Coliving Padsplit type of homes

General Landlording & Rental Properties
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Coliving Padsplit type of homes

Gp G.
Investor · Atlanta · Member since 2019 · 522 posts · 88 votes

I attended one seminar recently on coliving by a presenter based on an advertisement on social media. He says I can make around net income of 5000$ a month with one property with an average income of 800$ a room using a coliving model and scale up very fast compared to like 200$ monthly cash flow of long term rental. Did anyone try a coliving, padsplit type of model? Also the presenter says it is better to have a big square feet like 2750 square feet to make more rooms and with more bathrooms with more parking space also near to the public transport. I am not sure whether coliving like a short term rental business will also go through a lot of restrictions in cities, counties, and municipalities in near future if not already. Anyone doing this type of business model. I like to connect and learn more. This real estate presenter has a coaching program charging thousands of dollars for one year coaching as well. Is it worth spending that much money on this type of coaching? Does any property manager manage these types of properties? Is it hard to get lending to purchase homes working on this business model? What are pros and cons and risks of this coliving padsplit type of approach? Please advise.

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Victor SoBusiness Member
Real Estate Agent · Chicago, IL · Member since 2017 · 325 posts · 193 votes
7mo
Quote from @Gp G.:

I attended one seminar recently on coliving by a presenter based on an advertisement on social media. He says I can make around net income of 5000$ a month with one property with an average income of 800$ a room using a coliving model and scale up very fast compared to like 200$ monthly cash flow of long term rental. Did anyone try a coliving, padsplit type of model? Also the presenter says it is better to have a big square feet like 2750 square feet to make more rooms and with more bathrooms with more parking space also near to the public transport. I am not sure whether coliving like a short term rental business will also go through a lot of restrictions in cities, counties, and municipalities in near future if not already. Anyone doing this type of business model. I like to connect and learn more. This real estate presenter has a coaching program charging thousands of dollars for one year coaching as well. Is it worth spending that much money on this type of coaching? Does any property manager manage these types of properties? Is it hard to get lending to purchase homes working on this business model? What are pros and cons and risks of this coliving padsplit type of approach? Please advise.

Not sure how it is in Atlanta but in Chicago (and suburbs) many municipalities are becoming more and more open to the co-living style of housing due to lack of supply and affordable housing. I have a house that I rent bedrooms in. There’s 8 bedrooms and I get 800-1000 per room per month. I would never be able to get this going the traditional route. It’s definitely more operations heavy simple due to the sheer number of tenants that occupy the home but I feel it’s worth the cash flow 
Victor So Real Estate LLC517 Reviews
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  • Victor SoBusiness Member
    Real Estate Agent · Chicago, IL · Member since 2017 · 325 posts · 193 votes
    7mo
    Quote from @Gp G.:

    I attended one seminar recently on coliving by a presenter based on an advertisement on social media. He says I can make around net income of 5000$ a month with one property with an average income of 800$ a room using a coliving model and scale up very fast compared to like 200$ monthly cash flow of long term rental. Did anyone try a coliving, padsplit type of model? Also the presenter says it is better to have a big square feet like 2750 square feet to make more rooms and with more bathrooms with more parking space also near to the public transport. I am not sure whether coliving like a short term rental business will also go through a lot of restrictions in cities, counties, and municipalities in near future if not already. Anyone doing this type of business model. I like to connect and learn more. This real estate presenter has a coaching program charging thousands of dollars for one year coaching as well. Is it worth spending that much money on this type of coaching? Does any property manager manage these types of properties? Is it hard to get lending to purchase homes working on this business model? What are pros and cons and risks of this coliving padsplit type of approach? Please advise.

    Not sure how it is in Atlanta but in Chicago (and suburbs) many municipalities are becoming more and more open to the co-living style of housing due to lack of supply and affordable housing. I have a house that I rent bedrooms in. There’s 8 bedrooms and I get 800-1000 per room per month. I would never be able to get this going the traditional route. It’s definitely more operations heavy simple due to the sheer number of tenants that occupy the home but I feel it’s worth the cash flow 
    Victor So Real Estate LLC517 Reviews
    WebsiteView Page
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  • Josh Bowser
    Real Estate Agent · Atlanta, GA · Member since 2020 · 414 posts · 233 votes
    7mo

    GP - give me a call. I can walk you through all things coliving in the ATL metro and should be able to answer the vast majority of your questions.

    Happy to help - contact info is in bio.

    0Reply
  • Gp G.
    OP
    Investor · Atlanta · Member since 2019 · 522 posts · 88 votes
    6mo

    Thank you all for your great feedback. It makes mores sense to me now.

    0Reply
  • Robert J. Rhodes
    Investor · Houston · Member since 2022 · 56 posts · 27 votes
    6mo

    GP, I know this thread is a few weeks old, but I just joined up two days ago and I thought I’d add a perspective as someone who has actually been running a coliving property for several years.

    The income potential that presenters talk about can be real, but in my experience the model only works consistently when the operational side is handled very intentionally. Managing multiple houseguests under one roof is fundamentally different from running a traditional single-lease rental.

    The biggest variables tend to be tenant compatibility, clear house expectations, and choosing the right property in the right location. When those pieces line up, the model can perform very well. When they don’t, it can quickly become management-heavy.

    I’ve spent the last few years refining systems around those dynamics, and that has made a huge difference in how smoothly the property runs.

    Curious if anyone else here has operated room-by-room rentals long term and what lessons you’ve learned along the way.

    Rob

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  • Claudia Rodriguez-LarrainPro Member
    Member since 2026 · 10 posts · 4 votes
    3mo

    I operate 10 co living properties. Minimum 6 bedrooms per property. Average rent $900 CDN

    They cash flow 2500-3000 through arbitrage model. 


    I have my own property management company and In house cleaners, handymen.

    Happy to consult
     

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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    3mo
    Quote from @Gp G.:

    I attended one seminar recently on coliving by a presenter based on an advertisement on social media. He says I can make around net income of 5000$ a month with one property with an average income of 800$ a room using a coliving model and scale up very fast compared to like 200$ monthly cash flow of long term rental. Did anyone try a coliving, padsplit type of model? Also the presenter says it is better to have a big square feet like 2750 square feet to make more rooms and with more bathrooms with more parking space also near to the public transport. I am not sure whether coliving like a short term rental business will also go through a lot of restrictions in cities, counties, and municipalities in near future if not already. Anyone doing this type of business model. I like to connect and learn more. This real estate presenter has a coaching program charging thousands of dollars for one year coaching as well. Is it worth spending that much money on this type of coaching? Does any property manager manage these types of properties? Is it hard to get lending to purchase homes working on this business model? What are pros and cons and risks of this coliving padsplit type of approach? Please advise.


    Check out Padsplit reviews to get an idea of the actual challenges of trying to get several strangers to live together and get along.

    It is relatively easy to do if you are living in the property, but if you try to do it while not living there and you don't screen well - you turn into a babysitter. 

    [email protected]248-209-6824
    Logical Property Management4.9458 Reviews
    WebsiteView Page
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  • Robert J. Rhodes
    Investor · Houston · Member since 2022 · 56 posts · 27 votes
    3mo

    @Drew Sygit@Claudia Rodriguez-Larrain

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  • Robert J. Rhodes
    Investor · Houston · Member since 2022 · 56 posts · 27 votes
    3mo

    Message got cut off. I was trying to echo the comments of Drew and Claudia.

    GP, I am a huge believer in the coliving model. Both as a means of revenue generation and as a way to meet folks where they are in terms of attainable and dignified housing. But if you don't have good property management and/or strong systems around houseguest screening, cost controls, and houseguest expectations, it can get hairy very quickly.

    GP, reach out if I can help guide you.

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