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How Does PadSplit Work?
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- Опубликовано: 15 сен 2022
- If you have been looking for a new exit strategy to keep on your tool belt in this changing market, this video will give you some insight into an option to keep in mind: PadSplit.
We will go over What PadSplit is, How it works, and What to look for in house if you want to use PadSplit.
Let's learn together!
#PadSplit #SubTo #LightBoxHomes
It's so sad that there is a housing crisis and homelessness at the same time.
Some cities with zoning limit have many cars can be parked on property. If you break the law your opening a case against your property. FYI best to always check and verify with code enforcement in person at your city building.. Not take the word of a for profit business or a sales persons.
This is a concern, yes. That's why many Padsplit investors strictly invest within half a mile of MARTA.
are you open to investing on other properties to earn monthly income from renting@@LightBoxHomes
I have 7 roommates but 3 roommates don't have cars and one parks in my neighbor's driveway.
One question. What happens when a tenant stop paying the rent and doesn't leave the house? Who does the eviction process? Who pays the rent during the moratory period?
Actually, the genius of the PadSplit model is they create an LLC to manage the property, and the tenant is thus a shareholder and does NOT hold a lease. No tenant rights.
I see that you are wearing the Subto hat. Are you in Pace’s mentorship? If so, have you done more Subto/Padsplit deals and how are they going? Thanks for the great content!
Yes! I love creative financing and Pace's program is the BEST way to learn it. I'm still working like a dog just to get my first creative deal. I'm prospecting, and I have a website dedicated to the subject: www.lightboxbuyshomes.com. I'm working on three such deals now, but sellers haven't signed on the dotted line just yet. Honestly, since making this video my partner and I have come to realize that PadSplit is a tricky exit because if you've renovated more beds into a home and you end up being WRONG about the cash flow, it takes even more money to back out the renovations! I'm still interested in PadSplit, but I've realized that I'm looking for a property with very specific characteristics: Busy road with a big front yard and over 2200sf.
@@LightBoxHomes That makes sense! Do you need anyone to drive for dollars? I’m in the Marietta area and I have been wanting to get more hands on in real estate.
@@destinysmusicworld1390 Yes of course. I pay $1000 for address referrals and $2000 for address+owner info referrals (assuming I close on the referred property, of course).
A room without a closet is not considered a bedroom. Are you planning on adding closets to these rooms?
Yup. That closet, plus access to a full bath on the same floor, ceilings at least 7'3" high, and an egress window are the four corner of that bedroom appraising as a bedroom.
My dining room doesn't have a closet but I put some racks and shelves in to put clothes in and on. I put a door on the dining room. Been renting it for years with no problem.
Hello fellow subto student ✌🏻nice video!
Thanks!
Well, I need to speak with you about my amazing property
Hey thanks for commenting! Nothing makes me feel better about all the time I spend generating content. Thanks! Feel free to email me more about the house at info@lightboxhomes.com or just give me a buzz at 404-645-6220. Cheers! -Stephen-
I’m curious if you have looked into the the laws where each city limits the number of unrelated tenants that can live in a single family home? Have you had any issues with this?
I haven't done a lot of primary-source investigation (i.e. reading the code), but my understanding is that PadSplit gets around the problem thru making the tenants members of an LLC instead of tenants with a lease and rights.
I have been breaking that law for 24 years and never have been fined even though I have been raided by the city.
I feel like this would be a maintenance and tenant conflict nightmare. I could be wrong, but this is basically college style living for lower income people who are so short term they could care less what happens to the place.
I’m signed up and approved but I wish I could see the room in person first.
They should have pics. Any of the 1s i looked at show the main areas but for the room theres only 1 pic
When I go in the app it’s always sayin there are no rooms avail anywhere
People are not gonna like this model of buisness coming to their neighborhoods. If y'all want this to not just blow up in huge failure you will need to get properties in multiple family zoned areas with proper parking..unless y'all like seeing 10 cars parked all over the yard? It can be a great idea if applied properly in the proper areas..but so far it's already a hot mess.
Good point. For that reason I only look at the PadSplit model for houses that meet the following criteria: On a busy road, BIG lot, preferrably with a screen of big bushes or trees close to the road. That way the house is largely apart from the interior of the neighborhood, there is plenty of parking, and no one has to see all the cars.
As cost of homes keep rising its going to become this way. I know in the UK they call it Rent to Rent! But they target homes closer to hospitals and homes closer to center of town that allows less drivers.
*The Cost of Living is way too high now for this Model to NOT Work.* You make great points though. *I'm actually signing up now for PadSplit* to do my background *to move forward with a Room real Quick.*
A property like that typically how long does it take to do the renovations to get it ready to rent?
Well, if you're just creating walls, painting and flooring plus a few fix-its, just a month.
I wouldn't rent rooms in a house that I don't live in.
I got approved to rent a padsplit. I'm concerned about the safety of living there. Where can you find out the crimes pertaining to padsplits?
Exactly
Will this app work if I just want to rent out one of my rooms?
Do I have the background fee for application
Hey do you have any rooms available
I do
Is it safe?
Where are you based at?
We're in Atlanta, Georgia
0:52
The padsplit I stay in has a horrible Host and padsplit dont hold there host accountable. It is mice infested and I had to pay for Pest control after requesting pest control over a month. I was so angry I vented to the neighbor. They neighbor said they are reporting padsplit because the home is not listed as an 8unit home but 3 bedroom. They do that to avoid paying the higher tax. The neighbor called the tax office to report the number of bedrooms. The tax office told him they get the information from the appraisal etc.. He want me to go to the tax office with him to show on my phone the address and they are running an illegal business by not reporting it as an 8 unit property. Anything over 4 units is actually considered commercial in Texas. Also the home I am in has a new owner. If they received financing without listing it as an 8 unit property, then it would be considered Mortgage Fraud.
Stop causing trouble and reporting land lords just leave
@malcolmdevers6446 I did leave and they called me to come back and I said No.
Way to take care of those less fortunate. Line your pockets at the expense of those less fortunate.btw. most septic systems aren't designed for that many adults. Oh and now you buy up all the homes that maybe some lower income folks could buy. Warehouse people so you can line your pockets. SMH.
You’re a communist he can buy what he wants with his own money and use his property however he wants. You are jealous and angry
This guy just put a roof over seven people’s heads. How many people have you put into a home?