Split Your Pad, Make More and Do Good with Atticus LeBlanc

Atticus LeBlanc is the founder and CEO of PadSplit, a mission-driven company that helps solve the affordable housing crisis, one room at a time. Through its innovative shared-housing model, PadSplit aligns incentives between cities, nonprofits, and property owners to spur cost-effective housing creation without public subsidy while providing safe and affordable housing for working-class individuals. Before founding PadSplit, Atticus served as an affordable housing developer.

In this episode, Atticus shares how he provides affordable housing to working-class people with the model that he started while making profits himself.

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What you'll learn in just 17 minutes from today's episode:

Find out how you can earn more through this model rather than renting out the whole house
Learn about the three big points overview of this model that makes it a good investment strategy
Discover a smart way to receive rent payments that is both beneficial to landlords and tenants

Resources/Links:

Website: https://www.padsplit.com/

Topics Covered:

00:49 - What is a PadSplit and how this concept came to be
02:53 - Similarities and differences from Airbnb
04:24 - A misconception about pad split model that he dispels
06:28 - Three main points of view where you fill a need for this type of model
08:34 - What are the two minimum requirement if you want to be a landlord for a PadSplit
09:23 - How a landlord can optimize his property
10:23 - What size of the house is ideal for making the most of this model
11:32 - How do tenants benefit from this setup
13:30 - Plans of market expansion that includes Canada
14:07 - Why does he call the renters members and not tenants
16:07 - The reason for billing weekly
18:33 - Will this model work for single tenants, a couple, or single parent
20:01 - How are they paid weekly other than by credit cards and checks

Key Takeaways:

"I would actually earn more through this model than I would by renting the whole house traditionally. So that was the beginning of the concept. And it's evolved pretty considerably since then. And now it exists as a technology company so that any similar property investor or owner in the same position that I was in 2008, and 2009, has the ability to use our services to ultimately scale this business model in the markets that they're in."- Atticus LeBlanc

"Almost everyone's paying electronically. We have a couple of partnerships with local nonprofit organizations or agencies. But overwhelmingly, people are using prepaid debit cards. And so, even if they don't have bank accounts per se, they almost always have access to prepaid debit cards. And that's how we're getting those payments." - Atticus LeBlanc "The reason why I'm just such a strong believer in the per payday or weekly billing model, you take this group of folks, that would usually be considered a subprime credit group, I mean, our credit scores on the way in is around 461 income is around 20 grand. Well, our collections rates effectively are 95%. And that shocks a lot of people, and I attribute most of that too, one, we're verifying income, but on the way in, so we know that this person has a job, and two, just the fact that it's an all-inclusive, weekly bill, it's easy to remember." - Atticus LeBlanc

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