Turnkey PadSplit? Would this work?

Question

I'm interested in learning more on PadSplit; saw this strategy as a great way to counter some of the tightening in some markets. Are there "Turnkey" PadSplit options out there; I wonder if anyone has found a way to create this or if it would even be a profitable model.

Puja Varude · Answer

save tour property from padsplit,  they dont vet member who damages your property,  they deny payout despite charging you management fee they said its just marketplace.

Trey Watkins · Answer

Hey Puja! It seems you have had a bad experience with us in the past. Visited your profile and notice it’s all frustration directed to PadSplit. Of course, we never want to disappoint but understand that our model does not work for every investor.

To address your comment, “vetting members” is a broad statement as it applies limitation due to Fair housing that we as a company follow as well. We do provide SCREENING which checks a member background for felonies and evictions, employment/income verification, ID verification, etc…. There is no way, with any investment strategy, to predict an individual’s behavior in a property. It’s literally the nature of real estate. Being the largest coliving marketplace, the number of properties that report any form of damage is minimal.

Lastly, we are not a management company. We are a marketplace. Think of us the same way you would think of AirBnb or any marketplace type of company. The fee you are charge is a service fee, which any company out there charges, to provide you with the backend resources such as our dashboard, payment collections, member support, etc….

I would be more than happy to chat with you more to figure out where we went wrong in hopes of easing the frustration you have with us. Please find some time for us to chat more.