In the bustling real estate market of Atlanta, Georgia, Airbnb Hosts are grappling with the challenge of sustaining revenue while managing the demanding tasks associated with property maintenance. One landlord, however, found a unique solution that not only alleviated the workload but also provided affordable housing to those in need.
Ryan Spikes, a seasoned investor, transitioned from the Airbnb model to PadSplit, transforming her investment journey in the process. She had experience managing five Airbnbs, but the logistical nightmares of furnishing the properties, cleaning, turnovers, and guest inquiries made managing each property an overwhelming task on the Airbnb marketplace.
“Managing an Airbnb is a headache from a financial standpoint given the amount of work with running it. I feel like I’m making more per hour with a Padsplit vs Airbnb,” says Ryan. “The maintenance with the Airbnb turns over at least once a week. With Airbnb, I’m answering questions; the cleaners don’t always show up – those kinds of headaches aren’t there with PadSplit.”
PadSplit Rooms Booked in Less Than a Week
Ryan’s portfolio took a turn when she received a call from Shani, a PadSplit Account Executive, introducing her to a platform that redefines shared housing. Unlike Airbnb, PadSplit eliminated the need for extensive furnishing and streamlined the rental process for both landlords and tenants.
The platform’s simplified approach allowed her to focus on providing quality housing to tenants without the hassle of managing cleaning services or third-party bookings. What set the PadSplit marketplace apart was its ability to offer affordable housing options without compromising quality.
When Ryan’s flip failed to sell, she was preparing to turn it into an Airbnb, which is expensive and time-consuming when working with an empty house. Instead, she converted her property into a PadSplit with private rooms and found it was 50% of the cost of another Airbnb, making it easy to meet multiple real estate investment goals.
Higher Profits and Less Time with PadSplit
By converting her property into individual rooms, Ryan provided comfortable living spaces at a fraction of the cost tenants would incur in traditional apartments. The rooms, complete with amenities like soaking tubs, glass showers, and well-equipped kitchens, created a premium living experience that attracted tenants swiftly.
“Starting a PadSplit was 50% of the cost of an Airbnb, so that was a plus,” says Ryan. “I needed twice the number of supplies with an Airbnb compared to a PadSplit. It takes three months to get an Airbnb up and running and three days to get a PadSplit set up. I have an Airbnb home that is not doing well, and I’m considering converting it into a PadSplit. I would get more steady income renting it to just one person on PadSplit.”
PadSplit’s membership model ensured responsible tenancy, reducing the chances of late payments and evictions. This streamlined approach not only provided Ryan with peace of mind but also financial stability.
“Without PadSplit, market rent wouldn’t cover my mortgage on this property, so I would be upside down if I rented it to a single family,” says Ryan.
High Rent is Pushing Locals Out of Atlanta
One of the most significant advantages Ryan found with PadSplit was the opportunity to contribute to her community. In a market flooded with new apartments, her well-maintained, spacious rooms provide a haven for individuals unable to afford exorbitant rents in the city.
Affordable housing became more than just a business venture for Ryan; it became a way to give back and create a positive impact in her community.
“I feel better as a landlord because I really push for affordable housing. These people are getting the types of properties they never get at the rates they’re paying with PadSplit,” says Ryan. “The membership model is also really good – I’m getting quality tenants who stay long-term.”
Contributing to the affordable housing network in such a competitive market became a mission for Ryan, who emphasized the importance of this endeavor in light of the influx of 3,000 new apartments near her neighborhood in Atlanta.
“I’ve seen people get pushed out to South Atlanta because people can’t afford to go east, north, or west. Everyone has to go to South Fulton, and when they get to these places, they have access to shopping or public transportation, no doctors – there’s not even a hospital or an ER,” says Ryan. “Four to six million people don’t have any access to an ER within a 30-minute drive. Affordable housing gives them access to resources they don’t have outside the city.”
PadSplit is Transforming the Rental Landscape
Ryan’s journey from Airbnb struggles to success with PadSplit is a testament to the platform’s effectiveness in transforming the rental landscape. By embracing the PadSplit model, Ryan simplified her role as a landlord while becoming a provider of high-quality, affordable housing. In a city where housing costs are soaring, PadSplit emerged as a beacon of hope, connecting landlords with tenants.
Ryan plans to pull another property off the market and convert it into a PadSplit to increase her revenue. There are other homes she’s sold in the past that she, in hindsight, wishes she would have converted into PadSplits.
“I have long-term rentals, Airbnbs, and other investments. PadSplit has been a lot smoother than any other investment. I’ve been referring a lot of people to PadSplit,” says Ryan.
Become a PadSplit Host Today
If you want to learn more about Ryan’s successful investment journey, you can connect with her on LinkedIn or visit her website at maripaproperties.com. Join PadSplit in its mission to provide affordable housing and make a difference in the lives of individuals seeking a place to call home.
To learn more about Ryan Spikes and use her services, visit https://www.cbcworldwide.com/professionals/seElXYX7/ryan-spikes.