I needed some good news and got a little bit. :) With the rain in AZ and the water issues I am glad to see it is all worth it! I had been trending down, which seasonally is the same as last year, but more of hit this year with the Padsplit fee change. What isn't in this graph is the new property in Gilbert that I am running myself. I have one member so far and 2 more potentials. Income from it is only $1150 so far, but once full should be $7300 a month.

Omid asked a question I think may be good to post up separately. Padsplit and other co-living companies leverage a "Member Agreement" rather than a tenant lease. I quick example of what the agreement holds is; This Agreement is not a lease. Instead, it is an agreement whereby Member obtains ownership of a single Company Membership Unit for a continuing payment obligation, which entitles Member to certain benefits, including access to designated areas within the Property and the Room, as long as Member fulfills the continuing obligations outlined within this Agreement. If Member fails to fulfill the continuing obligations outlined within this Agreement, Member’s Company Membership Unit may be redeemed by Company and Member shall have no further rights to the Company Membership Unit, nor rights to access the Property or the Room. Member understands and agrees that this Agreement does not create a tenancy interest, a leasehold interest, or any other interest in the Property or the Room.

I got my first Member and he singed a 1 year lease. Pretty excited to head down this path and prove it out. If it works I will slowly peel off my Padsplits when the leases expire and switch to running them myself.

All, I switched up to using TurboTenant due to the marketing, tracking, showing feature and ease of the potential renter. If I was doing LTR's I wouldn't care so much, but due to potential turn over I feel this strategy needs a pretty marketing focused tool. My first member did sign a 1 year lease however, but you never know. Jarrod