I actually clean a property like this, and does pretty good, it's really a good way to go.

@JesseVasquezAirVenture

Жыл бұрын

Rod there cool, you'll habit break it down for me

@roderickmcclinton7140

Жыл бұрын

@@JesseVasquezAirVenture will do.

Been doing this for the past 6 years, currently on my 4th home with 20+ rooms. Great cash flow I also have a free app that helps DIY landlords manage their roommates/room rentals

@porschaconnor2562

3 ай бұрын

Whats that app

@The.Irving.Barajas

2 ай бұрын

@@porschaconnor2562 The app is not yet deployed to apple/android stores, but it will be in the near future. If you would like early access, feel free to send me a message

Hadn't heard of this app until today. I like the idea that this setup allows you to help a person re/build credit regarding their one-time payments.

Please don't get greedy with the rent cost. Do it to help people find a home with an affordable rate. You will be more blessed if you thinK affordable 🙌🙌🙌

@JesseVasquezAirVenture

Жыл бұрын

We agree!

@mikeanderson9266

3 ай бұрын

Well, I think there got to be BALANCE. Landlords do not want to work for min wage!

First, Thank you Jesse for touching on this subject for the midterm space..havent heard anyone really talking about this 👍

@JesseVasquezAirVenture

Жыл бұрын

absolutely thanks for watching Gia!

I cannot believe I just finished watching this. I started watching the video (and stopped after 2 minutes) when it was uploaded and by the time I started my midterm rental. This is the strategy I am doing right now, only smaller, 3 beds 3 baths. i think at this point I’ll just observe and learn how Padsplit do it and apply it to a smaller space. It’s interesting that it seems like room renters, esp locals, think that landlords running a place like this are greedy, it is a business strategy! it is sometimes disappointing that after you put an effort to make a comfortable place to stay and price it reasonably, all they can see is a greedy person behind it. and i am directly talking about the locals who wish to save money by living in a roomshare. So as much as possible avoid local renters in a C neighborhood, 9/10 it’s not gonna work for them. There are people from out of state who are comfortable living in a C neighborhood, save your space for them.

Thank you for another informative video! I think this type of housing is very needed.

@JesseVasquezAirVenture

Жыл бұрын

Glad it was helpful!

What about parking, please? Most residential neighborhoods aren’t going to be OK with 7 cars lined up outside, especially when ordinances require all vehicles to be off the road during the winter in the snow states.

@JesseVasquezAirVenture

Жыл бұрын

Hey Trenya, we talk about parking situations in the video.

@trenyarae

Жыл бұрын

@@JesseVasquezAirVenture I did hear that after my comment! Thank you!

@LuceroDelgado-ip3oi

Жыл бұрын

I must’ve missed the parking conversation. What time stamp is it?

@trenyarae

Жыл бұрын

It’s at the end…according to the video, only 50% of this type of avatar have their own vehicle …a very good reason why you’d want to be super close to public transportation.

Ellis the PadSplit King 😎

@JesseVasquezAirVenture

Жыл бұрын

🙌🏽

This is an awesome video! Thanks Jesse and Ellis for the insight! I recently purchased a 5 bedroom 4 bath single family in Baltimore city near the Harbor. I am currently doing Airbnb but my goal is to rent by room. The problem is PadSplit is not in Baltimore area yet :(

@JesseVasquezAirVenture

Жыл бұрын

They’re adding new locations regularly from my understanding!

@JesseVasquezAirVenture

Жыл бұрын

@K Hodges same thing we would do with long term or mid term squatters, haven’t had to cross that bridge yet, hopefully never do! Here in California pretty hard to get folks out

@jdavidfletcher

Жыл бұрын

I thought the same thing. Then I found a reference on their site for "PadSplit Anywhere" that allows you to be somewhere other than their listed cities.

Actually, you are converting your regular house into a rooming house. You are going to go into a totally different property class, and if you don't, you are violating property codes and facing penalties to fines. It's not that simple, the way this guy is saying it. Do this, do that.

@JesseVasquezAirVenture

Жыл бұрын

Definitely always check local laws and codes

Hi Jesse another great video. Just want to say thank you and I was able to get a 4 months insurance claim tenant in my MTR.

@JesseVasquezAirVenture

Жыл бұрын

Allen! 4 months! That’s so awesome!!!!! Congrats such a big deal! 🙏🏽🙌🏽

@lunyang0765

Жыл бұрын

@@JesseVasquezAirVenture thank you! How can I sign up for the next MTR summit in San Jose?

@naureenkhashwji8039

Жыл бұрын

Hi Allen congrats 🎉 are you in Jesse’s private mentorship?

@tonitoni7404

11 ай бұрын

⁠​⁠@@lunyang0765mind I I ask how or where did you find that insurance claim?

​ @EllisFromPadSplit How are you getting around the zoning laws as these are legally considered Boarding houses which are considered commercial zoned since there is more than 3 unrelated individuals living under one roof?

Great video Jesse.... I have learned a lot from watching your channel. Awesome content. I do have a couple questions if you happen to know regarding this Padsplit. I was going to contact them as well, but didn't know if you just happened to know. thanks again.. -- Does your house need to be inspected or have certain requirements? --If the renter damages the property, does padsplit pay for it or who is responsible? ---I heard them say if you need to evict, they support, but physical removal is our responsibility -- So, do they do the eviction and court paperwork or how much do they help with the eviction process? -- You didn't ask how established they are in California as I am also here. Do they operate in southern cali?

@JesseVasquezAirVenture

Жыл бұрын

Hey, what’s up man! Thanks for connecting, the house needs to be split up with at least five rooms. If the renter damages the property, it is the guests that will pay. They are actually going to release some information and are coming to California this month. There is a huge need for affordable housing here.

i called my city zoning office and they said that renting rooms seperately is not allowed. unless it is airbnb. Should I search for a different city to try this method?

So; what do you do when someone doesn't pay the rent. Do you lock them out?

I've been checking the demand in Atlanta on Airbnb and it's low. Many host calenders have alot of vacancies especially if the unit is a shared bath unit.

@JesseVasquezAirVenture

Жыл бұрын

I’m not sure if those would be complete comparisons as a Airbnb prices are typically higher by the room. These are more “affordable housing” rooms

This seems like a great concept. The only piece I’m still trying to wrap my head around is if someone is doing the BRRR method. After renovating & converting the house to all these rooms wouldn’t someone have a hard time finding comps for a refinance?

@JesseVasquezAirVenture

4 ай бұрын

Comps are all over, use airdna, furnished finder

Hey jess. Thanks for all you do. Not sure if i can ask this here. 4 Br nicely staged, community pool, walking trails, nearest hospital leass than 3 miles in downtown, etc. Would you hold to rent as one unit or rent each room? Price competive with those in the area and i went all out with staging. TIA

@JesseVasquezAirVenture

11 ай бұрын

Sound like a decent space, you can do either by the room or whole house

Does PadSplit recommend a Short Term Rental insurance rider to participate? Curious about how to insure my property. Thanks for the content Jesse ✌🏻

@JesseVasquezAirVenture

Жыл бұрын

I believe you can use long term rental insurance, but you'd most def like to talk to an agent

How does an owner register their property?

This is great. I was thinking about providing affordable housing for men in recovery , a sober living house. Can I get more info , as far as can I set my own house rules such as no alcohol / drugs and target certain underserved groups?

@JesseVasquezAirVenture

Жыл бұрын

Ive heard of those models, don’t know much about them! But does sound like it could be helpful and needed

Hi Jesse, I thought you're going to do MTR in Houston, what happened? What do you think about the current Airbnb and midterm market in Houston, I'll very much appreciate your take. I'd been looking to Airbnb, MTR and padsplit in Houston and are kind of stuck in analizis paralysis.

@JesseVasquezAirVenture

Жыл бұрын

Hi I have Mtr/StR in Houston - I’m adding a PadSplit as well, I’m diversifying my portfolio

So they are basically signing a non-depository agreement tenants aka borrowers and paying the landlords upfront and collecting their money plus interest (APR) on the back end. Nice! So they are probably using corelogic credco to screen these pre qualified renters aka borrowers before getting these “members” onboard, now if get tricky with their business structure because they are calling them members and not tenants. Is this a cooperative business model. Question is what business structure allows its members to borrow money from the company and paying them back through a portion of their paycheck? I maybe off here but I doubt it.

Can I ask what a “normal” one time move in fee usually is? Same as deposit on LTR?

@ellistotle

Жыл бұрын

It varies as a host can set it but we recommend anything from $100-200 to cover the move out cleaning and then some.

Hello Jesse…I’ve been following you for about a year now. I would like your opinion about using skoolie’s or airstreams for mid term rental. What is your opinion about that? I’m creating a small village with tiny houses ( skoolies, containers, airstreams) for mid term rentals

@JesseVasquezAirVenture

Жыл бұрын

I like the idea for more of a short term rental situation. I just don’t see longer term living in an airstream comfortable. I would do this with tiny houses, I believe that would work but anything mobile might be hard. Keep in mind your competing with the hotel industry extended type stays.

@gardyvastey5190

Жыл бұрын

Would a container house more suitable for that ?

I actually live in a Padsplit and the Host are Horrible. I had to pay for pest control after asking for a month. The house has mice. I went to go vent to a neighbor and the neighbor said he about to have the home shut down because they are illegal running the business here. He googled the address and the address is listed as a 3 bedroom property. It is actually a 8 unit house,. They do that to not pay the higher cost in taxes. He also pulled the deed and the deed say 3 bedroom. He called the tax office and want me to go and show on my phone proof of address and bedrooms. The house also got new owners this year and if they received a mortgage on a 3 bedroom property then it will be mortgage fraud. Neighbors are starting to crack down. At this point im all for it.

@JesseVasquezAirVenture

9 ай бұрын

Yeah that’s awful. Sounds like you have some slumlords- I’m sorry to hear that

When are you coming to North Carolina?

@JesseVasquezAirVenture

10 ай бұрын

I would love to!

Ellis, I understand this is a service you provide with the background check Do we as the Owner get the Final say on the tenant who moves in ?

@ellistotle

Жыл бұрын

@@JesseVasquezAirVenture actually hosts do you have the final say! And if they happen to be a previous Padsplit member, you’ll be able to see their history with us in terms of late payments, violations of the membership guidelines, etc.

@JesseVasquezAirVenture

Жыл бұрын

@@ellistotle awesome that’s good to know!

Maybe profit for the host or investor, but it can be a headache, specially for guests or tenants who rent by room.

@JesseVasquezAirVenture

Жыл бұрын

Agree it can be with different personalities- padsplit handles a most of the issues / communication to my understanding

Not sure if I missed it but questions! what if they don't get along? What's the process? Eviction? And what happens if property is damaged? There's no deposit . And lastly, I just bought a triplex, each have 2 bedroom and a bathroom. Could this work since it's technically 6 bedrooms then?

@JesseVasquezAirVenture

Жыл бұрын

hey we cover in the video, same process as traditional long term rent.

@Ccain-mx6jo

Жыл бұрын

@@JesseVasquezAirVenture ok thank you so much. I’ll watch it again. I tried watching while at work so i must have missed it then

Only do you guys find the rentals itself like that I was single family house would work

@JesseVasquezAirVenture

Жыл бұрын

Sfh would work, you can add rooms

We have a five bedroom, 3.5 baths. Two of those rooms are master bedrooms. 4 bedrooms upstairs and one downstairs. Large fenced yard. Currently our home is for sale but looking to potentially make it a rental. How can we get started? Also, would I have to live in the area/same state?

@JesseVasquezAirVenture

Ай бұрын

Hey Pam- schedule a call with padslpit on the link down below!

Hold on hold on did I hear correctly? You’re adding rooms to have a total of 7 and you profit will only be $1,200? That seems skim when you’re making $4k and above on the mid-term model. Why would you take on this business model?

Does padsplit work in Tracy CA?

@JesseVasquezAirVenture

Жыл бұрын

Schedule a call here- padsplit.chilipiper.com/book/me/ellis-tran

Hello, i was thinking about buying a property to rent by the room. I was wondering does this strategy work better in certain locations? would this be better in the inner city VS. the suburbs or rural area? thanks

@JesseVasquezAirVenture

11 ай бұрын

I feel this can work everywhere. The closer you are to metro i believe is better but i still have places in rural areas that do well

@Emanuelethio

11 ай бұрын

@@JesseVasquezAirVenture thanks, do you provide televisons for each room?

@JesseVasquezAirVenture

11 ай бұрын

@@Emanuelethio yes always

Do the houses have to have a certain zoning for this?

@crand20033

2 ай бұрын

If the owner lives in the house there is are no zoning rules on how many people or what relationship they have to you or each other.

Since it’s done on a member basis, does the property have to have a rental certificate?

@JesseVasquezAirVenture

9 ай бұрын

I’m not sure about this I could check withEllis

I have a question. How does padsplit stop gang members (MS13) from renting rooms, or other activities--renting a room and then dealing out of it? Where I live in Maryland there is a huge gang problem which the counties do not want the public to know about, and these are the issues that occur to people renting out rooms on their own.

@EllisFromPadSplit

Жыл бұрын

The good thing about our model is that if any member is violating the membership guidelines (very similar to that of a traditional lease's rules), the other members in the home will reach out to our team to investigate and resolve. All PadSplit members are incentivized to abide by the guidelines to be able to maintain a comfortable, drama-free, and safe living experience.

@JesseVasquezAirVenture

Жыл бұрын

they screen tenants, background check etc

@qwertyasdfg1261

Жыл бұрын

@@EllisFromPadSplit or they end up being melted in a oil barrel or cut into pieces and stashed inside the wall......also seems like a heroin junkies dream

Do you service Colorado?

@JesseVasquezAirVenture

Жыл бұрын

not yet!

What about bathrooms? Are those shared as well!

@EllisFromPadSplit

Жыл бұрын

Yes! The maximum bedroom to bathroom ratio in our model is 4:1. The lower the better, but with everyone's different schedules, that ratio works.

@JesseVasquezAirVenture

Жыл бұрын

Ohh answer straight from the source! Thanks Ellis!

@FIXMYHOMEShawn

Жыл бұрын

Who is going to do a cleaning?

@EllisFromPadSplit

Жыл бұрын

@@FIXMYHOMEShawn the host will find a cleaner to 1) clean the rooms inbetween members (tenants) and 2) the common areas once a month

So many Towns do not allow this option of becoming basically a "Rooming House"...no one ever comments on this problem..??

@JesseVasquezAirVenture

Жыл бұрын

It’s definitely a priority to make sure that the cities allow renting by the room. Do your due diligence if this model seems like a fit for your properties.

@justal8559

Жыл бұрын

@@JesseVasquezAirVenture hey Jesse, most Town in NJ do not allow renting by rooms. They feel it's a fire safety issue. Plus, most people do not want to shard bathrooms. Appreciate you replying. I do okay with F F, and I like you feel very comfortable having the Nurses vetted, but their not all Saints either.

@JesseVasquezAirVenture

Жыл бұрын

@@justal8559 very true! I have a few stories I’d like to make a video on someday. Each group poses their own challenges. This is real estate and most importantly costumer service / hospitality. Lots of different personalities to interact with

Cities across the US are cracking down on Airbnb and saying no. What makes Padsplit different? how is Padsplit defending themselves from complaints from neighbors in regards to parking and when the HOAs are getting involved?

@EllisFromPadSplit

Жыл бұрын

We avoid HOAs and are in B-C neighborhoods where parking on the street is already commonplace. Ensuring investors' properties are in the correct neighborhoods is everything!

@jennifersilletto179

Жыл бұрын

@@EllisFromPadSplit Las Vegas has a lot of HOA communities, so is it best to avoid communities with HOA's?

@EllisFromPadSplit

Жыл бұрын

@@jennifersilletto179 100%

@jennifersilletto179

Жыл бұрын

@@EllisFromPadSplit do you have homes that are for females only? Or are they always mixed?

@EllisFromPadSplit

Жыл бұрын

@@jennifersilletto179 it's all mixed. PadSplit is the 4th coliving company I've worked with and all the homes I've managed have always been co-ed.

Did you get permit to convert living are to room?

@JesseVasquezAirVenture

Жыл бұрын

I don’t think so.

@JesseVasquezAirVenture

Жыл бұрын

Check your local laws

Hey Jesse! Do you have any experience with CRS temporary housing? Would really appreciate your feedback. Feel free to DM

@JesseVasquezAirVenture

Жыл бұрын

I do lots, they’re a good company

@cobaltpatti7229

Жыл бұрын

@@JesseVasquezAirVenture You're a gentleman & a scholar. Much appreciated.

So this is good in university towns

@JesseVasquezAirVenture

Жыл бұрын

100 percent!

Are utilities added to the rent?

@JesseVasquezAirVenture

Жыл бұрын

Yes the owner would pay for utilities, but that’s where you can charge more for not only having the room but also having electricity, water, sewer, garbage, included

@EllisFromPadSplit

Жыл бұрын

Yes, utilities are included along with furniture in the bedrooms. No credit check or deposit either.

What about the liability if something happens a fight or crime amongst the roommates/tenants?

@JesseVasquezAirVenture

Жыл бұрын

Not sure how that works! But im sure its just like renting traditionally by the room. Insurance and protection for each guest maybe renters insurance too

@yessical6514

Жыл бұрын

This is a great idea, your always going to come across issues like this but with enough compliant about 1 person eventually this person would get banned from being a member the good thing its only a week and you could move to another house so eventully the person making these ppl move would get evicted. So the moral of the story if you want to ve a grown person not living at your momma and be able to afford it then you must do your part clean up after yourself be considerate about others ppl schedules you can't smoke herb indoors have respect for all. Save save save so 1 day you could buy and own a house these ppl could manage for you 😊

@JesseVasquezAirVenture

Жыл бұрын

@@yessical6514 yeppp 😂 agree

@griseldaespinoza9520

4 күн бұрын

@@yessical6514

Wish you were in Oklahoma

@JesseVasquezAirVenture

7 ай бұрын

I’d love to check OK out!

Can the owner live in the home?

@xaedowulf

Ай бұрын

Good question

Come to reno nv

@JesseVasquezAirVenture

Жыл бұрын

They may be working on it, reach out to Ellis

Also, what about people nowadays saying every animal under the sun is their service or emotional support animal. What's the guidelines for that under this program?

@JesseVasquezAirVenture

Жыл бұрын

Unfortunately that’s something ive been trying to figure out too! Im in California And thats a tough one. Im also pro pups.

@Ccain-mx6jo

Жыл бұрын

Im pro pups too haha. But not when they try to be sneaky about it. Or when their dog isnt friendly at all and on my property.

Are these coed buildings?

@JesseVasquezAirVenture

Жыл бұрын

Can be

Any Atlanta Ga real estate investors

@JesseVasquezAirVenture

Жыл бұрын

Join my free Facebook group m.facebook.com/groups/mtrwithjessevasquez/?ref=share&mibextid=S66gvF

Are those registered rooming houses? In most markets renting to more then 3 unrelated people is illegal

@JesseVasquezAirVenture

Жыл бұрын

Not sure on the legality, definitely do your own due diligence

@crand20033

2 ай бұрын

Unless the owner lives there too. Then they can't regulate that.

A lot of towns won’t allow more than 2-3 unrelated people

@JesseVasquezAirVenture

10 ай бұрын

I’m not too familiar with the intricacies of cities. It yes definitely do your due diligence

@crand20033

2 ай бұрын

Owners shouldn't rent to unrelated people unless he lives there too. Then there are no rules.

In a rational world, this is a good business model. But he must be crazy if he thinks that model is going to work in any California city with aggressive rent and eviction controls. Instead of stating which California cities they operate in and for how long, he just said, yes, yes, yes.

Why stop at 5? There are places in LA copying the Tokyo idea of sleeping pods. I think one place had 14 sleeping pods in one house. I can't see this lasting very long. The neighborhood nazis won't allow it.

@JesseVasquezAirVenture

Жыл бұрын

Yeah I’ve actually seen airbnbs that are sleeping pods haha idk how that would work here in the states, also not sure if i would want that many heads in pods lol. Reality is… housing shortage plus affordable housing. Definitely something that needs to be addressed, I suppose thats why California is trying to pass a law to charge 15 percent tax to anyone who operates short term rentals in the state. It will go to affordable housing. Im torn on that bill.

@RobynJohnson-xg1sh

Жыл бұрын

This is nothing new. This was going on in nyc back in 80s and 90s I lived in 2 of them 😊

Can you imagine how filthy these properties become.....smashing a ton of poor people in a house making them share a toilet and shower...all of their sexual relationships being heard through the wall, and the drug usage......probably a high amount of human trafficking and pimping going on.......disgusting

@ElizabethGalarza1

Жыл бұрын

As I understand, they don't allow visitors, no new furniture and have to pass a background check. Probably cameras in common areas.

@ElizabethGalarza1

Жыл бұрын

And I think couples aren't allowed either

@JesseVasquezAirVenture

Жыл бұрын

I personally don’t find it fair to generalize working class low income folks as “ human traffickers or pimping” Any smart owner would have cameras out front out back - there’s rules just like any other property

@qwertyasdfg1261

Жыл бұрын

@@JesseVasquezAirVenture human traffickers and pimping take place in many areas and across different income levels....obviously......but this creates a new cheap avenue.....I know people are obsessed with cash flow but the pad thing seems to be justified by the type that would sell their grandmother out for a stick of bubble gum or just a lil extra cash flow