Whether you’ve closed on a new property or selected an existing property in your portfolio to convert into a PadSplit, you’re ready for the next step.
With the PadSplit model, you can optimize your property for co-living and increase your returns by converting existing space into additional bedrooms. With that in mind, many Hosts bring on a general contractor to optimize their property prior to listing.
When selecting trusted contractors to bid on your project, you will want to ask these questions:
Are they licensed and insured?
Have they ever converted a property into a PadSplit? While this isn’t a dealbreaker, it’s helpful to work with someone who understands the PadSplit scope of work.
Do they subcontract out the work or use their own crew?
Can you see an example of their work? Don’t be afraid to ask for virtual showings for ease and convenience.
How long do they expect the conversion to take?
Once you’ve narrowed down a list of contractors, it’s time to request a scope of work and bid:
Pre-walk the property to get an idea of what work needs to be done. Take photos of items/areas in need of improvement and detailed notes. This is a great way to compare your notes with the contractor's scope of work to make sure it is complete.
Walk the property with the contractors you selected. We advise setting aside an hour to thoroughly go over the property interior and exterior.
The contractor(s) will develop a scope of work as part of the bidding process.
Compare the scope of work from the contractors and select the contractor you trust the most.
You will want to compare bids based on similar or ideally the same work to get an accurate price comparison. It is better to select the contractor you trust the most to complete the job vs. the lowest bid. Keep in mind, time wasted is lost income, and be prepared for some odds and ends that were missed in the contractor’s initial scope of work.
After completing the work, we recommend Hosts review PadSplit’s suggested property improvements. The tried and true “clean, safe, and functional” approach applies to general repair items not covered in our suggested improvements guide. Our guiding rule? Do what needs to be done to get the property good enough for your children’s starter home or, better yet, your new home.
The kitchen is the heart of the home, and it needs to be hard-working. Here are our recommendations for PadSplit kitchens:
Appliances: Refrigerator (2.5 cubic feet per bedroom), oven/stove, microwave
1.25 gpm aerator in kitchen sink
LED bulbs in all fixtures
Trash can with trash bags
Dining area and chairs
All tile or flooring in good repair and sealed
Appliances, fixtures, and countertops (granite preferred) clean and unmarred
Prominently displayed fire extinguisher
Smoke detector (carbon monoxide detectors are required for houses with gas)
Members will often create maintenance tickets for minor issues at the property which can be costly to repair individually. Things like a broken outlet or sagging blinds in bedrooms will almost certainly be pointed out. Why? Members spend the most time in their room and expect everything inside to function. Getting in front of any possible maintenance issues will save money and time on the back-end. Here are our recommendations for PadSplit bedrooms:
80 square feet minimum size (no side less than 7’)
HVAC supply and return vents
Light fixture with a switch or a floor lamp
Two (2) outlets or one (1) and a permanent light fixture
Smoke detector with 10-year lithium battery
Two (2) modes of egress, either doors or a door and an egress window (min 24” high by 20” wide, no more than 44” from the floor)
Full-size bed and mattress
Built-in closet with closet rod or armoire
Another hard-working room in PadSplits? The bathrooms. Here are our recommendations for PadSplit bathrooms: