Properties listed through PadSplit’s marketplace are eligible with the following requirements:
• Refinance Only
• 70% LTV Max
• Income Documentation directly from PadSplit is required
• Qualifying income is the most recent 12-month average
• Properties can’t have a bedroom count higher than exists in the market for the square footage
• Bedroom occupancy max must be legal per zoning
• Property must be C3 or better condition
• Non-PadSplit single room occupancy properties are ineligible

Padsplit Insurance Mortgage Requirements In Florida 

• 12-month policies are required on purchases and refinances where the existing policy expires within 30 days of closing
• Hazard coverage equal to the lesser of 100% of the insurable value as established by the property insurer or the loan amount so long as it is not less than 80% of the insurable value
• Commercial General or Premises Liability on an “occurrence” basis with coverage of no less than $500,000
• Rent loss coverage in an amount no less than 6 months’ rent, as determined by the insurer, or 10% of the loan amount
• Flood insurance is equal to the lesser of the total amount of the mortgage, 100% of the insurable value of the improvements, or the maximum insurance available from the NFIP

PadSplit Boost your Florida rental property Return On Investment

Florida rental property owners earn higher profits on their single-family rentals compared to traditional single-family leases. With the PadSplit Earnings Calculator, you can see how much more your Florida rental could make with PadSplit. PadSplit simplifies the process by managing tenant screening, rent collection, reducing vacancy rates, and resident management.

PadSplit supports hosts by handling key member-related tasks, including marketing, tenant screening, rent collection, and customer service. Hosts also avoid the frequent cleaning and high turnover associated with short-term rentals, as the average member stays for nine months across all homes.

With PadSplit’s verified member pool, turnover rates are lower, and hosts have seen their rental yield increase by more than 100%.

No Income Verification Florida Pad Split Mortgage Lenders

Florida no-income verification Padsplit mortgage lenders provide Florida investors with investment property loans that do not consider your income or debt-to-income ratio. No income, No Tax Returns, no employment verification needed. Use the Florida investment properties’ income to qualify, AKA DSCR Florida Mortgage loan.

No Income Verification Florida Investor Mortgage Loans

PadSplit homes provide affordable weekly rentals

PadSplit converts underutilized space in single-family homes into additional bedrooms. This process increases the home’s overall earnings potential while lowering the per-room cost for members. PadSplit homes are an excellent option for rental property owners looking to increase their rental income and provide affordable housing for their communities.

PadSplit rentals feature private, furnished bedrooms with locking doors, while common areas such as kitchens, living rooms, and bathrooms are shared. These additional bedrooms, created from underutilized spaces, provide affordable coliving options for members and generate greater profits for hosts. PadSplit hosts have reported earning 33% more income than traditional long-term rental hosts, with some increasing their earnings by as much as 2.5 times.

Boost your rental property ROI with PadSplit

Rental property owners earn higher profits from single-family rentals than from traditional single-family leases. With the PadSplit Earnings Calculator, you can see how much more your rental could make with PadSplit. PadSplit simplifies the process by managing tenant screening, rent collection, reducing vacancy rates, and resident management.

PadSplit supports hosts by handling key member-related tasks, including marketing, tenant screening, rent collection, and customer service. Hosts also avoid the frequent cleaning and high turnover associated with short-term rentals, as the average member stays for nine months across all homes.

With PadSplit’s verified member pool, turnover rates are lower, and hosts have seen their rental yield increase by more than 100%.

Key benefits of renting out your home with PadSplit

There are many benefits to renting out a PadSplit home. For rental property owners, PadSplit homes can provide several advantages, including:

• Increased rental income: PadSplit homes generate more profit than traditional single-family homes or apartments. Additional bedrooms created from underutilized spaces offer significant earning potential.
• Reduced vacancy rates: PadSplit homes have lower vacancy rates than traditional single-family homes or apartments. PadSplit’s extensive network of verified members ensures rooms are consistently occupied.
• Less hassle: PadSplit handles many aspects of renting a home, from finding tenants and conducting background screenings where available to collecting rent and resolving disputes.

How to rent out a Florida PadSplit home

Renting out a PadSplit home is a straightforward process designed to make hosting simple for property owners. The first step is to convert unused spaces, such as basements or large rooms, into private bedrooms. These rooms, along with shared areas like kitchens and living rooms, should be furnished with basic necessities such as beds, dressers, and seating. Including utilities such as WiFi and ensuring the home meets safety standards are also essential to attract and retain members.

Once the property is ready, owners can create a listing on the PadSplit website. After approval, the platform markets the property to a wide network of verified members actively seeking affordable housing. PadSplit handles rent collection and provides 24/7 customer support to ensure a seamless experience for both hosts and members. By following these steps, property owners can transform underutilized spaces into reliable income streams while addressing the demand for affordable housing.

PadSplit continues to grow and enter new markets

PadSplit was founded in 2013 and is headquartered in Atlanta, Georgia. The company operates in over 20 cities across the United States, including Dallas, Indianapolis, Jacksonville, Kansas City, Las Vegas, Los Angeles, Miami, Nashville, New Orleans, Orlando, Phoenix, and Tampa. By continuing to expand into new cities and grow its network of members and hosts, PadSplit provides greater flexibility for its members and higher profits for its hosts.

Learn more about becoming a PadSplit host

If you are a rental property owner looking to increase rental income and provide affordable housing for your community, renting out a PadSplit home is a great option. PadSplit homes offer several advantages for rental property owners, including increased rental income, reduced vacancy rates, and less hassle.

Take the first step toward transforming your property and creating affordable housing in your community. Use the PadSplit Earnings Calculator to find out how much more your rental could make, and get started today at PadSplit.com/Hosts.