For many renters, homeownership can feel like a distant goal. Rising rent costs and everyday expenses make it difficult to set money aside, let alone save enough for a down payment. But for Tyler Wetmore, a foreman in the fiber optics industry, finding affordable, flexible housing through PadSplit allowed him to build a financial cushion and take the next step toward buying a home.
Tyler had always been on the move for work, which made committing to a long-term lease challenging. He needed a housing solution that fit his lifestyle while allowing him to save money and plan for the future. When he discovered PadSplit, he found not just a place to stay, but an opportunity to take control of his finances.
Finding PadSplit: A flexible solution
Before moving to Arizona, Tyler was working in North Carolina and had just accepted a new job with a network deployment firm. He wasn’t sure how long he would stay in the area and didn’t want to be locked into a traditional lease. At the same time, renting an apartment meant paying first and last month’s rent, a security deposit, and setting up utilities—costs that would significantly cut into his savings.
While searching for a week-to-week rental, he came across PadSplit. It was the first time he had heard of the concept, but it offered exactly what he needed: a private, furnished room with all utilities included, a single weekly payment, and no long-term commitment. At $215 per week, it was far more affordable than a traditional apartment, and without multiple bills to track, budgeting became simple.
“I really liked the idea of it being week-to-week,” Tyler said. “It gave me the flexibility to move if I needed to, without worrying about breaking a lease or losing a deposit.”
A conversation that changed everything
At first, Tyler wasn’t thinking about homeownership. He was focused on getting settled, saving money, and figuring out his next steps. But one day, a conversation with a fellow PadSplit member—an older housemate named Donald—planted an idea that would change everything.
“Donald mentioned he was looking at buying a house, and it really wasn’t something I had been thinking about before then,” Tyler said. “But after that, I started looking into it more seriously.”
Curious about his options, he contacted a mortgage lender to see if he might qualify for a loan. When they confirmed that he was eligible, homeownership quickly became a real possibility.
Turning savings into a homebuying plan
Once Tyler saw that buying a home was within reach, he became more strategic with his savings. His approach was simple but effective: he started budgeting as if he already had a mortgage.
“If I was paying $900 a month at PadSplit, but I knew my mortgage would be closer to $1,800, I set aside that extra $900 every month,” he said. “That way, I could see if I could actually handle the cost before I made the jump.”
By treating his savings like a future bill, he created a financial safety net while also building the discipline of managing a larger monthly payment. He tested this approach for several months, ensuring he could handle unexpected expenses while still setting money aside. In total, he saved 10% of the home’s purchase price, which covered his down payment.
Building wealth through coliving
After finalizing his budget and savings plan, Tyler purchased a three-bedroom, two-bathroom home with a pool in Casa Grande, Arizona. Rather than taking on the full financial burden of homeownership alone, he saw an opportunity to offset his mortgage costs by renting out extra space—an approach often referred to as house hacking.
His time living in shared housing gave him insight into what makes a successful roommate setup, so he created a simple weekly rental structure that includes utilities.
“I didn’t want to deal with splitting utility bills or chasing down rent payments,” he said. “I liked the simplicity of one set price for everything, so I set up my house the same way. My tenants pay me every Monday, and it helps cover my mortgage while keeping things straightforward.”
By renting out extra rooms, Tyler is not only reducing his own living expenses but also building long-term wealth. His goal is to pay off his 30-year mortgage in just 10 years, turning his home into a valuable asset.
His strategy—living in one part of the home while renting out the rest—is a textbook example of house hacking, a growing trend among first-time buyers looking to build equity and generate income.
Advice for renters who want to buy a home
For anyone considering homeownership, Tyler’s biggest piece of advice is to start budgeting like you already have a mortgage.
“If you’re paying $900 in rent, but your mortgage will be $1,800, start setting aside that extra $900 every month,” he said. “Do it for at least three months and see if it works. If you can handle it, you’re ready. If not, you’ll know what you need to adjust.”
He also encourages renters to explore flexible housing options like PadSplit to reduce expenses and build savings faster. “So many people get stuck in long-term leases that make it impossible to save,” he said. “PadSplit gave me a chance to budget, save, and plan for my future without feeling trapped by a lease.”
A smarter way to save for the future
For Tyler, PadSplit wasn’t just a place to stay—it was a way to create financial breathing room and set bigger goals. By choosing flexible, affordable housing, he was able to take control of his budget, put money aside, and eventually buy a home.
Now, through house hacking, he’s continuing to apply the same strategies that helped him save in the first place. His story is a reminder that homeownership doesn’t have to mean taking on a mortgage alone—it can be a path toward both stability and long-term wealth.
If you’re looking for a way to cut expenses, build savings, and create financial stability, PadSplit can help. By eliminating large deposits, long-term leases, and the hassle of managing multiple bills, it allows renters to focus on what matters most—planning for the future.
Ready to cut costs, build savings, and plan for what’s next? Take the first step toward your financial goals today. Explore flexible room rentals →
