Pad Split In Cleveland?

Question

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 rooms

Ben Firstenberg · Answer

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.

James Wise · Answer

You know what is popular in Cleveland? Fentanyl, and your house is gonna be full of it if you rent by the room.

James Wise · Answer

All you're gonna get is undesirables. Junkies, hookers, felons etc....

Simon Ashbaugh · Answer

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.

Simon Ashbaugh · Answer

Where 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.

Marc Rice · Answer

Is this the same as a "rooming house"?

Marc Rice · Answer

Gotcha, 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.

Bailey Coleman · Answer

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.

Simon Ashbaugh · Answer

Convert, or take out some walls and have 4 large bedrooms. Or something similar. Edgewater is decent but still a high risk roll.

Bernie Cesareo · Answer

Bailey, Are you still considering this, I am currently considering this strategy myself...and would love to discuss with you!

Pad Split In Cleveland?

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