PadSplit · marketplace for affordable rooms
Partner with a crowdfunding site that buys your best-performing listings from owners
Partner owns many well-performing homes; no numbers
Unknownpartnerships
What they did
PadSplit partners with Mogul, a real estate crowdfunding platform that buys existing, performing PadSplit homes from many individual owners and resells shares in them to investors. The pitch: per-room renting yields more than comparable real estate, and pooling many homes gives that yield across a large enough base.
What happened
Mogul owns 'a bunch of PadSplits that are performing very well'
In their words
Top Founders with Nathan Latka · $30/Night Rooms Make Him $60,000 Per Day | PadSplit CEO Atticus LeBlanc“there are some of these funds, Mogul is one, where it's a a crowdfunding platform where they are buying existing performing PadSplits from lots of these different owners and then reselling shares in those assets.”
“Uh we do. We do. And and so, they own a bunch of PadSplits that are performing very well because they did the math”
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More from this episode
- PadSplit: Keep the first 10 days of rent you fill, then take 8% after$250M+ a year flows through; growing 70% a year for 3 years
- PadSplit: Charge rent weekly, since many renters are paid weeklyNo result given; chosen because it is easier to budget
- PadSplit: Run a marketplace for other owners' homes instead of buying property82 units at end of 2018 to ~34,000 in 40 states, owning none
- PadSplit: Require every listing to be furnished with utilities included, so renters move in fastVacant rooms refill in ~8 days on average; move-in 48 hours after booking
- PadSplit: Run near break-even so you can tell any investor you don't need their moneyClosed a bank credit line on great terms, then an unsolicited lender facility
- PadSplit: Give support agents AI to answer the wide range of tenant ticketsFounder says productivity is up; no numbers