How to use this document:
What it is:
An overview of our collective findings and experience of how to optimize property selection for a great member experience and great owner return
What it’s not:
A replacement for best practices in property acquisition and due diligence. Hire a trusted realtor!
Q: How do I know if a neighborhood is safe?
A: Local crime statistics are one way, but it never hurts to walk the neighborhood and see for yourself. Effective proxies include vacant homes, debris, garbage, or graffiti.
Q: How do I know if the local municipality is friendly to PadSplit?
A: The presence of other PadSplits is usually a good sign, but we would recommend consulting with an attorney.
Q: How do these factors change when considering multi-family properties?
A: All of the basic principles remain the same, except that generally multi-family zoning is much friendlier to co-living. Apartments are smaller, limiting leverage from shared common areas, but on-site maintenance and reduced utilities can lower your operating costs.
Q: Is it possible for a neighborhood to be “too nice” for PadSplit?
A: Usually, high purchase prices are a barrier to affordable housing, but it is true that some neighborhoods generally disapprove of rentals of all kinds. We have found that when a PadSplit is operated well and is responsive to concerns, neighbor complaints are minimal.
