PadSplit host in Houston here and I have had a pretty good experience thus far. I would echo the statments made by others that things are more management intensive than a si gle family rental, but not 10x for intensive even though I make 10x the cashflow of a single family rental with the same financing.
I have 3 homes up on Platform and manage another 2 homes. The homes I own total to 24 bedrooms, 8 bedrooms per home (1 master and 7 shared bath bedrooms). The ones I manage total to 20 bedrooms.
These rooms rent for between $125 to $225 per week depending on room size and amenities in the room (beyond basic amenities may include: Desk, Tv, private entry, tenant controlled AC, additional storage).
This month after padsplit takes their 14.25% cut of the revenue I am recieving, from the units I own, $15,230 from 3 homes. After all PITI, utility, and services (lawncare and cleaning) costs I have $7,225.
I set aside 25% of this for my maintenance fund.
The remainder funds my lifestyle, wife has a Tesla, and quarterly vacations as well as business growth.
In 2023 I am tracking to build 4 duplex units designed as room rentals funded in part from a recent land sale. With this I will have an additional 8 units bringing in $20k+ in after expenses revenue.
