Frequently Asked Questions
Are you affiliated with PadSplit?
No. We believe in leveraging the PadSplit technology platform to maximize profits for mid term rental properties while also filling an important need for affordable housing. With PadSplit, we get to do well by doing good. PadSplit goes far beyond just managing members/residents. They provide telehealth services, help members improve their credit, and so much more. Like Airbnb did for the short term rental market, PadSplit is revolutionizing mid term rental market.
Do you currently have PadSplit investment properties available for me to buy?
We are constantly sourcing properties and most likely do have an ideal property available for you. Reach out and let us know what market(s) you are interested in and we’ll share the list of properties we have available at the time. We source properties in every primary market that PadSplit serves.
Will you buy a property I have under contract?
Most likely! But only if your property is a good fit. We will either buy it ourselves or find you a buyer. Check out our Buy Box to confirm if it is worth your time to send the details our way.
Can I convert my current investment property into a PadSplit property?
Yes, if it is a good fit, we can partner with you to do exactly that by connecting you with our extensive network of experienced real estate professionals. Send us an email!
What is creative financing?
Creative financing refers to non-traditional or unconventional methods used to buy or sell real estate, outside of standard bank loans. These strategies can include buying with cash, seller financing, lease options, subject-to, and others.
Why would someone use creative financing?
Creative financing is often used when traditional financing is not an option, such as when a buyer has difficulty getting a mortgage. It can also be used to facilitate quicker transactions, to create win-win scenarios for both buyer and seller, or to optimize tax implications.
Is creative financing legal?
Yes, when done correctly and ethically, creative financing is legal. We always involve real estate professionals, such as attorneys, accountants, title companies, etc. to ensure all laws and regulations are followed.
What are the risks of creative financing?
Like any financial transaction, creative financing comes with risks. It's crucial for both parties to understand the terms fully and to ensure all agreements are legal and fair. We help both sellers and buyers by involving qualified, credentialed, experienced experts to avoid those risks.
What types of properties can be purchased using creative financing?
Creative financing can be used for any type of property, including residential, commercial, and investment properties. The property's condition, value, and buyer’s/owner's situation can affect which methods are most beneficial.
Can anyone use creative financing?
While anyone can use creative financing, it's particularly beneficial for those who don't want to deal with the arduous process of qualifying for a bank loan, or simply don’t meet traditional lending criteria, such as self-employed individuals, those with a steady income but less-than-stellar credit history, or real estate investors looking for flexible purchasing options.
How do I learn more about creative financing?
Working with professionals experienced in creative financing is a great starting point. It's also beneficial to read books, attend seminars, or join real estate investment groups that focus on these strategies.
Is creative financing the same as owner financing?
Owner or seller financing is a type of creative financing where the owner of the property provides the loan to the buyer. However, creative financing encompasses a broader range of strategies beyond just owner financing. A hybrid approach that leverages multiple types of creative financing options is often the best solution.
If you want to learn more about how to buy and/or manage PadSplit creative financing might work for you, call or email us today to schedule a complimentary 30 minute consultation.
213-422-8356
kim@kimwalls.com