How has your experience been with PadSplit?
Hello, we run a PadSplit property management company in Atlanta, GA and we're curious on other investors experiences with the business model. What are some pro & cons you noticed throughout your endeavor? Would you recommend the PadSplit business model to others?
Most Popular Reply
Cons I would say are achieving financing. PadSplit's have been difficult to finance because they are considered modified collateral. Lenders unfortunately don't want to foreclose on a home with 6,7,8 homes on a property that's a true single family home. Secondly, the appraisal often notes functional obsolescence because of this and a lack of a common area. The cashflow is great, but getting financing is difficult, especially for refinances post modification.