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 prope...
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:
"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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