How to Make $7,000 a Month With ONE Property!
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- Опубликовано: 4 июл 2024
- Prepare for an epic Triple Digit Flip reunion and a jaw-dropping PadSplit house tour! Join Pace Morby, Jamil Damji, and Rahima Blaza as they take you through a remarkable fix and flip project that transforms a single-family home into a 7-bedroom, 7-bathroom PadSplit.
In this video, Rahima, Jamil’s sister and renovation powerhouse, leads the charge on converting this property into a high-income generating PadSplit. She walks Jamil, Pace, and a crew of SubTo, Gator, Top Tier TC, and Astroflipping students through every corner of the house, explaining her strategic vision for each space. The transformation aims to generate a whopping $7,000 a month in rental income!
Rahima breaks down the renovation process, revealing the costs and expected profits of building out multiple bedrooms and bathrooms. With a tight 30-day turnaround that aligns with their TV show style, they are set to renovate and furnish the house swiftly.
The video also delves into the nuances of managing a PadSplit, a unique rent-by-the-room property management company. Rahima discusses the challenges of quick turnarounds and how she's ensuring tenant satisfaction by creating value. She emphasizes the importance of no-conflict living, which is why she includes multiple fridges, pantries, and appliances to accommodate all tenants.
Rahima shares her preference for maximizing the existing space rather than adding onto the property, ensuring every inch of the house is utilized efficiently.
Don’t miss this behind-the-scenes look at how the stars of Triple Digit Flip turn a single-family home into a profitable rental machine. They drop golden nuggets that’ll help on your real estate investing journey.
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Chapters:
0:00 - Intro
0:28 - Transformation Walk Through
4:10 - Advice on Starting a PadSplit
5:15 - Q&A
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⚠️ #CreativeFinance #Investing #Wealth #RealEstateInvesting #Wholesaling #SubjectTo #HowToGetStartedInRealEstate ⚠️
🚧🚧🚧 DISCLAIMER 🚧🚧🚧
Pace is not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a RUclips video for entertainment purposes ONLY.
Who's ready for their own PadSplit? Learn more at SplitYourPad.com
What grabbed my attention was Rahima's swift project execution, turning a dated house into a modern communal living space within 30 days. Her strategy of using existing space creatively impressed me the most
Rahima needs to be talking on stage at the next Squad Up Summit! She is 🤩 amazing!
Rahima is a queen, the way she's tackling this project like it's nothing, it's amazing! Hats off to her!
She’s a BAD ASS!!!
Every time I hear people bash on Padsplit saying its going "around" zoning I politely remind them that zoning has invariably been used to enforce and perpetuate a uniquely American form of apartheid, shrouded in a fog of planning jargon and obtuse codes. While you will find no mention of race or class in your contemporary local zoning ordinances, the open pursuit of American apartheid forms the basis of many zoning codes still in effect today. Yes, the courts clamped down on de jure racial zoning in 1917, but court approval of economic zoning in 1926 would pave the way for de facto racial segregation…cities were quick to bring in renowned zoning framers who could provide legal cover for the same old exclusionary zoning codes. So, zoning must be "canceled" too LOL. BRAVO PADSPLIT!!!!
Jamie and his sister look great. I'm sure they feel much better. Congratulations
Genius like dorms !
Rahima has brilliantly reconfigured this property for practical and peaceful co-living. Wow!!
Great work Pace! Conservatively rents for a Padsplit in Phoenix are closer to $210 per room per week, which would gross $6,370/mo for 7 tenants, but then you usually have 10% vacancy. After accounting for all of the costs of Padsplit, management fees, etc., your COC might be 12% for this type of deal depending on occupancy that month. 7 tenants is actually too small for a Padsplit in Phoenix, I would aim for 8-10 rooms in Phoenix for a better COC return. Feel free to reach out to me, I own 4 Padsplits.
What markets you recommend for Padsplits?
@@theicemanfrost I’d recommend their core markets - Vegas, Phoenix, DFW, Atlanta, Tampa, and Orlando.
10 tenants? Idk if city zoning in most cities will allow so many people? I guess since they aren't technically "residents" so that rule doesn't apply for visitors? I'd be interested in talking floorplans. I think I've figured out how to design for max profit
@@epg423 many Padsplits already do this in several cities. It’s normal.
@@michaelaylett "DFW"... does that include Frisco and Plano?
I have 1 padsplit in Vegas and everyone’s happy and getting along. I was able to fill my 6/3 in less than a month. Looking for my next one.
Congrats!
@@PaceMorby all thanks to you.
Awesome idea, just heard about pad split first time. Great info!
Glad it was helpful!
Some tenants in my area MA pay easy 1K per month for a small BR and shared small kitchen and bath. Even if 1 or 2 don,t pay you are somewhat protected. I like the idea thx for sharing. 7 pantries are great too.👍
Great info - looking forward to the finished product! Thanks for sharing 👍
You bet!
Need a video "after" the renovation is complete please. :)
Yo Rahima is a straight up Legend!! I was really hoping to see her at The Squad Up Summit.. I can’t wait for Season 3 or Triple Digit Flip!! SOOOOO GOOD!! Love you Guys!!! 🎉🔥⭐️🙏🏼🤩
Fun to watch!
Cant wait to see the end result
soooo sick!!!!
I’m interested in the idea, but asking an honest question. Who would want to live in a 1700sqft house with 6 other strangers at $1000/m? And I’m assuming the tenants are not the upper echelon of society, so how do we guarantee they pay every month? Honest questions, love the content
That’s affordable housing nowadays, either that or your paying $2000 for a 1 bedroom apartment
lots of people!!!!!
depends on location here in philadelphia you could get a whole house for 1500 on the Old side but for newer stuff 2-3 downtown probably 4k so id say just cough up 500 extra and get a ugly house 3 1 Lol
Seems way too high unless the market is insanely expensive like on a beach or something idk LA, NYC, in my state New mexico I think you can't get past 400 a room unless it's crazy nice but for normal finishes 400 tops here I'd say. Depends how nice the property is obviously, I mean if it's super nice or nice location but I just think u can get a whole apartment for that price here for 1000 so idk seems high but Seattle I guess it makes sense 😅 studios must be 2g a month there?
Depends on if they have a target occupant… could be nurses / PA’s / college or pro refs / etc.. that won’t be an issue… my question is if they’re redoing basically everything could they not just make it so each room has its own bathroom?
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how is the PML's return tax free? interest is taxed as ordinary income, correct?
that was my objection too. How is the return tax free?
Hey Pace I have a turnkey 4 bed 2 bath SFR in San Antonio TX looking for a cash buyer.
I called a couple hedge funds though there acquisitions don’t answer I’d greatly appreciate it if you can help.
Get in our free Facebook group paceapproves.com/freefb-ytp
bruh, keep it. never sell
Hey getting into wholesale New York and New Jersey market . Can you give it to me straight of earnest money deposit. How much do I need to put down. Thank you and always appreciate your content.
Ask this in the free Facebook Group. facebook.com/groups/creativefinancewithpacemorby/
I can’t even get a demo permit in California in 30 days, let alone re-constructing bathrooms, kitchens, plumbing, without engineering, permits, blueprints. lol where is this located?
Phoenix
phoenix
Republicanlandia