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Updated 24 days ago on . Most recent reply
Anyone personally have feedback on pad split as a host
Does anyone have personal experience turning your property into a rent by the room with pad split?
I’m a little skeptical of taking reviews from the company itself if you know what I mean. After doing some research, I became less convinced than I was to start with. It seems like the real support you would receive from Pad split is them helping find the occupants/tenants And them processing the rent. Any issues it appears will be on the landlord. I stopped taking on any more properties where I would be theProperty Manager. I do have a property that has plenty of parking, seven rooms/bedroom that would and could be a good fit for a pad split layout in my opinion.
After looking at some of the reviews, I became less convinced than ever up into this point. I talked to my property manager that manages a number of straight rentals for us and she was not familiar with Pad Split.
One reviewer described it as “section 8 meets Airbnb…..”🫣
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#1 All Forums Contributor
- Lender
- Lake Oswego OR Summerlin, NV
Quote from @Don Konipol:
Quote from @Joe S.:
Does anyone have personal experience turning your property into a rent by the room with pad split?
I’m a little skeptical of taking reviews from the company itself if you know what I mean. After doing some research, I became less convinced than I was to start with. It seems like the real support you would receive from Pad split is them helping find the occupants/tenants And them processing the rent. Any issues it appears will be on the landlord. I stopped taking on any more properties where I would be theProperty Manager. I do have a property that has plenty of parking, seven rooms/bedroom that would and could be a good fit for a pad split layout in my opinion.
After looking at some of the reviews, I became less convinced than ever up into this point. I talked to my property manager that manages a number of straight rentals for us and she was not familiar with Pad Split.
One reviewer described it as “section 8 meets Airbnb…..”🫣
I personally don’t want to be in the BUSINESS of running a consumer service. I want INVESTMENTS. If and when someone, or a reliable company comes up with a deal to fully manage a single room rental property for me then I’ll look at the profitability, ROI, and risk and consider it. But I don’t want to trade my time managing a business for a relatively small net income.
The mistake many people make is comparing a real estate investment returns with a real estate business returns. They aren’t comparable.
I have funded two one in ATL and one in Dallas ATL was a nightmare.. Dallas my client cant get a refi.. I think the property is working OK but agree these are rooming houses nothing more. Personally a big pass for me going forward on funding.
- Jay Hinrichs
- Podcast Guest on Show #222
