Padsplit / Co-living is treating me well so far.

Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes

Started REI in August of '23. Purchased a test pilot home for shared housing. It was successful so I bought 2 more. I am pleased with the results so far. Using Padsplit along with FB Marketplace and Turbo Tenant for marketing. I haven't made my first payment on my 3rd house yet and super happy with the results. Thanks Tom Wheelwright for writing the book "Tax Free Wealth". I read it in April/May of '23 after the tax season and I swear if I ever meet Tom I am going to give him a big ole Kiss!!!! :)

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Joe S.Pro Member

Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes

Quote from @Jarrod Ochsenbein:

Are you needing to use the other sources along with Pad Split to fill your properties? How long have you been working with PadSplit?

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Joe S.Pro Member
Investor · San Antonio · Member since 2020 · 3k+ posts · 3k+ votes
2y
Quote from @Jarrod Ochsenbein:

Started REI in August of '23. Purchased a test pilot home for shared housing. It was successful so I bought 2 more. I am pleased with the results so far. Using Padsplit along with FB Marketplace and Turbo Tenant for marketing. I haven't made my first payment on my 3rd house yet and super happy with the results. Thanks Tom Wheelwright for writing the book "Tax Free Wealth". I read it in April/May of '23 after the tax season and I swear if I ever meet Tom I am going to give him a big ole Kiss!!!! :)

Are you needing to use the other sources along with Pad Split to fill your properties? How long have you been working with PadSplit?
1 Reply
Andrew FreedBusiness Member
Investor · Worcester, MA · Member since 2020 · 1k+ posts · 1k+ votes
2y
@Jarrod Ochsenbein - Great recommendations. I am having issues completing some room rentals on one of my properties. I've been using FB Marketplace. Out of all of those listing services, do you have luck with one more than another? Also, any best practices for room rentals that you recommend for screening and keeping tenants. Thanks!
[email protected]781-964-3200 Podcast Guest on Show #69
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Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
2y
Quote from @Joe S.:

Quote from @Jarrod Ochsenbein:

Started REI in August of '23. Purchased a test pilot home for shared housing. It was successful so I bought 2 more. I am pleased with the results so far. Using Padsplit along with FB Marketplace and Turbo Tenant for marketing. I haven't made my first payment on my 3rd house yet and super happy with the results. Thanks Tom Wheelwright for writing the book "Tax Free Wealth". I read it in April/May of '23 after the tax season and I swear if I ever meet Tom I am going to give him a big ole Kiss!!!! :)

Are you needing to use the other sources along with Pad Split to fill your properties? How long have you been working with PadSplit?

Yes - I am using FB Marketplace and Turbo Tenant. I have 4 or my last 9 from TurboTenant.
1 Reply
Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
2y
Quote from @Andrew Freed:

@Jarrod Ochsenbein - Great recommendations. I am having issues completing some room rentals on one of my properties. I've been using FB Marketplace. Out of all of those listing services, do you have luck with one more than another? Also, any best practices for room rentals that you recommend for screening and keeping tenants. Thanks!

Everyone says FB is best, but I have found that Turbo Tenant has been the best. I used the 30 day free thing and it was great. I will go look to see what it costs and will probably buy it. FYI - It is not setup for rent by room. I post my properties there as a 1 bedroom and when I get emails on it I have to let them know it is a room for rent. About half disappear after that and the other 1/4 are couples. So I have had many potentials and only 4 actually move in from this, but worth it in conjunction with whatever Padsplit is doing. I will say Padsplit seems to target the 80% mark and then give up and focus on other vacant properties. I don't blame them if that is true. I have 3 properties and that seems to be what I have observed at least with mine in the Phoenix Arizona market. Updated performance -
2 Reply
D. Dee
Member since 2024 · 9 posts · 1 vote
2y
@Jarrod Ochsenbein Do you have your own landlord/maitenance workers for these properties?
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Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
1y
Quote from @D. Dee:

@Jarrod Ochsenbein Do you have your own landlord/maitenance workers for these properties?

I self manage the maintenance out of state. I have cleaning services, handymen, plumbers and kind of an electrician I call should the properties need something.
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Adam DuCharme
Investor · Tempe AZ · Member since 2021 · 8 posts · 1 vote
1y
How do you price out an individual room vs the entire house? My initial guess would be look at 1 bed 1 bath rentals in the area but is that the best way to estimate?
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D. Dee
Member since 2024 · 9 posts · 1 vote
1y
Quote from @Jarrod Ochsenbein:

Quote from @D. Dee:

@Jarrod Ochsenbein Do you have your own landlord/maitenance workers for these properties?

I self manage the maintenance out of state. I have cleaning services, handymen, plumbers and kind of an electrician I call should the properties need something.

Thanks for sharing!
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Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
1y
Quote from @Adam DuCharme:

How do you price out an individual room vs the entire house? My initial guess would be look at 1 bed 1 bath rentals in the area but is that the best way to estimate?

I base the price on a few factors - Room size, amenities and area average rents.
0 Reply
Michael Kazalas
Pittsburgh, PA · Member since 2015 · 24 posts · 4 votes
1y
We just took on a newly renovated Padsplit in Mesa right now and have full occupancy but I'm curious how Turbo Tenant compares to Padsplit pricing
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Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
1y
Quote from @Michael Kazalas:

We just took on a newly renovated Padsplit in Mesa right now and have full occupancy but I'm curious how Turbo Tenant compares to Padsplit pricing

I used turbo tenant to get my own members for my Padsplit properties.
1 Reply
Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
1y
Hit a new high and month is still going. :)
1 Reply
Donato Callahan
Member since 2023 · 30 posts · 19 votes
1y
Quote from @Jarrod Ochsenbein:

Hit a new high and month is still going. :)

How do you run the numbers on a PadSplit property?
0 Reply
Josh Bowser
Real Estate Agent · Atlanta, GA · Member since 2020 · 414 posts · 233 votes
1y
@Jarrod Ochsenbein - 96% occupancy is insane! What market are you in? What do you think you're doing differently than other hosts that is setting you apart?
0 Reply
Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
1y
Quote from @Josh Bowser:

@Jarrod Ochsenbein - 96% occupancy is insane! What market are you in? What do you think you're doing differently than other hosts that is setting you apart?

I am in the Arizona market. We are just trying to provide the best affordable housing at a great price. We do nice kitchens and stainless appliances, have cleaning service, pest control, landscaping and address any maintenance issues immediately. People really seem to like it. They get to save money on living expenses and we have a much higher yield then LTR's by far. There are several other little things during screening that help us also.
1 Reply
Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
1y
Quote from @Joe S.:

Quote from @Jarrod Ochsenbein:

Started REI in August of '23. Purchased a test pilot home for shared housing. It was successful so I bought 2 more. I am pleased with the results so far. Using Padsplit along with FB Marketplace and Turbo Tenant for marketing. I haven't made my first payment on my 3rd house yet and super happy with the results. Thanks Tom Wheelwright for writing the book "Tax Free Wealth". I read it in April/May of '23 after the tax season and I swear if I ever meet Tom I am going to give him a big ole Kiss!!!! :)

Are you needing to use the other sources along with Pad Split to fill your properties? How long have you been working with PadSplit?

We did start using TurboTenant and Facebook market place when Padsplit couldn't seem to fill them as fast as I would like.
0 Reply
Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
1y
Quote from @Andrew Freed:

@Jarrod Ochsenbein - Great recommendations. I am having issues completing some room rentals on one of my properties. I've been using FB Marketplace. Out of all of those listing services, do you have luck with one more than another? Also, any best practices for room rentals that you recommend for screening and keeping tenants. Thanks!

Sorry for the super late reply. I don't get on BP much. We had success with listing on Turbotenant as a 1 bed 1 bath rental with an explanation it is a room in a house for rent. The app doesn't allow rent by room, so I am sort of forcing it.
0 Reply
Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
1y
Quote from @Andrew Freed:

@Jarrod Ochsenbein - Great recommendations. I am having issues completing some room rentals on one of my properties. I've been using FB Marketplace. Out of all of those listing services, do you have luck with one more than another? Also, any best practices for room rentals that you recommend for screening and keeping tenants. Thanks!

The best thing we have seen work is to simply tell the potential members that Co-living is not for everyone up front. We explain the rules and emphasize cleanliness. "If you don't believe you can clean up after yourself this isn't the living arrangement for you"! We are also quick to request members to vacate if issues arise.
0 Reply
Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
1y
Quote from @Joe S.:

Quote from @Jarrod Ochsenbein:

Started REI in August of '23. Purchased a test pilot home for shared housing. It was successful so I bought 2 more. I am pleased with the results so far. Using Padsplit along with FB Marketplace and Turbo Tenant for marketing. I haven't made my first payment on my 3rd house yet and super happy with the results. Thanks Tom Wheelwright for writing the book "Tax Free Wealth". I read it in April/May of '23 after the tax season and I swear if I ever meet Tom I am going to give him a big ole Kiss!!!! :)

Are you needing to use the other sources along with Pad Split to fill your properties? How long have you been working with PadSplit?

Sometimes we use FB marketplace and Turbotenant
0 Reply
Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
1y
Quote from @D. Dee:

@Jarrod Ochsenbein Do you have your own landlord/maitenance workers for these properties?

I leverage a cleaning service, a few landscapers, handymen, contractors and plumber.
0 Reply
Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
1y
Quote from @Adam DuCharme:

How do you price out an individual room vs the entire house? My initial guess would be look at 1 bed 1 bath rentals in the area but is that the best way to estimate?

I price based on average area rents and undercut them just a little bit.
0 Reply
Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
1y
Quote from @Michael Kazalas:

We just took on a newly renovated Padsplit in Mesa right now and have full occupancy but I'm curious how Turbo Tenant compares to Padsplit pricing

Turbotenant was free and I used it when PS was a little slow.
0 Reply
Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
1y
Quote from @Donato Callahan:

Quote from @Jarrod Ochsenbein:

Hit a new high and month is still going. :)

How do you run the numbers on a PadSplit property?

I built myself a little calculator. I run the numbers @ 75% occupancy.
Here is the calculator - https://docs.google.com/spreadsheets/d/1kznH0yXWBmMyZE5MpoIj...
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Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
1y
Current Status:
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Jarrod Ochsenbein
OP
Rental Property Investor · Oregon/Arizona · Member since 2023 · 124 posts · 79 votes
1y
All - Sorry for the late replies. I am an Intel IT Manager and life can be a bit busy sometimes. :) I hope to retire in a year and 2 months.
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