Having a PadSplit-friendly property often requires a renovation in order to fit the must-haves, like multiple private bedrooms and at least one bathroom per four members. However, having a PadSplit property is coveted because it’s extremely lucrative and easy to manage. So, how can you get around a renovation?
If you’re interested in passive income and want to become a PadSplit host without having to convert the home you already own, you should consider purchasing a property that’s already being used as a PadSplit rental.
Seeking out an existing PadSplit
Once you find a property you’re interested in, PadSplit will walk you, the new buyer, through the purchasing process from start to finish. You’ll be introduced to the seller, learn the ins and outs of the property, be added as a co-host, and gain access to the Host Dashboard.
Here you’ll be able to see and analyze the historical financial data, open maintenance tickets, and more. You’ll also be enrolled in host training for new buyers and your property manager will also be onboarded.
Start gathering information
Like anything, we encourage you to do your research before investing in a PadSplit property—there are tons of articles and other helpful info on our site. And while there may be a few more steps involved in buying and hosting with PadSplit than a single-family rental, they’re worth it.
As a PadSplit host, you have the opportunity to make consistent passive income for however long you choose to host the property. Plus, you’ll continue to help and support community members in need of housing. With PadSplit, you’re given the chance to do well by doing good.