Been doing this for the past 6 years, currently on my 4th home with 20+ rooms. Great cash flow I also have a free app that helps DIY landlords manage their roommates/room rentals
@@porschaconnor2562 The app is not yet deployed to apple/android stores, but it will be in the near future. If you would like early access, feel free to send me a message
I cannot believe I just finished watching this. I started watching the video (and stopped after 2 minutes) when it was uploaded and by the time I started my midterm rental. This is the strategy I am doing right now, only smaller, 3 beds 3 baths. i think at this point I’ll just observe and learn how Padsplit do it and apply it to a smaller space. It’s interesting that it seems like room renters, esp locals, think that landlords running a place like this are greedy, it is a business strategy! it is sometimes disappointing that after you put an effort to make a comfortable place to stay and price it reasonably, all they can see is a greedy person behind it. and i am directly talking about the locals who wish to save money by living in a roomshare. So as much as possible avoid local renters in a C neighborhood, 9/10 it’s not gonna work for them. There are people from out of state who are comfortable living in a C neighborhood, save your space for them.
This seems like a great concept. The only piece I’m still trying to wrap my head around is if someone is doing the BRRR method. After renovating & converting the house to all these rooms wouldn’t someone have a hard time finding comps for a refinance?
What about parking, please? Most residential neighborhoods aren’t going to be OK with 7 cars lined up outside, especially when ordinances require all vehicles to be off the road during the winter in the snow states.
It’s at the end…according to the video, only 50% of this type of avatar have their own vehicle …a very good reason why you’d want to be super close to public transportation.
This is an awesome video! Thanks Jesse and Ellis for the insight! I recently purchased a 5 bedroom 4 bath single family in Baltimore city near the Harbor. I am currently doing Airbnb but my goal is to rent by room. The problem is PadSplit is not in Baltimore area yet :(
@@HeritageHannah same thing we would do with long term or mid term squatters, haven’t had to cross that bridge yet, hopefully never do! Here in California pretty hard to get folks out
I thought the same thing. Then I found a reference on their site for "PadSplit Anywhere" that allows you to be somewhere other than their listed cities.
I've been checking the demand in Atlanta on Airbnb and it's low. Many host calenders have alot of vacancies especially if the unit is a shared bath unit.
Great video Jesse.... I have learned a lot from watching your channel. Awesome content. I do have a couple questions if you happen to know regarding this Padsplit. I was going to contact them as well, but didn't know if you just happened to know. thanks again.. -- Does your house need to be inspected or have certain requirements? --If the renter damages the property, does padsplit pay for it or who is responsible? ---I heard them say if you need to evict, they support, but physical removal is our responsibility -- So, do they do the eviction and court paperwork or how much do they help with the eviction process? -- You didn't ask how established they are in California as I am also here. Do they operate in southern cali?
Hey, what’s up man! Thanks for connecting, the house needs to be split up with at least five rooms. If the renter damages the property, it is the guests that will pay. They are actually going to release some information and are coming to California this month. There is a huge need for affordable housing here.
@EllisFromPadSplit How are you getting around the zoning laws as these are legally considered Boarding houses which are considered commercial zoned since there is more than 3 unrelated individuals living under one roof?
@@JesseVasquezAirVenture actually hosts do you have the final say! And if they happen to be a previous Padsplit member, you’ll be able to see their history with us in terms of late payments, violations of the membership guidelines, etc.
Hey jess. Thanks for all you do. Not sure if i can ask this here. 4 Br nicely staged, community pool, walking trails, nearest hospital leass than 3 miles in downtown, etc. Would you hold to rent as one unit or rent each room? Price competive with those in the area and i went all out with staging. TIA
I do Padsplit and it’s a pain in the ass. A lot of turn overs. We’re pushing 5 months and Padsplit takes a 10 day cut. Well aloe of tenants are out before then or leave with a giant balance. One lady got her thing up to 800 before just disappearing not a word. Padsplit of course won’t do anything. Also there screening sucks. Had a nightmare possible eviction scenario with mentally ill person. Horrible job screening tenants. Good news is Padsplit is the only option with this property as it’s a class D neighborhood. I can’t expect too much as the tenants who are willing to stay there won’t be the best. Still I wish Padsplit wouldn’t allow for just anyone to book. Especially people who don’t have a job to book. That’s ridiculous. Or at-least make the background check available to us.
I actually live in a Padsplit and the Host are Horrible. I had to pay for pest control after asking for a month. The house has mice. I went to go vent to a neighbor and the neighbor said he about to have the home shut down because they are illegal running the business here. He googled the address and the address is listed as a 3 bedroom property. It is actually a 8 unit house,. They do that to not pay the higher cost in taxes. He also pulled the deed and the deed say 3 bedroom. He called the tax office and want me to go and show on my phone proof of address and bedrooms. The house also got new owners this year and if they received a mortgage on a 3 bedroom property then it will be mortgage fraud. Neighbors are starting to crack down. At this point im all for it.
Hello Jesse…I’ve been following you for about a year now. I would like your opinion about using skoolie’s or airstreams for mid term rental. What is your opinion about that? I’m creating a small village with tiny houses ( skoolies, containers, airstreams) for mid term rentals
I like the idea for more of a short term rental situation. I just don’t see longer term living in an airstream comfortable. I would do this with tiny houses, I believe that would work but anything mobile might be hard. Keep in mind your competing with the hotel industry extended type stays.
Actually, you are converting your regular house into a rooming house. You are going to go into a totally different property class, and if you don't, you are violating property codes and facing penalties to fines. It's not that simple, the way this guy is saying it. Do this, do that.
Cities across the US are cracking down on Airbnb and saying no. What makes Padsplit different? how is Padsplit defending themselves from complaints from neighbors in regards to parking and when the HOAs are getting involved?
We avoid HOAs and are in B-C neighborhoods where parking on the street is already commonplace. Ensuring investors' properties are in the correct neighborhoods is everything!
This is great. I was thinking about providing affordable housing for men in recovery , a sober living house. Can I get more info , as far as can I set my own house rules such as no alcohol / drugs and target certain underserved groups?
I have a question. How does padsplit stop gang members (MS13) from renting rooms, or other activities--renting a room and then dealing out of it? Where I live in Maryland there is a huge gang problem which the counties do not want the public to know about, and these are the issues that occur to people renting out rooms on their own.
The good thing about our model is that if any member is violating the membership guidelines (very similar to that of a traditional lease's rules), the other members in the home will reach out to our team to investigate and resolve. All PadSplit members are incentivized to abide by the guidelines to be able to maintain a comfortable, drama-free, and safe living experience.
@@EllisFromPadSplit or they end up being melted in a oil barrel or cut into pieces and stashed inside the wall......also seems like a heroin junkies dream
@@EllisFromPadSplit You can't get the squatters out. The law is on their side, not the homeowners. Also, it brings down the values of the other homes in the neighborhood.
Not sure if I missed it but questions! what if they don't get along? What's the process? Eviction? And what happens if property is damaged? There's no deposit . And lastly, I just bought a triplex, each have 2 bedroom and a bathroom. Could this work since it's technically 6 bedrooms then?
@@EllisFromPadSplit another idea tat I have used on my LTRs is to put in the Agreement that the property undergoes a quarterly walk thru by our handymen to check all plumbing and electrical. This keeps some of the crazy situations to a minimum.
Hi Jesse, I thought you're going to do MTR in Houston, what happened? What do you think about the current Airbnb and midterm market in Houston, I'll very much appreciate your take. I'd been looking to Airbnb, MTR and padsplit in Houston and are kind of stuck in analizis paralysis.
Please don't get greedy with the rent cost. Do it to help people find a home with an affordable rate. You will be more blessed if you thinK affordable 🙌🙌🙌
It’s definitely a priority to make sure that the cities allow renting by the room. Do your due diligence if this model seems like a fit for your properties.
@@JesseVasquezAirVenture hey Jesse, most Town in NJ do not allow renting by rooms. They feel it's a fire safety issue. Plus, most people do not want to shard bathrooms. Appreciate you replying. I do okay with F F, and I like you feel very comfortable having the Nurses vetted, but their not all Saints either.
@@justal8559 very true! I have a few stories I’d like to make a video on someday. Each group poses their own challenges. This is real estate and most importantly costumer service / hospitality. Lots of different personalities to interact with
@@justal8559 it seems that you are missing the point here. These people don't have a lot of options. Sharing a bathroom is going to be far down the list of problems.
We have a five bedroom, 3.5 baths. Two of those rooms are master bedrooms. 4 bedrooms upstairs and one downstairs. Large fenced yard. Currently our home is for sale but looking to potentially make it a rental. How can we get started? Also, would I have to live in the area/same state?
Ugh I would like this … and I currently am renting a room thru PadSplit and have been for months. I just wish this rich kid didn’t come across so elitist. “When I was going through college.” I have a college degree too, but that’s a privilege. “What’s your demographic. Like kids leaving mom and dad’s house?” Right … People go through financial hardships, divorces, moves, all different type of situations and don’t have thousands of dollars from talking into a phone on TH-cam. Also … I know he’s joking, but if he was labeling all of his food and his mom was not only breaking the rules by going into other peoples rooms. But also by reporting them, evicting people for space that is not hers. He’s just sooo naive and privileged and ignorant. I. Can’t.
So they are basically signing a non-depository agreement tenants aka borrowers and paying the landlords upfront and collecting their money plus interest (APR) on the back end. Nice! So they are probably using corelogic credco to screen these pre qualified renters aka borrowers before getting these “members” onboard, now if get tricky with their business structure because they are calling them members and not tenants. Is this a cooperative business model. Question is what business structure allows its members to borrow money from the company and paying them back through a portion of their paycheck? I maybe off here but I doubt it.
Hold on hold on did I hear correctly? You’re adding rooms to have a total of 7 and you profit will only be $1,200? That seems skim when you’re making $4k and above on the mid-term model. Why would you take on this business model?
Its really difficult to insure saftey of the renters. And difficult to protect self from being targeted from the Inside. And didficult to maintain cleanliness. It doesn't make sense
Not sure how that works! But im sure its just like renting traditionally by the room. Insurance and protection for each guest maybe renters insurance too
This is a great idea, your always going to come across issues like this but with enough compliant about 1 person eventually this person would get banned from being a member the good thing its only a week and you could move to another house so eventully the person making these ppl move would get evicted. So the moral of the story if you want to ve a grown person not living at your momma and be able to afford it then you must do your part clean up after yourself be considerate about others ppl schedules you can't smoke herb indoors have respect for all. Save save save so 1 day you could buy and own a house these ppl could manage for you 😊
Also, what about people nowadays saying every animal under the sun is their service or emotional support animal. What's the guidelines for that under this program?
Yes the owner would pay for utilities, but that’s where you can charge more for not only having the room but also having electricity, water, sewer, garbage, included
In a rational world, this is a good business model. But he must be crazy if he thinks that model is going to work in any California city with aggressive rent and eviction controls. Instead of stating which California cities they operate in and for how long, he just said, yes, yes, yes.
Why stop at 5? There are places in LA copying the Tokyo idea of sleeping pods. I think one place had 14 sleeping pods in one house. I can't see this lasting very long. The neighborhood nazis won't allow it.
Yeah I’ve actually seen airbnbs that are sleeping pods haha idk how that would work here in the states, also not sure if i would want that many heads in pods lol. Reality is… housing shortage plus affordable housing. Definitely something that needs to be addressed, I suppose thats why California is trying to pass a law to charge 15 percent tax to anyone who operates short term rentals in the state. It will go to affordable housing. Im torn on that bill.
Can you imagine how filthy these properties become.....smashing a ton of poor people in a house making them share a toilet and shower...all of their sexual relationships being heard through the wall, and the drug usage......probably a high amount of human trafficking and pimping going on.......disgusting
I personally don’t find it fair to generalize working class low income folks as “ human traffickers or pimping” Any smart owner would have cameras out front out back - there’s rules just like any other property
@@JesseVasquezAirVenture human traffickers and pimping take place in many areas and across different income levels....obviously......but this creates a new cheap avenue.....I know people are obsessed with cash flow but the pad thing seems to be justified by the type that would sell their grandmother out for a stick of bubble gum or just a lil extra cash flow
I've been in 4 different properties as a renter in Dallas-Fort Worth....none of them had issues like you describe. Guests aren't allowed and people have been very clean. I think the affordability makes people want to maintain a good relationship with the platform. (that is, they don't want to get kicked off because Padsplit does offer affordable, furnished and flexible rentals). I mainly use Padsplit because I am frugal and am going through a career change and don't know where my first job is going to be....so I don't want to furnish my own place just to move a few hundred miles away....and am not married with children yet.
Been doing this for the past 6 years, currently on my 4th home with 20+ rooms. Great cash flow
I also have a free app that helps DIY landlords manage their roommates/room rentals
Whats that app
@@porschaconnor2562 The app is not yet deployed to apple/android stores, but it will be in the near future. If you would like early access, feel free to send me a message
What is the app?
Do tell?
I actually clean a property like this, and does pretty good, it's really a good way to go.
Rod there cool, you'll habit break it down for me
@@JesseVasquezAirVenture will do.
Hadn't heard of this app until today. I like the idea that this setup allows you to help a person re/build credit regarding their one-time payments.
I cannot believe I just finished watching this. I started watching the video (and stopped after 2 minutes) when it was uploaded and by the time I started my midterm rental. This is the strategy I am doing right now, only smaller, 3 beds 3 baths. i think at this point I’ll just observe and learn how Padsplit do it and apply it to a smaller space.
It’s interesting that it seems like room renters, esp locals, think that landlords running a place like this are greedy, it is a business strategy! it is sometimes disappointing that after you put an effort to make a comfortable place to stay and price it reasonably, all they can see is a greedy person behind it. and i am directly talking about the locals who wish to save money by living in a roomshare. So as much as possible avoid local renters in a C neighborhood, 9/10 it’s not gonna work for them. There are people from out of state who are comfortable living in a C neighborhood, save your space for them.
This seems like a great concept. The only piece I’m still trying to wrap my head around is if someone is doing the BRRR method. After renovating & converting the house to all these rooms wouldn’t someone have a hard time finding comps for a refinance?
Comps are all over, use airdna, furnished finder
First, Thank you Jesse for touching on this subject for the midterm space..havent heard anyone really talking about this 👍
absolutely thanks for watching Gia!
What about parking, please? Most residential neighborhoods aren’t going to be OK with 7 cars lined up outside, especially when ordinances require all vehicles to be off the road during the winter in the snow states.
Hey Trenya, we talk about parking situations in the video.
@@JesseVasquezAirVenture I did hear that after my comment! Thank you!
I must’ve missed the parking conversation. What time stamp is it?
It’s at the end…according to the video, only 50% of this type of avatar have their own vehicle …a very good reason why you’d want to be super close to public transportation.
Ellis the PadSplit King 😎
🙌🏽
This is an awesome video! Thanks Jesse and Ellis for the insight! I recently purchased a 5 bedroom 4 bath single family in Baltimore city near the Harbor. I am currently doing Airbnb but my goal is to rent by room. The problem is PadSplit is not in Baltimore area yet :(
They’re adding new locations regularly from my understanding!
What are you going to do about squatters?
@@HeritageHannah same thing we would do with long term or mid term squatters, haven’t had to cross that bridge yet, hopefully never do! Here in California pretty hard to get folks out
I thought the same thing. Then I found a reference on their site for "PadSplit Anywhere" that allows you to be somewhere other than their listed cities.
I've been checking the demand in Atlanta on Airbnb and it's low. Many host calenders have alot of vacancies especially if the unit is a shared bath unit.
I’m not sure if those would be complete comparisons as a Airbnb prices are typically higher by the room. These are more “affordable housing” rooms
Great video Jesse.... I have learned a lot from watching your channel. Awesome content. I do have a couple questions if you happen to know regarding this Padsplit. I was going to contact them as well, but didn't know if you just happened to know. thanks again..
-- Does your house need to be inspected or have certain requirements?
--If the renter damages the property, does padsplit pay for it or who is responsible?
---I heard them say if you need to evict, they support, but physical removal is our responsibility -- So, do they do the eviction and court paperwork or how much do they help with the eviction process?
-- You didn't ask how established they are in California as I am also here. Do they operate in southern cali?
Hey, what’s up man! Thanks for connecting, the house needs to be split up with at least five rooms. If the renter damages the property, it is the guests that will pay. They are actually going to release some information and are coming to California this month. There is a huge need for affordable housing here.
@EllisFromPadSplit How are you getting around the zoning laws as these are legally considered Boarding houses which are considered commercial zoned since there is more than 3 unrelated individuals living under one roof?
Ellis,
I understand this is a service you provide with the background check
Do we as the Owner get the Final say on the tenant who moves in ?
@@JesseVasquezAirVenture actually hosts do you have the final say! And if they happen to be a previous Padsplit member, you’ll be able to see their history with us in terms of late payments, violations of the membership guidelines, etc.
@@ellistotle awesome that’s good to know!
Hey jess. Thanks for all you do. Not sure if i can ask this here. 4 Br nicely staged, community pool, walking trails, nearest hospital leass than 3 miles in downtown, etc. Would you hold to rent as one unit or rent each room? Price competive with those in the area and i went all out with staging. TIA
Sound like a decent space, you can do either by the room or whole house
Thank you for another informative video! I think this type of housing is very needed.
Glad it was helpful!
They do stay in their room! Wow
Yes
Does PadSplit recommend a Short Term Rental insurance rider to participate? Curious about how to insure my property. Thanks for the content Jesse ✌🏻
I believe you can use long term rental insurance, but you'd most def like to talk to an agent
I do Padsplit and it’s a pain in the ass. A lot of turn overs. We’re pushing 5 months and Padsplit takes a 10 day cut. Well aloe of tenants are out before then or leave with a giant balance. One lady got her thing up to 800 before just disappearing not a word. Padsplit of course won’t do anything. Also there screening sucks. Had a nightmare possible eviction scenario with mentally ill person. Horrible job screening tenants.
Good news is Padsplit is the only option with this property as it’s a class D neighborhood. I can’t expect too much as the tenants who are willing to stay there won’t be the best. Still I wish Padsplit wouldn’t allow for just anyone to book. Especially people who don’t have a job to book. That’s ridiculous. Or at-least make the background check available to us.
Hi Jesse another great video. Just want to say thank you and I was able to get a 4 months insurance claim tenant in my MTR.
Allen! 4 months! That’s so awesome!!!!! Congrats such a big deal! 🙏🏽🙌🏽
@@JesseVasquezAirVenture thank you! How can I sign up for the next MTR summit in San Jose?
Hi Allen congrats 🎉 are you in Jesse’s private mentorship?
@@lunyang0765mind I I ask how or where did you find that insurance claim?
I actually live in a Padsplit and the Host are Horrible. I had to pay for pest control after asking for a month. The house has mice. I went to go vent to a neighbor and the neighbor said he about to have the home shut down because they are illegal running the business here. He googled the address and the address is listed as a 3 bedroom property. It is actually a 8 unit house,. They do that to not pay the higher cost in taxes. He also pulled the deed and the deed say 3 bedroom. He called the tax office and want me to go and show on my phone proof of address and bedrooms. The house also got new owners this year and if they received a mortgage on a 3 bedroom property then it will be mortgage fraud. Neighbors are starting to crack down. At this point im all for it.
Yeah that’s awful. Sounds like you have some slumlords- I’m sorry to hear that
Hello Jesse…I’ve been following you for about a year now. I would like your opinion about using skoolie’s or airstreams for mid term rental. What is your opinion about that?
I’m creating a small village with tiny houses ( skoolies, containers, airstreams) for mid term rentals
I like the idea for more of a short term rental situation. I just don’t see longer term living in an airstream comfortable.
I would do this with tiny houses, I believe that would work but anything mobile might be hard. Keep in mind your competing with the hotel industry extended type stays.
Would a container house more suitable for that ?
Actually, you are converting your regular house into a rooming house. You are going to go into a totally different property class, and if you don't, you are violating property codes and facing penalties to fines. It's not that simple, the way this guy is saying it. Do this, do that.
Definitely always check local laws and codes
Cities across the US are cracking down on Airbnb and saying no. What makes Padsplit different? how is Padsplit defending themselves from complaints from neighbors in regards to parking and when the HOAs are getting involved?
We avoid HOAs and are in B-C neighborhoods where parking on the street is already commonplace. Ensuring investors' properties are in the correct neighborhoods is everything!
@@EllisFromPadSplit Las Vegas has a lot of HOA communities, so is it best to avoid communities with HOA's?
@@jennifersilletto179 100%
@@EllisFromPadSplit do you have homes that are for females only? Or are they always mixed?
@@jennifersilletto179 it's all mixed. PadSplit is the 4th coliving company I've worked with and all the homes I've managed have always been co-ed.
This is great. I was thinking about providing affordable housing for men in recovery , a sober living house. Can I get more info , as far as can I set my own house rules such as no alcohol / drugs and target certain underserved groups?
Ive heard of those models, don’t know much about them! But does sound like it could be helpful and needed
I have a question. How does padsplit stop gang members (MS13) from renting rooms, or other activities--renting a room and then dealing out of it? Where I live in Maryland there is a huge gang problem which the counties do not want the public to know about, and these are the issues that occur to people renting out rooms on their own.
The good thing about our model is that if any member is violating the membership guidelines (very similar to that of a traditional lease's rules), the other members in the home will reach out to our team to investigate and resolve. All PadSplit members are incentivized to abide by the guidelines to be able to maintain a comfortable, drama-free, and safe living experience.
they screen tenants, background check etc
@@EllisFromPadSplit or they end up being melted in a oil barrel or cut into pieces and stashed inside the wall......also seems like a heroin junkies dream
@@EllisFromPadSplit You can't get the squatters out. The law is on their side, not the homeowners. Also, it brings down the values of the other homes in the neighborhood.
Maybe profit for the host or investor, but it can be a headache, specially for guests or tenants who rent by room.
Agree it can be with different personalities- padsplit handles a most of the issues / communication to my understanding
not as much headache as considering living on the streets! true story
Very nice video, I like the video very much
Thanks!
@JesseVasquezAirVenture I like your videos a lot
Not sure if I missed it but questions! what if they don't get along? What's the process? Eviction? And what happens if property is damaged? There's no deposit . And lastly, I just bought a triplex, each have 2 bedroom and a bathroom. Could this work since it's technically 6 bedrooms then?
hey we cover in the video, same process as traditional long term rent.
@@JesseVasquezAirVenture ok thank you so much. I’ll watch it again. I tried watching while at work so i must have missed it then
Only do you guys find the rentals itself like that I was single family house would work
Sfh would work, you can add rooms
Quick tip! They are just cashing in on something tou can do yourself!
Yes, of course you can always do it on your own. But do you have the time, energy, energy and resources.
What about bathrooms? Are those shared as well!
Yes! The maximum bedroom to bathroom ratio in our model is 4:1. The lower the better, but with everyone's different schedules, that ratio works.
Ohh answer straight from the source! Thanks Ellis!
Who is going to do a cleaning?
@@FIXMYHOMEShawn the host will find a cleaner to 1) clean the rooms inbetween members (tenants) and 2) the common areas once a month
@@EllisFromPadSplit another idea tat I have used on my LTRs is to put in the Agreement that the property undergoes a quarterly walk thru by our handymen to check all plumbing and electrical. This keeps some of the crazy situations to a minimum.
Can the owner live in the home?
Good question
Hi Jesse, I thought you're going to do MTR in Houston, what happened?
What do you think about the current Airbnb and midterm market in Houston, I'll very much appreciate your take.
I'd been looking to Airbnb, MTR and padsplit in Houston and are kind of stuck in analizis paralysis.
Hi I have Mtr/StR in Houston - I’m adding a PadSplit as well, I’m diversifying my portfolio
Can I ask what a “normal” one time move in fee usually is? Same as deposit on LTR?
It varies as a host can set it but we recommend anything from $100-200 to cover the move out cleaning and then some.
Please don't get greedy with the rent cost. Do it to help people find a home with an affordable rate. You will be more blessed if you thinK affordable 🙌🙌🙌
We agree!
Well, I think there got to be BALANCE. Landlords do not want to work for min wage!
@@mikeanderson9266exactly. Beneficial for both parties. Landlords take on a lot of financial burdens.
So many Towns do not allow this option of becoming basically a "Rooming House"...no one ever comments on this problem..??
It’s definitely a priority to make sure that the cities allow renting by the room. Do your due diligence if this model seems like a fit for your properties.
@@JesseVasquezAirVenture hey Jesse, most Town in NJ do not allow renting by rooms. They feel it's a fire safety issue. Plus, most people do not want to shard bathrooms. Appreciate you replying. I do okay with F F, and I like you feel very comfortable having the Nurses vetted, but their not all Saints either.
@@justal8559 very true! I have a few stories I’d like to make a video on someday. Each group poses their own challenges. This is real estate and most importantly costumer service / hospitality. Lots of different personalities to interact with
@@justal8559 it seems that you are missing the point here. These people don't have a lot of options. Sharing a bathroom is going to be far down the list of problems.
So; what do you do when someone doesn't pay the rent. Do you lock them out?
We have a five bedroom, 3.5 baths. Two of those rooms are master bedrooms. 4 bedrooms upstairs and one downstairs. Large fenced yard. Currently our home is for sale but looking to potentially make it a rental. How can we get started? Also, would I have to live in the area/same state?
Hey Pam- schedule a call with padslpit on the link down below!
Ugh I would like this … and I currently am renting a room thru PadSplit and have been for months. I just wish this rich kid didn’t come across so elitist. “When I was going through college.” I have a college degree too, but that’s a privilege. “What’s your demographic. Like kids leaving mom and dad’s house?” Right … People go through financial hardships, divorces, moves, all different type of situations and don’t have thousands of dollars from talking into a phone on TH-cam. Also … I know he’s joking, but if he was labeling all of his food and his mom was not only breaking the rules by going into other peoples rooms. But also by reporting them, evicting people for space that is not hers. He’s just sooo naive and privileged and ignorant. I. Can’t.
When are you coming to North Carolina?
I would love to!
So they are basically signing a non-depository agreement tenants aka borrowers and paying the landlords upfront and collecting their money plus interest (APR) on the back end. Nice! So they are probably using corelogic credco to screen these pre qualified renters aka borrowers before getting these “members” onboard, now if get tricky with their business structure because they are calling them members and not tenants. Is this a cooperative business model. Question is what business structure allows its members to borrow money from the company and paying them back through a portion of their paycheck? I maybe off here but I doubt it.
Hold on hold on did I hear correctly? You’re adding rooms to have a total of 7 and you profit will only be $1,200? That seems skim when you’re making $4k and above on the mid-term model. Why would you take on this business model?
How does an owner register their property?
So this is good in university towns
100 percent!
Does padsplit work in Tracy CA?
Schedule a call here- padsplit.chilipiper.com/book/me/ellis-tran
Since it’s done on a member basis, does the property have to have a rental certificate?
I’m not sure about this I could check withEllis
Did you get permit to convert living are to room?
I don’t think so.
Check your local laws
Wish you were in Oklahoma
I’d love to check OK out!
Do the houses have to have a certain zoning for this?
If the owner lives in the house there is are no zoning rules on how many people or what relationship they have to you or each other.
And man!! I would HIRE a House MOM!!!! AND if 50% don't have cars then rent scooters! or bicycles!
😂
Hey Jesse! Do you have any experience with CRS temporary housing? Would really appreciate your feedback. Feel free to DM
I do lots, they’re a good company
@@JesseVasquezAirVenture You're a gentleman & a scholar. Much appreciated.
Its really difficult to insure saftey of the renters. And difficult to protect self from being targeted from the Inside. And didficult to maintain cleanliness. It doesn't make sense
ridiculous. background checks and house/club rules WITH CONSEQUENCES will weed out most problems. you need to re-watch the video.
Do you service Colorado?
not yet!
What about the liability if something happens a fight or crime amongst the roommates/tenants?
Not sure how that works! But im sure its just like renting traditionally by the room. Insurance and protection for each guest maybe renters insurance too
This is a great idea, your always going to come across issues like this but with enough compliant about 1 person eventually this person would get banned from being a member the good thing its only a week and you could move to another house so eventully the person making these ppl move would get evicted. So the moral of the story if you want to ve a grown person not living at your momma and be able to afford it then you must do your part clean up after yourself be considerate about others ppl schedules you can't smoke herb indoors have respect for all. Save save save so 1 day you could buy and own a house these ppl could manage for you 😊
@@yessical6514 yeppp 😂 agree
@@yessical6514
Any Atlanta Ga real estate investors
Join my free Facebook group m.facebook.com/groups/mtrwithjessevasquez/?ref=share&mibextid=S66gvF
Also, what about people nowadays saying every animal under the sun is their service or emotional support animal. What's the guidelines for that under this program?
Unfortunately that’s something ive been trying to figure out too! Im in California And thats a tough one. Im also pro pups.
Im pro pups too haha. But not when they try to be sneaky about it. Or when their dog isnt friendly at all and on my property.
Are utilities added to the rent?
Yes the owner would pay for utilities, but that’s where you can charge more for not only having the room but also having electricity, water, sewer, garbage, included
Yes, utilities are included along with furniture in the bedrooms. No credit check or deposit either.
Come to reno nv
They may be working on it, reach out to Ellis
A lot of towns won’t allow more than 2-3 unrelated people
I’m not too familiar with the intricacies of cities. It yes definitely do your due diligence
Owners shouldn't rent to unrelated people unless he lives there too. Then there are no rules.
I TOOK THEM TO COURT FOR BEING A SLUMLORD IN FULTON COUNTY AND WON
You took who to court?
PadSplit?
The property owner?
Someone else?
What exactly was the lawsuit about?
In a rational world, this is a good business model. But he must be crazy if he thinks that model is going to work in any California city with aggressive rent and eviction controls. Instead of stating which California cities they operate in and for how long, he just said, yes, yes, yes.
Are those registered rooming houses?
In most markets renting to more then 3 unrelated people is illegal
Not sure on the legality, definitely do your own due diligence
Unless the owner lives there too. Then they can't regulate that.
Why stop at 5? There are places in LA copying the Tokyo idea of sleeping pods. I think one place had 14 sleeping pods in one house. I can't see this lasting very long. The neighborhood nazis won't allow it.
Yeah I’ve actually seen airbnbs that are sleeping pods haha idk how that would work here in the states, also not sure if i would want that many heads in pods lol. Reality is… housing shortage plus affordable housing. Definitely something that needs to be addressed, I suppose thats why California is trying to pass a law to charge 15 percent tax to anyone who operates short term rentals in the state. It will go to affordable housing. Im torn on that bill.
This is nothing new. This was going on in nyc back in 80s and 90s I lived in 2 of them 😊
Neighborhood Nazis? Live next door to what used to be great neighbors but now that nice home is a fucking nightmare.
Can you imagine how filthy these properties become.....smashing a ton of poor people in a house making them share a toilet and shower...all of their sexual relationships being heard through the wall, and the drug usage......probably a high amount of human trafficking and pimping going on.......disgusting
As I understand, they don't allow visitors, no new furniture and have to pass a background check. Probably cameras in common areas.
And I think couples aren't allowed either
I personally don’t find it fair to generalize working class low income folks as “ human traffickers or pimping”
Any smart owner would have cameras out front out back - there’s rules just like any other property
@@JesseVasquezAirVenture human traffickers and pimping take place in many areas and across different income levels....obviously......but this creates a new cheap avenue.....I know people are obsessed with cash flow but the pad thing seems to be justified by the type that would sell their grandmother out for a stick of bubble gum or just a lil extra cash flow
I've been in 4 different properties as a renter in Dallas-Fort Worth....none of them had issues like you describe. Guests aren't allowed and people have been very clean. I think the affordability makes people want to maintain a good relationship with the platform. (that is, they don't want to get kicked off because Padsplit does offer affordable, furnished and flexible rentals). I mainly use Padsplit because I am frugal and am going through a career change and don't know where my first job is going to be....so I don't want to furnish my own place just to move a few hundred miles away....and am not married with children yet.
Are these coed buildings?
Can be