Pad Split In Cleveland?
Investor · Member since 2022 · 65 posts · 38 votes
Pad Split In Cleveland?
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Investor · Cleveland · Member since 2021 · 247 posts · 240 votes
3yPadsplit hasn't launched in Cleveland yet, so you won't be able to use their platform. You could possibly explore a similar platform, I'm not sure.
To be honest, I don't think Padsplit would be as successful in Cleveland. It's huge in Atlanta because it's hard to find apartments in Atlanta for under $1200/month, so getting a Padsplit at $700/month is pretty attractive. But in Cleveland there are lots of places where you can get a studio for $600/month or less. (I know because I own one) So Padsplit would have to be much cheaper than that and I'm not sure it would be worth it at that point.
Hope that helps. Happy to talk further.
15 Replies
- 3yMarc RiceBusiness MemberReal Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
Quote from @Bailey Coleman:
Has anyone done a pad split in Cleveland Ohio? I am thinking about buying this 8 bedroom 3 bathroom house in Cle. There is a good amount of square footage and it is a single family house. Instead of converting into a multi family I was exploring other options. If I kept it as a single family, 8 bedrooms is a lot to rent it out to a regular tenant so I was thinking about doing a pad split instead. What has been your experience with pad split in the Cleveland market and would you recommend it?
*For those of you who don't know pad split is a platform where you can rent you each room individual to tenants. They are most ideal when you have a lot of roomsIs this the same as a "rooming house"?
Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews - Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes3y
Quote from @Bailey Coleman:
Has anyone done a pad split in Cleveland Ohio? I am thinking about buying this 8 bedroom 3 bathroom house in Cle. There is a good amount of square footage and it is a single family house. Instead of converting into a multi family I was exploring other options. If I kept it as a single family, 8 bedrooms is a lot to rent it out to a regular tenant so I was thinking about doing a pad split instead. What has been your experience with pad split in the Cleveland market and would you recommend it?
*For those of you who don't know pad split is a platform where you can rent you each room individual to tenants. They are most ideal when you have a lot of roomsAll you're gonna get is undesirables. Junkies, hookers, felons etc....
- 3yAlfath AhmedBusiness MemberReal Estate Agent · Columbus, OH · Member since 2022 · 1k+ posts · 1k+ votes
Quote from @Bailey Coleman:
Has anyone done a pad split in Cleveland Ohio? I am thinking about buying this 8 bedroom 3 bathroom house in Cle. There is a good amount of square footage and it is a single family house. Instead of converting into a multi family I was exploring other options. If I kept it as a single family, 8 bedrooms is a lot to rent it out to a regular tenant so I was thinking about doing a pad split instead. What has been your experience with pad split in the Cleveland market and would you recommend it?
*For those of you who don't know pad split is a platform where you can rent you each room individual to tenants. They are most ideal when you have a lot of roomsI would look into the Columbus market. It's known for it's strong appreciation factor, low taxes, and also because it is a land-lord friendly state.
Have you invested in the Cleveland or Columbus market before?
ReafCo | Ahmed Group 55 Reviews - Investor · Cleveland · Member since 2021 · 247 posts · 240 votes3y
Padsplit hasn't launched in Cleveland yet, so you won't be able to use their platform. You could possibly explore a similar platform, I'm not sure.
To be honest, I don't think Padsplit would be as successful in Cleveland. It's huge in Atlanta because it's hard to find apartments in Atlanta for under $1200/month, so getting a Padsplit at $700/month is pretty attractive. But in Cleveland there are lots of places where you can get a studio for $600/month or less. (I know because I own one) So Padsplit would have to be much cheaper than that and I'm not sure it would be worth it at that point.
Hope that helps. Happy to talk further.
- Realtor · Columbus Ohio, Cleveland Ohio · Member since 2022 · 849 posts · 830 votes3y
Quote from @Bailey Coleman:
Has anyone done a pad split in Cleveland Ohio? I am thinking about buying this 8 bedroom 3 bathroom house in Cle. There is a good amount of square footage and it is a single family house. Instead of converting into a multi family I was exploring other options. If I kept it as a single family, 8 bedrooms is a lot to rent it out to a regular tenant so I was thinking about doing a pad split instead. What has been your experience with pad split in the Cleveland market and would you recommend it?
*For those of you who don't know pad split is a platform where you can rent you each room individual to tenants. They are most ideal when you have a lot of roomsWhere in Cleveland? I generally recommend against renting by room. It tends to draw very troublesome tenants. most of em end up as crack houses with a lot of maintenance problems and expensive turns.
- Investor · Member since 2022 · 65 posts · 38 votes3y
Quote from @Alfath Ahmed:
Quote from @Bailey Coleman:
Has anyone done a pad split in Cleveland Ohio? I am thinking about buying this 8 bedroom 3 bathroom house in Cle. There is a good amount of square footage and it is a single family house. Instead of converting into a multi family I was exploring other options. If I kept it as a single family, 8 bedrooms is a lot to rent it out to a regular tenant so I was thinking about doing a pad split instead. What has been your experience with pad split in the Cleveland market and would you recommend it?
*For those of you who don't know pad split is a platform where you can rent you each room individual to tenants. They are most ideal when you have a lot of roomsI would look into the Columbus market. It's known for it's strong appreciation factor, low taxes, and also because it is a land-lord friendly state.
Have you invested in the Cleveland or Columbus market before?
I am investing in Cleveland currently. Have BRRRRed multi properties this year in Cle. I am definitely interested in the Columbus area and would like to start in 2024 out there after I get a few more under my belt in Cle.
- Investor · Member since 2022 · 65 posts · 38 votes3y
Quote from @Ben Firstenberg:
Padsplit hasn't launched in Cleveland yet, so you won't be able to use their platform. You could possibly explore a similar platform, I'm not sure.
To be honest, I don't think Padsplit would be as successful in Cleveland. It's huge in Atlanta because it's hard to find apartments in Atlanta for under $1200/month, so getting a Padsplit at $700/month is pretty attractive. But in Cleveland there are lots of places where you can get a studio for $600/month or less. (I know because I own one) So Padsplit would have to be much cheaper than that and I'm not sure it would be worth it at that point.
Hope that helps. Happy to talk further.
Okay thanks for the feedback, very helpful. This makes sense. Keeping an 8 bedroom SFR I believe would also be hard to rent to a long term tenant as the demand for that many bedrooms would be lower as I would image as most people do not need that many bedrooms.
- Investor · Member since 2022 · 65 posts · 38 votes3y
Quote from @Simon Ashbaugh:
Quote from @Bailey Coleman:
Has anyone done a pad split in Cleveland Ohio? I am thinking about buying this 8 bedroom 3 bathroom house in Cle. There is a good amount of square footage and it is a single family house. Instead of converting into a multi family I was exploring other options. If I kept it as a single family, 8 bedrooms is a lot to rent it out to a regular tenant so I was thinking about doing a pad split instead. What has been your experience with pad split in the Cleveland market and would you recommend it?
*For those of you who don't know pad split is a platform where you can rent you each room individual to tenants. They are most ideal when you have a lot of roomsWhere in Cleveland? I generally recommend against renting by room. It tends to draw very troublesome tenants. most of em end up as crack houses with a lot of maintenance problems and expensive turns.
Near Edgewater. I agree this could attract troublesome tenants. On the flip side I do not think renting it to a regular long term tenant would work either as most tenants are not looking for an 8 bedroom SFR. I may look into converting it into a multi family
- Realtor · Columbus Ohio, Cleveland Ohio · Member since 2022 · 849 posts · 830 votes3y
Quote from @Bailey Coleman:
Quote from @Simon Ashbaugh:
Quote from @Bailey Coleman:
Has anyone done a pad split in Cleveland Ohio? I am thinking about buying this 8 bedroom 3 bathroom house in Cle. There is a good amount of square footage and it is a single family house. Instead of converting into a multi family I was exploring other options. If I kept it as a single family, 8 bedrooms is a lot to rent it out to a regular tenant so I was thinking about doing a pad split instead. What has been your experience with pad split in the Cleveland market and would you recommend it?
*For those of you who don't know pad split is a platform where you can rent you each room individual to tenants. They are most ideal when you have a lot of roomsWhere in Cleveland? I generally recommend against renting by room. It tends to draw very troublesome tenants. most of em end up as crack houses with a lot of maintenance problems and expensive turns.
Near Edgewater. I agree this could attract troublesome tenants. On the flip side I do not think renting it to a regular long term tenant would work either as most tenants are not looking for an 8 bedroom SFR. I may look into converting it into a multi family
Convert, or take out some walls and have 4 large bedrooms. Or something similar. Edgewater is decent but still a high risk roll.
- Realtor · Columbus Ohio, Cleveland Ohio · Member since 2022 · 849 posts · 830 votes3y
Actually, i just found it, they are pretty small rooms. With the layout, i think it would make the most sense to go for 4-6 larger rooms.
- Investor · Member since 2022 · 65 posts · 38 votes3y
Quote from @Marc Rice:
Quote from @Bailey Coleman:
Has anyone done a pad split in Cleveland Ohio? I am thinking about buying this 8 bedroom 3 bathroom house in Cle. There is a good amount of square footage and it is a single family house. Instead of converting into a multi family I was exploring other options. If I kept it as a single family, 8 bedrooms is a lot to rent it out to a regular tenant so I was thinking about doing a pad split instead. What has been your experience with pad split in the Cleveland market and would you recommend it?
*For those of you who don't know pad split is a platform where you can rent you each room individual to tenants. They are most ideal when you have a lot of roomsIs this the same as a "rooming house"?
In a pad split , the tenants share kitchen and often bathroom facilities. So yes it is the same idea but through the platform called pad split. Ideally it's for young adults that want to pay cheaper rent and rent by the room . I don't think it's as popular in Cleveland though. Considering everyone's feedback instead of renting by the room, I would either convert into a multi family or just knock down some walls to make the rooms bigger - 3yMarc RiceBusiness MemberReal Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
Quote from @Bailey Coleman:
Quote from @Marc Rice:
Quote from @Bailey Coleman:
Has anyone done a pad split in Cleveland Ohio? I am thinking about buying this 8 bedroom 3 bathroom house in Cle. There is a good amount of square footage and it is a single family house. Instead of converting into a multi family I was exploring other options. If I kept it as a single family, 8 bedrooms is a lot to rent it out to a regular tenant so I was thinking about doing a pad split instead. What has been your experience with pad split in the Cleveland market and would you recommend it?
*For those of you who don't know pad split is a platform where you can rent you each room individual to tenants. They are most ideal when you have a lot of roomsIs this the same as a "rooming house"?
In a pad split , the tenants share kitchen and often bathroom facilities. So yes it is the same idea but through the platform called pad split. Ideally it's for young adults that want to pay cheaper rent and rent by the room . I don't think it's as popular in Cleveland though. Considering everyone's feedback instead of renting by the room, I would either convert into a multi family or just knock down some walls to make the rooms biggerGotcha, this usually makes sense when 1bd/studios exceed $1500-2500/mo so rent by the bedroom is needed. I'd only do this in nicer A/B class areas.
Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews - Member since 2023 · 243 posts · 199 votes3y
Quote from @Bailey Coleman:
If this was near Case Western Reserve or Kent State, or another big college thirsty for rooms, say “Yes”.
An 8 BR place near Edgewater? I assume it’s one of those older, giant homes near Edgewater and Lakewood where the rooms are tiny. You can call the city to see if it can be converted but I assume “no”. They probably want those old homes to remain as-is for pseudo historical purposes.If it can be a duplex, calculate the cost to see if it is worth it.
If it is on Clifton or Lake Ave, it might make it as a SF. Further inland from the beach? Not so much.
- Investor · Medina, OH · Member since 2019 · 15 posts · 12 votes2y
Bailey, Are you still considering this, I am currently considering this strategy myself...and would love to discuss with you!
- Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes2y
Quote from @Bailey Coleman:
Quote from @Marc Rice:
Quote from @Bailey Coleman:
Has anyone done a pad split in Cleveland Ohio? I am thinking about buying this 8 bedroom 3 bathroom house in Cle. There is a good amount of square footage and it is a single family house. Instead of converting into a multi family I was exploring other options. If I kept it as a single family, 8 bedrooms is a lot to rent it out to a regular tenant so I was thinking about doing a pad split instead. What has been your experience with pad split in the Cleveland market and would you recommend it?
*For those of you who don't know pad split is a platform where you can rent you each room individual to tenants. They are most ideal when you have a lot of roomsIs this the same as a "rooming house"?
In a pad split , the tenants share kitchen and often bathroom facilities. So yes it is the same idea but through the platform called pad split. Ideally it's for young adults that want to pay cheaper rent and rent by the room . I don't think it's as popular in Cleveland though. Considering everyone's feedback instead of renting by the room, I would either convert into a multi family or just knock down some walls to make the rooms biggerYou know what is popular in Cleveland? Fentanyl, and your house is gonna be full of it if you rent by the room.
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