Peter Pasternack, a lead character on A&E’s Flip This House and a successful real estate investor in Atlanta, Georgia, since 2004, has seen high returns since converting his Airbnb duplex property into two PadSplits.
After successful ventures in the long-term rental market and time spent on television for three seasons, he became an Airbnb host in 2017, drawn by the promise of higher profits. However, the experience with Airbnb started to lose its appeal in 2023 due to damages, rule violations, and payment issues.
“Airbnb has really changed in the last 12 months. I’ve had a good amount of damage to the property with people smoking and having parties. There was not a whole lot to go after when rules were broken,” says Peter. “When I started, I really liked Airbnb, but that has changed.”
PadSplit vs Airbnb: Making a Profit Without a Fully Booked PadSplit
The turning point in Peter’s real estate journey came when his property manager suggested PadSplit as an alternative, which offers affordable rooms for rent. Intrigued by the concept, he decided to explore this new avenue, seeking to strike a balance between the income potential of short-term rentals and the stability of long-term leases.
“With PadSplit, I like that it’s not all or nothing whether it is rented or not. If one bedroom isn’t booked, you still make money on the others. I converted the first side of my duplex, and within 24 hours, all my rooms were booked,” says Peter.
Peter quickly converted both sides of his duplex and now operates two PadSplits. The cost of both conversions was approximately $5,600, including the price of the furniture. Each conversion only took one week to complete.
For Peter, one of the key highlights of PadSplit is the user-friendly room rental platform, allowing Members to secure a single room for rent. He commended the ease of listing properties and appreciated the clear guidelines provided for property conversion.
“With Airbnb, it was so hard to talk to somebody. It would take so much time on the phone and not getting back to me, and it was frustrating. PadSplit has been a whole lot easier,” says Peter.
“My Gross is Well Over Double”
The most impressive aspect of this transition was the significant increase in earnings. Peter’s monthly net income jumped from $2,500 with Airbnb to an impressive $4,600 with PadSplit, with the rooms fully booked. This financial improvement, achieved in just a month of fully utilizing both sides of the duplex, underlines the potential of PadSplit’s innovative model.
“When I took a look at what my gross was for this last month, it was well over double,” says Peter.
A Glimpse into the Future
Expressing optimism about the PadSplit marketplace, the investor not only recommends it to fellow real estate enthusiasts at local networking events but also plans to convert more properties. The scalability and profitability of PadSplit have captured his confidence, paving the way for potential growth in his real estate portfolio.
“PadSplit is the future of rentals,” says Peter. “Airbnb is going through a rough time. They’re changing their policies, making it not very friendly to the host and investor.”
If you want to learn how to convert your properties into PadSplits and provide affordable room rentals, visit our PadSplit vs Airbnb page. PadSplit boasts a 97.5% collection rate and allows investors to earn an average of 2.5x more on single-family properties.
