Pramodh

With today’s high mortgage rates, most new homeowners face years of negative cash flow before seeing any profit. Pramodh was looking for something different—a way to make property ownership work financially from the start. By combining house hacking with the PadSplit model, he found an approach that immediately turned his property in Lakeland, Florida, into a positive investment.

Choosing PadSplit to house hack

Pramodh had always been interested in house hacking, but the numbers didn’t quite make sense—at least not until he discovered PadSplit. “Before PadSplit, house hacking didn’t really work for me, especially in this high-interest environment,” he explains. But after learning how PadSplit allowed for the addition of rooms and offered a streamlined model for screening tenants and collecting payments, he realized the game had changed. “I reran my numbers, and it all started to make sense.”

Did you know? 39% of all homebuyers are interested in house hacking, up from 34% in 2021 and 27% in 2018.

Converting a 3-bedroom home into a 6-bedroom rental

In January, Pramodh purchased a 3-bedroom, 2-bath home and converted it into a 6-bedroom rental by reconfiguring extra living and dining spaces. Thanks to Florida’s architecture—often featuring bonus sunrooms—he was able to complete the conversion with light renovations, such as moving fixtures and adding outlets. Within just three weeks of closing, he listed the home on PadSplit, and within two weeks, all six rooms were booked.

“On January 27th, I listed my property. The very next day, I got my first booking request.”

Why PadSplit? Speed, support, and strong systems

For Pramodh, PadSplit stood out from platforms like Furnish Finder because of its robust tenant screening, payment infrastructure, and fast room turnover. “I’ve had a couple of move-outs, but the rooms filled within a week. The speed of marketing and booking has been incredible.”

What really sealed the deal was hearing about PadSplit through a real estate mastermind group. Hearing another investor’s positive experience gave him the confidence to try it himself.

Did you know? More than half of Millennial and Gen Z buyers consider the ability to rent out part of their home for income as “very” or “extremely” important.

Retaining members by building community

One of Pramodh’s biggest priorities is creating a positive living environment—and it shows. With nearly 100% occupancy, he attributes much of his success to simply listening to members.

“Even something as small as ordering a cleaning tool when requested makes a difference.”

He organizes monthly pizza parties and community events to foster a sense of belonging. “Before our first event, members didn’t know each other. After that, the vibe in the home completely changed.”

He also maintains the home with regular professional cleanings and posts signage to encourage cleanliness and respect.

Living rent-free while profiting

During his first month, Pramodh broke even while still living in the home. By month two, he was generating a positive cash flow, even with one vacant room. By the third month, he was seeing real profits, tracking around $1,200/month in cash flow and a 20% ROI.

“It’s not just about living rent-free. With PadSplit, I’m making a profit while living on-site.”

Did you know? House hacking can reduce your monthly housing bill to zero, especially when using multi-family properties or renting out multiple rooms.

Advice for future house hackers

Pramodh encourages others to dive into house hacking with PadSplit, even if they’re hesitant:

• Use low-down-payment loans (as low as 5%) to get started.
• Screen residents carefully, especially since you’ll be sharing space.
• Plan your renovation with room conversions in mind.
• Communicate and respond quickly to tenant concerns.

“People are afraid of managing different personalities in one house, but if you have systems in place, it’s straightforward. It’s far less time-consuming than managing an Airbnb,” says Pramodh.

Future coliving investment plans

Pramodh isn’t stopping here. With a goal to expand, he’s now eyeing larger rehab projects to grow his portfolio, build equity, and continue supporting the coliving model that helped him get started.

“I’m in this for the long haul. The cash flow is solid, and the demand is clear.”

Eliminating mortgage payments

For anyone feeling priced out of traditional real estate investment, Pramodh’s story is proof that creative strategies like house hacking, especially when combined with platforms like PadSplit, can make real estate both accessible and profitable.

Whether you’re looking to live rent-free, generate passive income, or simply enter the real estate game, transform your property into a wealth-building asset with PadSplit. Join thousands of successful property owners who’ve eliminated their mortgage payments while creating affordable housing in their communities.

Ready to start your real estate journey? Visit PadSplit.com today.