My son is renting rooms in NJ and is killing it. It’s a great model. This video is helpful to repackage as members as the laws are changing. I plan to sell a property and buy another property for co- living.
I've never commented on UA-cam before, but I felt like I needed to on this one. I have done one co-living property so far in Virgina with a fellow subto member, and we were cited by the city. We purchased a 4 bedroom property and added an additional 2 rooms, but per their zoning laws, we could not have more than 4 non-related persons living in a SFH. After going through extensive litigation, we were forced to reduce our occupancy down to no more than 4 non-related persons, which drastically reduced cash flow. They did not care whether the occupants were classified as tenants or members. We tried to go the route of getting a conditional use permit, but even after our lawyer had multiple conversations with the county, they informed us they would deny it if filed. I am the PML on the deal and, unfortunately, live in California. Where I live, I have checked with the county, and they have informed me there is no issue using this model. My advice would be to check with the county before doing this model to save yourself the headache.
@@MattWright-q6c Thank You For sharing your real world experience. Pace is very knowledgeable and we're very grateful for him and his contribution to the community, but everyone is going to have different experiences when they go to implement and this comment gave us insights on what's possible. Everything sounds so easy and sounds good online but you really have to do your own due diligence and use common sense & don't just blindly listen to people online when all they talk about is the pros and don't address cons. Nothing in this world is without cons. Thank you for sharing real world experience❗
What’s your biggest question about the co-living model? If there’s something we didn’t cover in this video, drop it here! Yes, I do read the comments ✌🏼
I live in College Station, TX which is the where Texas A&M is at. Every co-living website like pad-split and etc doesn't have any properties in my area. I would love to turn my two long term rentals into co-living but am just not sure if anybody else is doing it plus I would need a management company to fill the rooms for me because I travel for work. Any thoughts or help?
How would you create a cold living member Contract in the state of New Jersey specifically in Bergen county where you cannot rent a dwelling for less than 30 days, so how do we find out if a property of six bedrooms can be converted into a cold living space? I cannot find any information for this specific subject. in the Bergen County municipal court website, etc..
1. What sort of rules do you have when it comes to mail service? I'm guessing people are prompted to get a PO Box but would be curious to know more. 2. You mentioned in this (and other video with Jarrod) that Sacramento recently passed something to begin giving out grants for this. I can't find any information on this on the web, city website, etc. Where can I find out more about this?
My question to you is, how do you check with zoning laws. Who do you check with and what questions should we ask to ensure that cooling is allowed and done correctly for a particular area?
One thing I’ve learned. Insurance, have a sewage septic backup rider. If members flush wipes it floods your unit, without a rider you may not be covered. Ask me how I know
Sorry to hear that Paul. Guys, give Paul some love and subscribe to his channel @GiveyourselfAraise or his other dedicated co-living channel @rinksrentals. Good stuff!
I've been co-living for 2 years now with 3 veterans and 2 civilians and they all have become an extension of my family! I would recommend this type living to anyone who doesn't like living alone and also wants to save on living expenses. It's brilliant
For ppl who say they wouldn't live in co-living, I am sure at some point had a roommate or their parents charged them rent. Even living with family is this kind of model. I live with my brother and oldest daughter, and we split the rent. My daughter lived with her friend and rent was split. So ppl do it all the time.
LOL - Thanks stamph! Pace and his team did all the work. I just answered questions. :) I didn't sleep the night before and was a zombie, but it seemed to workout.
Some CA cities (particularly beach cities) are a bit over-eager to enforce occupancy requirements, and membership vs. renter distinction might not be appreciated by your local 80-year old neighbor who spends all his free time writing complaint letters from his AOL account. It never occurs to anyone complaining, of course, that the alternative to lower-income housing is people living in their cars or under the freeway, and that's PROBABLY worse for your valuation than a pad share next door. I imagine the solution to this is either (1) take your chances with the grouchy neighbor and room-temp IQ city enforcement officer, or (2) only buy rent-by-room properties in cities that aren't actively trying to push their populations into homelessness.
Thanks alot for such a bad video...NNOOWWWW, I'm forced to think bigger and outside the box too...very bad...🤣🤣🤣 Real talk though, another awesome video,AS ALWAYS I'm looking into a property right now in atlanta, GA, they won't do a sub-to, so I'm digging into a different type of financing, but my heart is set on this place and the end game is to do a "MEMBERS LIVING", Ironically, I happened to run into this amazing video... AND FOR ALL YOU HATERS, HATING OUT THERE ON THESE 2 INVESTORS, WELL, JUST KNOW THAT THE COMMUNITY LOVES YOU TOO...❤
Really liked hearing Pace and Jared sharing tips on how they run their co-living properties. The maid cleaning the rooms as an insensitive to keep clean is a great idea.
Thanks Pace. Great educational video. My question to you is, how do you check with zoning laws. Who do you check with and what questions should we ask to ensure that cooling is allowed and done correctly for a particular area?
I’ve met the neighbors when I bought my property too. I gave them my number and told them to call me with issues too. I’ve had some issues, but most of these problems ppl talk about in the comments are not problems
Hmmm I’m not sure about that reasoning in the first few minutes. I’m a land use and zoning lawyer and from my experience you can’t circumvent zoning through your own private agreements. In other words if the zoning code says a max of 6 unrelated individuals can live in a home, the city will not care that you don’t have a lease or you have some kind of contract that says they’re “members”. I dealt with a situation in an Arizona city where the client tried to say their use wasn’t a group home by their definition. In the end it didn’t matter, because it was a group home under the CITY’s definition. Of course I could be wrong, just my experience. It’s possible cities haven’t fully reviewed this yet. I’d be curious if anyone has asked a city to provide a formal zoning determination letter. That would clear this up.
This is correct. City of Phoenix will enforce zoning laws and uses and I am sure this guys two homes just need to be reported and his livelihood will be effected.
@@adamgrant431 yes and just want to add that just because it is happening does not mean the city OKd it. Ive handled many zoning violation cases where properties were in violation for YEARS either because the city wasn’t aware or just chose not to enforce. They can bring down the hammer anytime.
Are you required to obtain the correct certificate of occupancy (rooming house) and fire permit that states how many unrelated persons are allowed to live in the dwelling with PadSplit? Or does the “membership” loophole squash that? I do rooming houses/sober living/ behavioral health in Baltimore and getting the correct use is a headache. We’re usually required to install a fire/sprinkler system for our properties. Who can I reach out to to get more info on this membership thing?
I don't do couples, only single occupants. Couples would add too many unwanted variables to the equation. Potential arguments and too many people using resources in the house.
@ the rule of thumb is the 4 rooms cover the mortgage, the 5th room covers utilities and beyond that it’s cashflow. If there’s no mortgage or low mortgage you’ll pocket more. 4 rooms per 1 bathroom, at least 2 shared bathrooms and at least 1600 SqFt home, NO HOA, parking for half the # of members not everyone have cars.
Sam Wegert did a custom built co-living house with ensuites. You can google him to find the video. I think his channel is scale your real estate or something like that.
What up Pace. SubTo Member here. Are you guys taking these properties down mainly via SubTo or Seller Finance? Is that how you're able to net $1,500 or more per month?
@@victoriakreative Thanks Victoria. Pleasure to connect. I'm in San Francisco, CA and Affordable Housing is a BIG problem out here. I wanna learn as much as I can about the Co-Living space and see what deals I can make happen here. I'll reach out to you in the SubTo Community when I have a few questions. Thanks again. 🙏
My son is renting rooms in NJ and is killing it. It’s a great model. This video is helpful to repackage as members as the laws are changing. I plan to sell a property and buy another property for co- living.
I live in jersey too and plan to rent coliving. Thanks for the reassurance that it works well in nj too. Blessings
I've never commented on UA-cam before, but I felt like I needed to on this one. I have done one co-living property so far in Virgina with a fellow subto member, and we were cited by the city. We purchased a 4 bedroom property and added an additional 2 rooms, but per their zoning laws, we could not have more than 4 non-related persons living in a SFH. After going through extensive litigation, we were forced to reduce our occupancy down to no more than 4 non-related persons, which drastically reduced cash flow. They did not care whether the occupants were classified as tenants or members. We tried to go the route of getting a conditional use permit, but even after our lawyer had multiple conversations with the county, they informed us they would deny it if filed. I am the PML on the deal and, unfortunately, live in California. Where I live, I have checked with the county, and they have informed me there is no issue using this model. My advice would be to check with the county before doing this model to save yourself the headache.
socialism is so beautifull in the usa comunist countrey
For this being your first comment on UA-cam, I feel you added value. Thank you for your tip.
Thanks for sharing. I never leave comments either but this is worth reading.
I am so glad I invest in Arizona!
@@MattWright-q6c Thank You For sharing your real world experience. Pace is very knowledgeable and we're very grateful for him and his contribution to the community, but everyone is going to have different experiences when they go to implement and this comment gave us insights on what's possible. Everything sounds so easy and sounds good online but you really have to do your own due diligence and use common sense & don't just blindly listen to people online when all they talk about is the pros and don't address cons. Nothing in this world is without cons. Thank you for sharing real world experience❗
What’s your biggest question about the co-living model? If there’s something we didn’t cover in this video, drop it here! Yes, I do read the comments ✌🏼
I live in College Station, TX which is the where Texas A&M is at. Every co-living website like pad-split and etc doesn't have any properties in my area. I would love to turn my two long term rentals into co-living but am just not sure if anybody else is doing it plus I would need a management company to fill the rooms for me because I travel for work. Any thoughts or help?
How would you create a cold living member Contract in the state of New Jersey specifically in Bergen county where you cannot rent a dwelling for less than 30 days, so how do we find out if a property of six bedrooms can be converted into a cold living space? I cannot find any information for this specific subject. in the Bergen County municipal court website, etc..
Where can I find co living membership agreement?
1. What sort of rules do you have when it comes to mail service? I'm guessing people are prompted to get a PO Box but would be curious to know more.
2. You mentioned in this (and other video with Jarrod) that Sacramento recently passed something to begin giving out grants for this. I can't find any information on this on the web, city website, etc. Where can I find out more about this?
My question to you is, how do you check with zoning laws. Who do you check with and what questions should we ask to ensure that cooling is allowed and done correctly for a particular area?
I can't wait to become a Subto community member in February 🎉
Co-living is the future 🙌🏼
It allowed me to travel the Mediterranean and Hawaii throughout my 20’s
This is great Pace. Thanks for taking the time to run through live comments and educating people.
One thing I’ve learned. Insurance, have a sewage septic backup rider. If members flush wipes it floods your unit, without a rider you may not be covered. Ask me how I know
Sorry to hear that Paul. Guys, give Paul some love and subscribe to his channel @GiveyourselfAraise or his other dedicated co-living channel @rinksrentals. Good stuff!
I've been co-living for 2 years now with 3 veterans and 2 civilians and they all have become an extension of my family! I would recommend this type living to anyone who doesn't like living alone and also wants to save on living expenses. It's brilliant
For ppl who say they wouldn't live in co-living, I am sure at some point had a roommate or their parents charged them rent. Even living with family is this kind of model. I live with my brother and oldest daughter, and we split the rent. My daughter lived with her friend and rent was split. So ppl do it all the time.
Great job, Jarrod!
LOL - Thanks stamph! Pace and his team did all the work. I just answered questions. :) I didn't sleep the night before and was a zombie, but it seemed to workout.
Some CA cities (particularly beach cities) are a bit over-eager to enforce occupancy requirements, and membership vs. renter distinction might not be appreciated by your local 80-year old neighbor who spends all his free time writing complaint letters from his AOL account. It never occurs to anyone complaining, of course, that the alternative to lower-income housing is people living in their cars or under the freeway, and that's PROBABLY worse for your valuation than a pad share next door. I imagine the solution to this is either (1) take your chances with the grouchy neighbor and room-temp IQ city enforcement officer, or (2) only buy rent-by-room properties in cities that aren't actively trying to push their populations into homelessness.
Thanks alot for such a bad video...NNOOWWWW, I'm forced to think bigger and outside the box too...very bad...🤣🤣🤣 Real talk though, another awesome video,AS ALWAYS I'm looking into a property right now in atlanta, GA, they won't do a sub-to, so I'm digging into a different type of financing, but my heart is set on this place and the end game is to do a "MEMBERS LIVING", Ironically, I happened to run into this amazing video...
AND FOR ALL YOU HATERS, HATING OUT THERE ON THESE 2 INVESTORS, WELL, JUST KNOW THAT THE COMMUNITY LOVES YOU TOO...❤
Thank you Pace and Jarrod, this is gold! 🙌🙌🙌
Good interview, learn a lot .
When my son first moved to New York, he rented a room, along with others until he decided where he wanted to live long term❤
Thank you Pace, Great explanation. Co-living is all about offering people affordability!!!
Really liked hearing Pace and Jared sharing tips on how they run their co-living properties. The maid cleaning the rooms as an insensitive to keep clean is a great idea.
Thanks Pace. Great educational video.
My question to you is, how do you check with zoning laws. Who do you check with and what questions should we ask to ensure that cooling is allowed and done correctly for a particular area?
Sweet! I like how you mitigate the hateful comments! Thank you for sharing!
Is there a deposit to go in to the co-living? Like a regular rental. Such as a deposit, 1st month and the last month fee to rent?
My buddy has been doing this for many many years. He's got one house that has 6 people living in it each paying $650 each and his mortgage is 750
where do i find a property manager for this co living model in southern ca
SplitYourPad.com
I’ve met the neighbors when I bought my property too. I gave them my number and told them to call me with issues too. I’ve had some issues, but most of these problems ppl talk about in the comments are not problems
I also put mini fridges in the rooms too
Hmmm I’m not sure about that reasoning in the first few minutes. I’m a land use and zoning lawyer and from my experience you can’t circumvent zoning through your own private agreements. In other words if the zoning code says a max of 6 unrelated individuals can live in a home, the city will not care that you don’t have a lease or you have some kind of contract that says they’re “members”. I dealt with a situation in an Arizona city where the client tried to say their use wasn’t a group home by their definition. In the end it didn’t matter, because it was a group home under the CITY’s definition. Of course I could be wrong, just my experience. It’s possible cities haven’t fully reviewed this yet. I’d be curious if anyone has asked a city to provide a formal zoning determination letter. That would clear this up.
This is correct. City of Phoenix will enforce zoning laws and uses and I am sure this guys two homes just need to be reported and his livelihood will be effected.
@@Omar_azre 🎯 say it louder for those in the back or those without common sense.
@@adamgrant431 yes and just want to add that just because it is happening does not mean the city OKd it. Ive handled many zoning violation cases where properties were in violation for YEARS either because the city wasn’t aware or just chose not to enforce. They can bring down the hammer anytime.
Yes i did this for 5 years
Can you do co-living on any property or you have to find certain properties?
I do non HOA homes with plenty of parking.
Certain properties, C- D neighborhoods, no HOA, at least 1600 SqFt,
Hi Pace, would you convert a triplex into a co-living unit?
Thanks Pace. What do i do if the house is 24 rooms, 4 baths, 2 kitchens, but is severely dilapidated? Where can i get the funding to fix it?
You can live here for $800/month in your own 1,000 sqft apartment here.
I have a 4 bed furnished home. How do I find co living members?? Was thinking to pull out short term rentals & go this route
Jarrod is doing his thing has great systems in place
Are you required to obtain the correct certificate of occupancy (rooming house) and fire permit that states how many unrelated persons are allowed to live in the dwelling with PadSplit? Or does the “membership” loophole squash that? I do rooming houses/sober living/ behavioral health in Baltimore and getting the correct use is a headache. We’re usually required to install a fire/sprinkler system for our properties. Who can I reach out to to get more info on this membership thing?
So if you charge $200 a week per room. What if they’re a couple ? How much for 2 ppl sharing a room per week?
Only individuals, no couples, no kids, no pets, no overnight guests
I don't do couples, only single occupants. Couples would add too many unwanted variables to the equation. Potential arguments and too many people using resources in the house.
@@ReiJarrod got it. Makes perfect sense.
@@victoriakreative oh ok. So what’s the minimum br/baths in a house for co living to be worth it? Would a 3/2 or even 2/1 work?
@ the rule of thumb is the 4 rooms cover the mortgage, the 5th room covers utilities and beyond that it’s cashflow. If there’s no mortgage or low mortgage you’ll pocket more. 4 rooms per 1 bathroom, at least 2 shared bathrooms and at least 1600 SqFt home, NO HOA, parking for half the # of members not everyone have cars.
Hey pace so you have co living in your sub to course????????
Now my friend did get a bed bugs from a co living tenant
❤️ U
Anyone lending on developing co-living in the comments?
Sam Wegert did a custom built co-living house with ensuites. You can google him to find the video. I think his channel is scale your real estate or something like that.
Pace this is a really good video . I’m about to be a partner on a second coliving in San Antonio TX. I’m in Chicago. Much love Kreative Mike .
What up Pace. SubTo Member here. Are you guys taking these properties down mainly via SubTo or Seller Finance? Is that how you're able to net $1,500 or more per month?
I don't know what Pace is doing, but I have been buying conventional simply because I need to match my strategy to the property.
Hey Nick, I’m a member too, I acquired mine on a Hybrid, definitely less out of pocket when going creative.
@@victoriakreative I would love to do this! :) I need to sync up with you! :)
@ great, are you in Vegas?
@@victoriakreative Thanks Victoria. Pleasure to connect. I'm in San Francisco, CA and Affordable Housing is a BIG problem out here. I wanna learn as much as I can about the Co-Living space and see what deals I can make happen here. I'll reach out to you in the SubTo Community when I have a few questions. Thanks again. 🙏