadSplit. You can list it as is. You as the host take the risk in loss income by not adding extra rooms. Some hosts are ok with just value appreciation and don't mind thin margins.
Conversion is not as difficult as you might think. Make sure you and your contractor get the right permits but all you have to do is add temporarily walls to where you want to section off. Hosts have done this for less than $3k/room. Also, taking them down is also easy and costs about $1K/room.
Resale/Appraisal value of PadSplits are in line with tradtional real estate. You may see a difference if you're selling to an investor that would price it as an income producing property.
Quote from
@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.
You do not need to remove or even re-configure your property to list it on PadSplit. You can list it as is. You as the host take the risk in loss income by not adding extra rooms. Some hosts are ok with just value appreciation and don't mind thin margins. 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.
