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Are payments guaranteed?
PadSplit is a marketplace that lists, markets and assists with co-living. We do not guarantee rent payments.
How does PadSplit calculate a Host’s monthly payout?
Your payout is calculated as follows: Gross Income - Total PadSplit fees (Transaction Fees (2.75%) + PadSplit Platform Fee (12%)) = Operating Income (Payout)
Do you have a referral program?
PadSplit is currently piloting an Affiliate Marketing Program. When you recruit a new Host to PadSplit, you both get paid! Hosts can now send referrals straight from their Dashboard. If you are a co-H
PadSplit collects the necessary fields featured within a W-9 to generate 1099-MISC forms for Host earnings. We are generally required to file a Form 1099-MISC report with the IRS if the gross amount o
How do Members pay their dues?
Members pay electronically on the PadSplit site using credit, debit or bank transfer. At no point should PadSplit Members be asked to pay outside of the platform, and any such request will result in r
How often do I get paid?
Owners get paid monthly between the 8th of the month and five business days after.
What is the move-out refund policy for Members?
PadSplit Members value the flexibility of our housing. Members who decide to leave PadSplit can schedule their move-out date on their Member dashboard. As a Host, you will be notified via email when a
Can Members cancel their move-in?
PadSplit's cancellation policy maintains flexibility for Members and proper compensation for Hosts. Members are able to cancel a move-in up to 8:00pm EST the day before. Refunds are issued based on
Can I raise a room rate?
We understand that economic conditions sometimes necessitate room rate increases. In order to comply with the law and protect affordable housing for our Members, room rate increases can only be enacte
Do the totals in the Dashboard reflect our payouts exactly?
The totals shown on the Dashboard should reflect exact Host payouts with the occasional adjustment.
Previously, PadSplit used cash based accounting vs. accrual. Is this still true?
Moving forward PadSplit will be using accrual accounting. For example, if a Member pays for 4 weeks at once, PadSplit only releases one week’s worth of payment to the Host each week instead of all at
How does a Member’s dues date affect the billed totals?
Depending on the Member’s dues date, you may see a difference in the amount billed versus the amount collected. There is a natural lag between billing and collections. PadSplit bills before the dues d
Are late fees, admin fees, fines, etc. added to the billed totals or just the weekly rate?
Bills include everything PadSplit charges for: the weekly rate, move-in fees, fines (such as late fees and rule violations), etc. What gets paid out to the Host is not necessarily the bills for that m
What situations lead to a negative billed amount?
It is possible to see negative bills and negative collections. Both can happen either at the same time or independently. Negative charges occur when more concessions than bills were added for that roo
What situations lead to a higher than expected billed amount?
There are several scenarios that can result in higher billed amounts. Because collections naturally lag behind billing, it is common to see higher bills at the start of an occupancy (before we collect
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