Meet Timothy Webster, a California-based real estate investor who recently transitioned from Alcove to PadSplit for a more seamless and profitable experience in monetizing his mid-term rentals in Atlanta, Georgia.
After converting two properties, Timothy achieved an impressive result, with four rooms of the first property fully booked within the first three days and full property occupancy achieved within a month.
A Significantly Faster Lease-Up Time with PadSplit
Timothy’s decision to switch from Alcove to PadSplit was influenced by several factors. One critical aspect was the lease-up time, where PadSplit outperformed Alcove.
Timothy notes, “With PadSplit, the lease-up time was significantly faster. PadSplit has a larger pool of tenants, which is a huge advantage. As a first-time investor, waiting for six months for income is not ideal. PadSplit accelerates your success.”
He emphasizes the support and guidance available within the PadSplit community, stating, “With PadSplit, you have a community around you to show you how to do it. You’re surrounded by successful people, which propels your success faster. With PadSplit, it only takes a couple of months to achieve success versus a year [with Alcove].”
“Alcove is a No-Man’s Land”
Comparatively, Timothy felt that Alcove left investors in “no man’s land,” requiring them to figure everything out independently. He appreciates PadSplit’s quick response time to requests and inquiries and the swift process of listing a shared housing property on the website.
“My experience has been very informative with PadSplit, and I like the speed of things. With Alcove, you might not get a response until 10 a.m. tomorrow, but with PadSplit, the quick response time is a significant advantage.”
Higher Profits with PadSplit
While Alcove’s non-requirement for furnishing the properties appealed to Timothy, he acknowledges that PadSplit proves to be more profitable in the long run. Alcove charges customers an average of $1,000-1,200 and applies additional fees, while PadSplit operates on a week-by-week basis, providing flexibility to renters without enforcing lengthy 18-month leases.
Timothy reflects on his experience with Alcove, noting, “If you have good tenants, Alcove isn’t bad, but you don’t always know what you’re going to get, and it takes five to six months to lease up.”
He firmly believes that PadSplit is superior, emphasizing, “In the long run, PadSplit is more profitable than Alcove. You may think in the short term, you’re winning with Alcove, but you’re not. PadSplit is more profitable.”
Transitioning to PadSplit as a Remote Investor
Transitioning Timothy’s property into a PadSplit required effort, especially as a remote investor. He had to overcome challenges such as coordinating with contractors and ensuring proper installations. However, once live, Timothy received numerous compliments on the property’s aesthetics and quickly booked his rooms.
Timothy Continues to Promote PadSplit to Other Investors
As a realtor, Timothy actively promotes PadSplit and recommends it to colleagues and clients. Timothy’s recommendation extends beyond just words; he encourages others to explore PadSplit as a lucrative option for maximizing cash flow in real estate investments.
“I talk about investing a lot, but I now talk a lot about PadSplit,” says Timothy.
If you want to learn more about the benefits of becoming a PadSplit Host, reach out to our team today. Start earning 2.5x more income on single-family properties!