Intro: [00:00:00] Welcome to the Stacey Salyer Show, the podcast for property management leaders ready to think bigger about growth. I'm Stacey Salyer and the only acquisition strategist in this industry who sat on all sides of the m and a table. I've been the buyer acquiring a 370 door competitor during COVID using seller financing.
I've been the seller building and exiting a seven figure business. And I've been the corporate evaluator as director of acquisitions, assessing over hundreds of companies nationally. That means I know exactly what you're thinking, what you're missing, and what actually works when it comes to buying and integrating in this space.
On this show, we dig into acquisitions as a real business tool. Not luck, not someday. You'll learn positioning, strategy, numbers, and integration from someone who's actually done it all. Let's go.
Stacey Salyer: Welcome back, my friends, to the Stacey [00:01:00] Salyer Show, where we talk about buying and selling property management companies and everything in between with property management. So today, I have a guest on my show that I think a lot of you will find very interesting and fascinating, the subject. It seems like it's a little bit new to third-party property management, but I could stand to be corrected.
I have with me today Suzanne Vetillart with Padsplit out of the Seattle market. And welcome, Suzanne.
Tell us a little bit about yourself.
Suzanne Vetillart: Well, thank you, Stacey. It's so nice to be on your show. My name is Suzanne. I'm based in Seattle. I am a local investor in Washington State, so I'm very familiar with investing in the Seattle area. I joined PadSplit recently in January of 2020 6 this year where we recently launched Seattle's market.
Six months before that, we launched Los Angeles. So PadSplit is not a new company. We, were founded in 2017, but we're very new to [00:02:00] the West Coast. So, just kind of by comparison, Atlanta, where we were founded, we've got about 10,000 units, and then on all of the West Coast, we have less than 500.
So we're really at the beginning of PadSplit on the West Coast. But what I'm really interested and motivated about is helping our affordable housing crisis, and in very expensive, cities like Seattle, Portland, and Los Angeles, this is really where we need more affordable housing. So yeah, that's a little bit of my background and PadSplit as well.
Stacey Salyer: Very cool. Awesome. So before we dive in, so I'll just let the listeners know, we're gonna talk about PadSplit. What PadSplit is, if you haven't heard about it, I think it's super cool. Obviously we'll talk about the pros and cons of it, and probably more the pros, which definitely leans, around affordable housing.
And I love that stat that you shared. I- and I'm very familiar with the Atlanta market. I've got a good friend who runs Pad Splits, I think owns a few of her own, and I think manages some as well out there for people in [00:03:00] Atlanta. So I did not realize that, that there's over 10,000 units just in Atlanta and only 500 on the West Coast.
So what I hear is major opportunity for investors, and then also providing good quality housing for our community members. So I'm excited to chat about it. So do you wanna take us back a little bit? Because at the very beginning you mentioned you're also an investor. So tell us like how long have you been an investor in real estate?
Like what kind of real estate do you own? Have you always self-managed? Do you ha- have a property manager?
Give us all the lore on that.
Suzanne Vetillart: Yeah. So I started investing around 2010, and my first property was, a mixed commercial, like a one commercial space, retail space on the ground floor and then a unit above. And over the course of eight years, I kind of kept 1031 exchanging into bigger and bigger properties. And so today I have one JV partner, but we have a 22-unit in Seattle and a [00:04:00] 13-unit, and then recently we purchased an adult family home.
And so, the reason how we ended up with the adult family home was really that I was looking, as a multifamily investor in 2025, I was looking for better cash-on-cash return and just couldn't find it in multifamily. And so I got connected to, some investors who were doing adult family homes and started to understand that with a single-family home, if you're renting it a different way, using a different leasing strategy, you could, actually make more money renting it by room.
And yeah I purchased the property. I'm not the operator of that business. I'm just a landlord. But that really opened my eyes to the opportunity with single-family homes and renting them by room. And I think that's, that's eventually how I ended up, coming to PadSplit is really 'cause I was paying attention to what they were doing.
I was hearing so much about it on YouTube and, all these influencers like Pace Morby talking about it. And [00:05:00] so when I saw that they had a opportunity, to join the company in my local market, I really just jumped in because As an investor, I wanted to know myself, what is driving the growth behind this company, and why are they, one of the largest marketplaces for rent by room?
What are they doing that their competitors weren't able to do successfully? And so yeah, that, that's kind of, my background. It's my point of view too. So my role is really to help investors in the Pacific Northwest who want to use PadSplit, and I help to give them sort of, my investor point of view of whether it's gonna be a good fit or not.
Not every property will work as a PadSplit, so I like to be very transparent too and say why it won't work or, what do we need to do to make it work. And so, I, I found that's really important in a state like Washington where real estate is expensive and people really have to sort of, make right decisions when it comes to knowing what the best operating and leasing [00:06:00] strategy is for that specific real estate.
Stacey Salyer: Yeah, I love that. Okay, so before we go into like the strategy of pad split, like what makes a good pad split versus maybe not the best- Yeah ... can you explain to my listeners exactly what pad split is? 'Cause I've started kinda talking about it with a lot of my PM friends, and a lot of them actually haven't heard of it yet.
So I'm gonna assume, let's just assume people haven't heard of it. Just break it.
down for us.
Suzanne Vetillart: so when I kind of give people sort of a buy box if they're in acquisition and they're looking I would be looking for a property that if we take a core market like Seattle, it doesn't actually need to be in the exact central Seattle area. It could be 35, 40 minutes outside of Seattle.
If the property has over 2,000 square feet, that's a good starting place because ideally you're gonna have six bedrooms or more. And so, with kind of location, B and C neighborhoods are better. With pad split, if you've got multiple occupants, let's say [00:07:00] six or seven people on a property, you may have six or seven cars.
So I would be looking for plenty of parking and that aligns with the B and C neighborhoods. If you're in A neighborhood and your neighbor sees a bunch of cars outside, they usually complain and they don't like that. So B and C neighborhoods. And then I think the other opportunity that I see in Washington that's really exciting is people who are wanting to do DADU plays.
so developers who are looking to basically find properties to flip. The front house could be a pad split and you're cash flowing better than a long-term rental, and then on the backyard you've got this long-term opportunity to develop more housing. So those are kind of the things that I see working.
I know there's investors in California that are doing this as well. But that to me is, in an expensive market like, Seattle or Los Angeles, it's how do you make the numbers work? How do you make things pencil? You're doing more than one play on top of them and stacking it.
[00:08:00] That's, I think, what really makes a lot of sense and what's working.
Stacey Salyer: Okay. So how does PadSplit work though? So let's say I have a house and I want to use it. Is PadSplit the landlord or is PadSplit just the platform? Like kind of break it down a little
bit further for everybody on that.
Suzanne Vetillart: Yeah. So, if we take a traditional long-term rental, may- maybe it's, a, a three bed, two bath home in the Seattle area, if you were gonna rent that as a long-term rental, maybe you're getting w- $3,200 a month as a long-term rental. But if that house has all the right factors that I shared, like parking, enough space close to workforce, close to, expressways that property could potentially be a six-bedroom house.
And then - if we're renting it by individual rooms, you're generating, in a lot of times double the income per month. So instead of getting 3,200, you're generating 6,400 in rental income. So that, that's kinda like the [00:09:00] baseline that I think, why would a homeowner change the leasing strategy to something like Padsplit?
It's really 'cause you're gonna be generating more income. And the person living in the house, why would they move into a house like this? It really is just affordability. That same person, for them to rent a studio or even rent a house, right, it probably would be more than 50% of their monthly income just on housing.
And so this is kind of a win-win for the landlord. They make more income. But then for the person who's moving into the home, this is the most affordable way that they could live in that zip code.
Stacey Salyer: Okay. And so as far as the, the lease goes, is the lease with PadSplit? So if I owned one, do I enter into a lease agreement with PadSplit, and does do the advertising for me or how does that work?
Suzanne Vetillart: Yeah. So, PadSplit does a lot of the things that a traditional property manager does, but we're not a property manager. so the things that we do are [00:10:00] we do your listing. So when you have a vacant room, we're, pushing it on our website and doing marketing to get your listing seen, and then it's also being shown on places like Zillow and Furnish Finder.
Then we do screening, and we do the leases. So the lease agreement between the homeowner and PadSplit is we'll sign a... The homeowner will sign a master lease with PadSplit, then PadSplit will take care of the individual leases with all the individual tenants
Stacey Salyer: Okay. And I'm guessing, but you can correct me if I'm wrong, so let's say there's five or six bedrooms in there. Does each bedroom have its own lock and door code? So, if I was the tenant and I signed a lease, then do I get a door code emailed to me or texted and then I get to go move in? Or how does that work?
Or is that point, is that the investor or landlord
then taking over that, that part
Suzanne Vetillart: Yeah. That, so that's a really good question of where's the boundary between what PadSplit does [00:11:00] and the owner of the property. So for, for an example like that, if somebody's moving in, a lot of the communication that, somebody needs for a move-in, it doesn't necessarily require like a physical person to be on the property.
So for example, your information about how to access the property, what are move-in instructions, if there's, a key- a physical key or a door lock, all of that's gonna be in the PadSplit app, and the member is gonna be receiving like all the information through the PadSplit app. So, it really helps to streamline for the property owner to be able to get people moved in and moved out with them, remotely, right?
Not having them to be on property and, physically take things. So I think that's really, I think a, important piece. kind of, the way to think about the role of PadSplit versus the homeowner is, PadSplit, essentially what we provide is the membership model.
We have the inventory of people who wanna move into your property. [00:12:00] But I would say the hosts that I see that are most successful on PadSplit, they still understand that it's their property. They're in charge of the cleanliness and taking care of, how the property's operating.
They're also very proactive on occupancy and making sure they have minimal amount of occupancy. And then what- how they use PadSplit is they essentially leverage all the marketing, all the resources that PadSplit has to operate better. So I think that's the w- that's kind of the mindset that I try to, share with the hosts that I work with, is like P- PadSplit is your partner, and this is your business, but use PadSplit to the full, maximum value so you leverage and get as much out of it.
And so, those are the, the-- I think that's, really important, I think for anyone who's, whether you use PadSplit or not, you're really working in partnership, right? With whoever's managing and taking care of your property, but it's still your property at the end of the day.
Stacey Salyer: Right. Right. Okay. And so [00:13:00] you kind of mentioned like maybe like a normal like three-two, in a certain neighborhood would be good, like with parking. Now, do you find that most people will go in and maybe reconfigure a property and add some bedrooms or bathrooms, or
What does that look like?
Suzanne Vetillart: Yeah. So I think, one of the, one of a, a great case study that I just worked with a homeowner on is in in Federal Way. That's, about 40 minutes outside of Seattle, but located very close to expressways, so easy for any, person to, get to work in different parts of Seattle or Tacoma.
This property was originally a five-bedroom home with four bathrooms, and the new homeowner converted it to a 12-bedroom. So, yeah.
Stacey Salyer: Wow, from five to 12? Wow.
Suzanne Vetillart: So that, yeah, that property
works because it was basically 3,500 square feet and it was split on three different levels. So from the street side, you [00:14:00] really can't tell that this is, like a 12-bedroom property.
But in terms of flow and everything there's like an additional kitchen on the basement floor. It does seem to work because, the people living in the property, there's only like maybe three other people that they're seeing at a time, and so, that's a really good example of a conversion, right?
That you're buying a property, but you see the full rental income potential is so much more than a long-term rental. And one of the numbers that I like go over with, investors is like, can you be cash flowing at 60% occupancy? So if like only 60, 60% of your rooms are full, e- everything else is cash flow.
Like that is, I think, a really great opportunity if you can think about the math that way.
Stacey Salyer: Right. For sure. Wow, that's really fascinating. So from five bedrooms to 12. And then how many,
do you know offhand how many bathrooms that one has?
Suzanne Vetillart: So that one has and I think that homeowner ended up adding a ba- a bathroom, so [00:15:00] the ratio for that house is, not more than three people are sharing one bathroom. For PadSplit, we re- our minimum is our kind of ratio for bathrooms is not more than four people can share one bathroom.
Stacey Salyer: Okay. Okay. And then what about garage space? Do people leave that open and available, or is it just, or would that be locked up, or is that maybe converted
into bedrooms? I'm so curious.
Suzanne Vetillart: it could be all of those. I think it, it's really it's really up to the homeowner, and I've seen people do different things. They'll get on PadSplit, they'll get to 100% occupancy, and they'll think, I'm not using my garage. I'm gonna do a conversion." And then they add another two bedrooms.
I have some hosts that they keep it. It's like they've got private stuff in it, and it's locked away. So it really is up to you. I think when it comes to conversions, every property owner, every jurisdiction's a little bit different. And so, from PadSplit, I'm not legal advice, so I'll always say, [00:16:00] do your permitting, think about consulting your own attorney and know what you can do in your local jurisdiction.
what I have learned, from PadSplit is when we look at all the incidences where PadSplit has maybe issues or citations, it's not necessarily the permitting. What usually is the common factor that causes issues is neighbor complaints. So it's like the four things. It's like noise landscaping that's messy, garbage that's not tidy, and parking.
So if you're operating well and you're taking care of those things, I think that's one of the things to really, consider for your, the location of your property and the operations of your property. If you have those things under control, usually doesn't cause neighbors or people in the community to complain about your property.
Stacey Salyer: For sure. Okay, that makes sense. Yeah. I mean, and you mentioned the BC neighborhoods are generally better parking, and I imagine like a higher end HOA is probably not maybe the best [00:17:00] location. But that would also make sense too probably for penciling numbers and that kind of thing. So I know you, you mentioned a little bit on like affordable housing and maybe you have some stats on like the Seattle market or maybe like Atlanta market, I don't know.
I mean, this is a national podcast, so we've got people listening from all over. What would be maybe kind of the average rental rate for a room? And I'm guessing they get... Well, obviously they get their room, they have access to a restroom. I don't know if there's like kind of co-living space and then obviously a kitchen.
So what would be maybe average room rate or
market room rate, that kind of thing for somebody?
Suzanne Vetillart: Yeah. I so I'll share kind of, Seattle area, which I'm more familiar with. About $1,200 a month for a shared room, a shared bathroom, private room, and then a room that has its own bathroom in Seattle is around $1,400. And I know that people are always asking like, "Oh, do I need to have amenities?
Should I add [00:18:00] things?" And I think what we have found, and it- there's data to, really prove this, is people want a private bathroom. So if there's a private bathroom not only do you get more income per month, but those tenants stay longer. So, I- I think in some new markets where PadSplit is more established, there's new development construction for a five-bedroom, five-bath home or, a seven-bedroom, seven-bath home because they're really thinking about, renting it with the rent-by-room model.
And, in, in the end, it just, it's gonna have less turnover and higher income per room. Yeah. Yeah.
Stacey Salyer: if it was me, I would want my own bathroom and bedroom. Yeah. That's really cool. Okay, so with that, I mean, I know Seattle just opened. It sounds like, I mean, you've been with them since January. And I do get this question a lot from my West Coast friends.
I mean, I'm from Washington State, 22 years in property management, so seen it, been through a lot of it. how is the landlord-tenant [00:19:00] law affecting it like on the West Coast especially? I mean, Atlanta market I know is very different, but what, have you seen any challenges around
like evictions or anything like that?
Suzanne Vetillart: it's a question I get every day in Washington
Stacey Salyer: I'm sure you
Suzanne Vetillart: It's, yeah, because, and I get it
because, it's so tenant-friendly and, unfortunately there's a lot of horror stories about people dealing with evictions that, people who kind of game the system or, it's just could be a nightmare.
So what I always, go back and highlight is that, PadSplit is a long-term rental, so there's gonna be the same amount of risk of whether you did PadSplit or not. PadSplit absolutely has certain, systems in place when it comes to, notifying a member to vacate.
What are the, what are the protocols that we've dealt with in the past? But I still like to put it back to the homeowner to say if an eviction does happen PadSplit is not gonna take care of everything and you don't have to worry [00:20:00] about it. It really still is something that is, depending on the case it's something that we have to do everything we can to prevent it upfront.
So I like to spend more time talking about screening and how to screen for the right tenant who ideally is gonna be a good fit in your property. The difference between PadSplit and a long-term rental is that this person is actually sharing space with other people, so sharing a kitchen, sharing a bathroom.
And so, it's really important to interview that person before you accept the booking to even make sure that number one, they understand the house rules because most peop- people don't read them. So having a phone interview where you go over the house rules like, this is a co-living property we don't allow outside guests, we don't, no smoking, right?
Quiet hours after 9:00 or... These rules are the ones that you set up yourself, but you're just going over and confirming that the person agrees and is, willing to comply. [00:21:00] 'Cause if they aren't, that's a good indication to say, "Hey, maybe this isn't a good fit," right? Or, "This is not the person for my property."
And so, yeah, screening is so important. But you know, at the end of the day, it's like, just like any other rental, we don't always know and things happen and it happens on PadSplit just like it happens using any kind of leasing strategy. But what I have found that, is helpful to think about w- and in some cases people see less risk, when you have a co-living property and there's six rooms, if you have one person that needs to vacate, you still have access to the common areas.
it's not like you can't even get in the front door of your property. You still have access 24/7 to the kitchen and bathroom and everywhere. And- If anything, that person is really not comfortable, coming in and out and dealing with having an evic- eviction in place.
And so, that's one other way to see it, compared to a long-term rental. Yeah.
Stacey Salyer: No, that makes sense. That's really good. [00:22:00] And so kind of along those same lines, I mean, housing affordability, of course, is a super huge topic across the United States, but especially the West Coast. What do you see, working with the City of Seattle? Have you had like success in like maybe kind of, I wouldn't say
maybe partnering, but you know, what's been the reception there?
Suzanne Vetillart: Yeah. So, we're in the preliminary stages of presenting, some, some sort of pilot program with the City of Seattle. We actually have an active program with the mayor of Portland. And so, I think what it kind of shows and, what- whatever that partnership eventually looks like, I think what it does show is there is a signal that cities like Seattle, cities like Portland, Los Angeles, San Francisco, they need to do everything they can to bring more inventory fast, to the market.
And so, in addition to building there's also a lot of unused bedrooms that are already here, and they're vacant. And so I think that's where PadSplit [00:23:00] is a really smart solution for people who've got, you know, properties that are underutilized. And a lot of times it's people who aren't landlords, and they don't know how to do leases, and they don't know how to screen. They don't know how to collect payment. And so PadSplit can be a really good solution for for those people, 'cause we do a lot of the pieces that people don't wanna do, when it comes to property management
Stacey Salyer: Okay. And so, I just have this question. Do you find or does the owner ever live on property and then utilize Padsplit for the rest of the rooms in their home? Or is it just like legit investors who just have a home and they convert it to and
then do Padsplit, or is it both?
Suzanne Vetillart: Yeah, so the pilot program that we have in Portland is actually built around that model of somebody who is living in the property. And so on, at PadSplit it's called Home Occupied. So it would be a little bit different process to onboard. But yeah, it, we- I think PadSplit launched it in 2025, and it's just [00:24:00] really grown, in, in a huge way.
And yeah I've been talking to more and more homeowners, especially people who have a very large house that is now empty and they're wondering
Stacey Salyer: out there
Suzanne Vetillart: Yes. So many of these
properties, and so it's almost like what do we do to generate more income?
'Cause, even if your property's paid off, you've got property taxes, right? You've got insurance and all of these things that add up. It would, be nice if you had a way to generate some income to offset, some of those costs. Mm-hmm. So I do think that is gonna be a growing, opportunity.
I've also seen it in markets like Atlanta where, you have maybe a older homeowner, and they just like the community aspect of having other people around, and they don't wanna be completely on their own. And so it can be a really positive thing when it comes to almost the social piece of it.
It doesn't happen in every PadSplit, but I have seen it where people actually like living with other people more than they like [00:25:00] living on their own.
Stacey Salyer: Yeah. No, that makes sense. Yeah, I love that. And there's still a ton of like boomers and elder Gen Xers, I'm not an elder Gen Xers, but that probably have lots of space in their house and what a cool idea and way for them to generate some additional income, maybe not live alone, have people around.
Yeah. That's really cool. I like that. So it sounds like, I mean, some really great opportunity for investors and obviously residents across the US and obviously in the Seattle market. Tell me about property management. Have you found a lot of companies like in the Seattle market or even, that you know of
across the
US that are managing pad splits?
Suzanne Vetillart: so this is where I think there's a huge opportunity. when I got sort of up and running with the role here in the Seattle area, my first piece of advice from other markets was like, "Go find property managers," 'cause they're the ones who know underperforming properties.
They know a lot about, what's happening in people's different [00:26:00] investments. And what I found locally is, most of the people that are doing this rent-by-room or co-living, they're doing it independently on their own. They're self-managing. So they're not giving this, to a property manager to begin with.
So I've seen in other markets that are more established with Padsplit property managers who used to do only long-term rentals, or they used to do short-term rentals. But because their investors moved to Padsplit, they had to learn property management for Padsplit or property management, from Airbnb to Padsplit.
So I actually think that's a really, great opportunity for property managers, is to either add on, Padsplit or co-living property management. With Padsplit, because Padsplit is doing a lot of the property management pieces, y- the, a property... i've heard somebody call it property services.
So it's almost like whatever it... and what is property services with Padsplit? It basically is [00:27:00] all of your frontline coordination, right? Boots on the ground stuff. So, coordinating cleaning, maybe your handyman, anything that's kind of emergency that you need to respond to with maintenance or things like that.
Essentially, or, maybe in, in the case when you do have some turnover, your your property service team is interviewing and screening and making decisions about, new people coming in. So, I like that it's very it's more streamlined because again, P- Padsplit is doing a lot of this.
But yeah, I think, haven't really found a lot of property manager companies locally that are doing it. I have about two that I've been working with so far. one of the guys, he has his properties on Padsplit, and he's got three properties that are doing rent by room.
So he understands it from a operator and investor point of view. So, yeah. But I'm always looking for people who want to learn more about this and people who see the opportunity really that, this is where a lot of investors may be going [00:28:00] to in the future, and this is a good window of time to get in early so that when the growth happens, that you're the right solution.
Stacey Salyer: Right. Absolutely. Yeah, no I think it's fascinating, and I think it's, very needed in every market. And so for your market, I know you say Seattle, but I mean, I'm from the Pacific Northwest, so when we say Seattle, that could mean lots of miles in between. Do you know offhand what your furthest north and south towns are that you're currently covering?
And can you cover more than that? If you had somebody in Whatcom County or Skagit County or maybe even Eastern Washington,
can you help them or how does that work?
Suzanne Vetillart: Yeah. What I've seen is kind of like a 45-minute drive from Seattle is something that I still see working. And yeah, in, in, in Seattle, we, we've got properties as far north as Everett, and then we've got, properties as east as SeaTac, and then as west as Gig Harbor. [00:29:00] So, and then s- as south as Tacoma.
So I do think, the benefit of using Padsplit in a core market is the marketing. Basically any kind of, Google search around rent by room, y- that's where you really get the benefit of Padsplit is we're able to get your listing in front of more people. So if you were in Spokane today, I would say you can still use Padsplit.
You don't have to be in a core market to use Padsplit. You could do it from anywhere, but you may not get the push of marketing for your listing, and there would be additional marketing that you might wanna be doing on your own to make sure that your listing gets booked.
Stacey Salyer: That makes sense from the SEO standpoint, because you're Seattle market and, if they're in Spokane, they're not gonna come up under Seattle if they're searching under Spokane. That makes sense. That's cool. Okay. Well, yeah what a great opportunity it sounds like for everybody. Do you have any really cool success stories that you wanna [00:30:00] share as far
as either from the landlord or resident side?
Suzanne Vetillart: Yeah I think, what I've been really excited to see with specifically Padsplit in the Seattle market is we have a homeowner who learned about Padsplit in April, and she purchased a property at the end of April, and then she took six weeks to convert a duplex from a five-bedroom to a 12-bedroom.
Got her property listed on Padsplit June 1st, and we're at mid-July right now. I think she's on path to be 12 rooms fully occupied by the end of July. So that's like a crazy that's a crazy success story of from April to August, right? Of like where you could be with one property. And I'd just like to really emphasize and highlight that, Padsplit, it's not a easy, passive thing.
Operationally, it's more work than a long-term rental. It definitely is this kind of [00:31:00] ramp period where you have to kind of get up and running. You have to understand how it's different from long-term rentals or Airbnb, whatever you're switching to. But what I really like to kind of get people to see is the long term.
Over 12 months, once you've got that property, that 12-bedroom home onboarded, your turnover is gonna be less than an Airbnb, and your kind of day-to-day management is really gonna be a lot less than, maybe dealing with, just even the cleaning or operations. A lot of the things are gonna be in the backend of Padsplit, and you're gonna have, communication kind of streamlined in one place.
And then what that allows you to have is more time to go buy another property and do it again. And so that is really what I like to kind of share with people, is like the vision and, I think that's really kind of the success of, these Padsplit hosts who've been able to scale.
I've heard about hosts that, are [00:32:00] started with two properties and then they've, in one year it's like they've grown to 15. And the reason why is because they're not getting bogged down on the day-to-day with the admin stuff, of like leases and screening and showings and payment collection.
They're just getting the property up and running and and then moving to the next one.
Stacey Salyer: Yeah. Yeah. Well, and how cool is that? So that was a duplex that basically served two people, two families, but now it's serving
12
Suzanne Vetillart: yes,
Yes.
Yeah.
W- yes, exactly
Stacey Salyer: talk about, they're screaming housing affordability every day in the news. I mean, that's a huge, that's
like a huge difference in a community.
That's what I heard out of that
Suzanne Vetillart: Yeah. Exactly. And I think that's really kind of like the best piece, right, of what the company is trying to do and the way that Padsplit's mission is really aligned. It's like we're really trying to solve the affordab- affordable housing crisis one room at a time. [00:33:00] And I always end my calls with p- hosts being like, "Do you think you could add another bedroom?"
Could we turn this office into a bedroom?" And but it really is that, thinking, right, of like for a homeowner, you have the same footprint. You wanna make more income for the same footprint, so that's where we find that extra income, right? And then for the, member, the people that are looking, it's one more h- one more person that could be housed, right, in this ZIP code that might not have been housed,
so.
Stacey Salyer: Yeah, I love that. How cool. I love all this. So this is awesome. And so what I also heard is if you're in the Seattle market or outlier market and you own a property management company or you're looking to buy a property management company and, get into that game, a huge opportunity as far as management because I actually don't know anybody currently managing PadSplit in Washington State.
So, that also would be a great opportunity for business as well. So sounds like just all around lots of cool stuff.
Suzanne Vetillart: Yeah
Stacey Salyer: Yeah. Awesome. Well, anything [00:34:00] else you'd
like to add before we wrap up today?
Suzanne Vetillart: No, I mean, I think what I just wanna share is, this podcast is really about property management, and I think at the end of the day, with PadSplit, it's really hospitality. It's people and housing. And so that's the other thing I really like to kind of, share with, with hosts is, it- we're not just talking about money and cashflow.
It really is you're housing people and giving them a good experience. So, sometimes when we look at the performance of some properties versus others, I think it really is the people who win and are successful, it's because they understand that. And they understand that, being in a position to provide housing for people is something that should be done professionally not just with "What do I get?
I want more money." It's like, how could you do this and it could be, win-win for everyone? So I... Yeah, I think that's a really big piece. Sometimes people miss it. But I... even for me as an investor, I didn't get that at the beginning [00:35:00] either. I was just only looking at spreadsheets.
So I think if you can take the spreadsheet and combine it with the human aspect, that's the best of both.
Stacey Salyer: 100%. That's why we hit it off when we got to meet.
Suzanne Vetillart: Yeah.
Stacey Salyer: Yeah. We were very much aligned on all of that. Well, awesome. Well, I'm so glad that you took the time to stop by today and educate my listeners on PadSplit. I know all your information will be in the show notes. If you're in the Seattle market and you are curious about it please reach out to Suzanne.
And if you're outside
Seattle market and you're curious,
reach out to Suzanne 'cause she'll put you in touch with the right person.
Yeah, absolutely, 'cause I've also met some other of your PadSplit colleagues throughout the United States, and everybody that I've met is super awesome. So, a great company, and I just love the whole thing.
So again, thank you so much for coming on today.
I really appreci- enjoyed everything, and I hope-
Suzanne Vetillart: Yeah. Thank you, Stacey. Yeah, it's been an honor to be here. Thank you so much
Stacey Salyer: All right. All right. Well, thank you everyone for listening today. And [00:36:00] again, if you have any questions about PadSplit, go into the show notes hit up Suzanne and she'd be happy to book a call with you. So, we'll see you next time my friends
Outro: Thanks for listening to the Stacey Salyer show. Here's the deal. You can read about acquisitions anywhere, but you can't learn acquisitions from someone who's done it the way I have as a buyer, a seller, and from the corporate side evaluating hundreds of companies. That's why I need you to subscribe and share this with someone in your network who needs to hear it.
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Don't leave it on the table. See you on the next [00:37:00] episode.
