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PadSplit Affordable Housing Update Frank Furman
Manage episode 341739921 series 2631555
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PadSplit is an affordable housing model, where individuals rent a room in a house while the other rooms are rented by unrelated people.
We met with Frank Furman of Padsplit almost 3 years ago! I couldn’t believe it when I looked it up. October 2019.
Here is that interview where he explains how they started, the nuts and bolts of how it works, the downside to strangers living together, and if it is profitable.
For those of you who missed that call: PadSplit is an affordable housing model, where individuals rent a room in a house while the other rooms are rented by unrelated people. Mostly single people, mostly who are new to town, in transition waiting for housing, or on a short job stay/assignment. Some need to build or rebuild credit in order to become viable long-term renters, but usually NOT students. Everything is automated and run through PadSplit.
At the time they had 300 units under management in the Atlanta area. At the time, I asked about Indy, CA, etc they were just starting to work on Houston.
Frank now joins us to tell us what has developed 2.75 years later.
They now have 4,600 units on their platform.
They are now in the following cities and markets:
Houston, Dallas, Tampa, Orlando, Jacksonville, New Orleans, Richmond, Indianapolis, and Las Vegas (before they were just in Atlanta)
...LA we're not quite there yet. Hopefully in the next year
...anyway, lots more to share and plenty of new ways for investors to take part.
To learn more go to https://www.padsplit.com/
#affordablehousing #investmentproperty #frankfuram #athenapaquette
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