I met Frank & his partner Atticus last year. Frustrated with the low returns they were making on single-family homes, They were working on a bright idea.
They wanted to solve the biggest problems with single-family rentals:
- Removing the single biggest expense in SFR – move-in costs/move out costs
- Getting an almost 100% occupancy all the time
- Eliminating the complaining problem tenants
And meanwhile increasing rent collection 3x times…
So what was the bright idea? Multiple tenants in a single home!
Also called ‘Roomy rentals’ or ‘Roomy homes’, the concept was very-popular decades ago but lost traction since. Reviving the idea seems easy, but it came with a whole bunch of challenges; insurance, neighbors, mortgage companies, HOAs, specialized management, just to name a few.
They called their company PadSplit.
The story & tons of lessons are what happened from that decision that Frank made to the point they had over 1000 units rented out! They just raised $10million to grow their brand over $50million to buy more properties all over the nation.
Listen, I don’t know too many people who have raised – $60million – do you?
I am going to be talking to Frank & asking him to share his wisdom on taking an idea & building it to such a massive scale in such a short time. I want you to join me.
