A New Way to Cash Flow Like Short Term Rentals with Frank Furman
Frank, thank you for joining us today.
Thanks for having me. I appreciate the invite and
it’s been great talking with you so far. Great. To get some insights on your business and how things are going and the really great stuff for our listeners out there who don’t know about you and your business. Can you tell us about your background and then, we’ll dive into the business?
Sure. So as far as my background, I grew up outside of Philadelphia went to the Naval academy. It was a. A little bit of a timing thing. Nine 11 happened when I was a junior in high school and it seemed like the thing to do. So you went to the Naval academy decided to become a Marine Corps.
Officer, did a quick stint in graduate school, at Johns Hopkins but then spend the next kind of seven years as a Marine Corps infantry officer. Mostly stationed, California did a couple of tours to Afghanistan, and then really around I guess 2012 through 2014, I was stationed in DC. I was, I’d gotten married.
We’re, thinking about what came next in life? I was doing what everyone in the military does, which is, saying, oh, maybe I’ll go to business school. I haven’t really decided, what does an infantry officer does in the real world? I had no idea. And then, we found out we were having our first child Rudyard.
Who’s now seven and. I just thought, oh my God, it isn’t school, what am I going to feed this child? I should get a job. So I took a job in management consulting with McKinsey, moved to London, spent a couple of years there when we were having our second child Byron, my now five-year-old son, we decided to transfer to Atlanta.
So been here for the past five years. After McKinsey, I decided to take a job at Georgia Pacific and got there, mostly took the job out of a work-life balance, driver, probably got bored and maybe the balance was too far skewed. I ended up going from, 60 hours a week to less than 40, I think that is how I term it and getting a good shape.
And then you think, man what am I going to do? It’s Monday afternoon, what am I gonna accomplish this week? So I kinda started freelancing. I was doing freelance consulting. I was just looking for new opportunities. I just knew it wasn’t long. But I’m going to be a long-term opportunity for me and my brother-in-law Atticus who had started a string of kind of successful real estate businesses.
And it was part of the reason why we moved to Atlanta in the first place he’d been, he’s been here for about 20 years now. And he’s I’ve got this idea. I’ve been in the back of my mind for years. It’s this room rental kind of business. You want to help me out there.
Sort of just thinking about it and want to give it a try. And I was like, sure, onboard, I got time, good idea, bad idea who cares, I need something to do. And started with a property of his took it from there. It was something that he’d actually been doing since 2009, he’d bought a property in Southwest Atlanta at the time.
He was just getting a star. He had been a commercial broker and that business had gone under with the crash because on the land side, so it hit early. But he’s looking around towns, man, you can buy a property for $20,000. Clearly, I should be buying properties and your spoiler alert. That was good.
That was good. Yeah. He had a partner go up this portfolio of single-family homes and then about 500 apartments and so on, but he bought one in 2009 and it was cut up funny, he’s planning on turning the section eight rental and the two neighbors came by and Mr.
Otis and Mr. Mitch said, Hey. Hey, man, our house is being foreclosed on, we’ve been renting rooms here. We want to rent rooms and in your rooming house, and he knows, I don’t know what you’re talking about. And they’re like, brother, this is a rooming house and we’ll pay you a hundred bucks a week and he’s looking at it.
And he’s thinking, man, I got four bedrooms. I can get 800 from section eight or get a hundred a week. I’ll give it a go. And so we did and did another one in 2012 and over that intervening time, notice how much more profitable it was. And some of the kind of unexpected benefits around co-living and how you tend to have fewer conflicts because people were strangers, they didn’t know each other rather than if you, husbands and wives or boyfriends and girlfriends or brothers, that kind of thing. And then, but there were still lots of challenges, still operationally difficult collecting the payments was a challenge, there’s there, there were downsides to it.
But as we began to look at it, it seems looking at, and kind of 2017, you think, okay things have changed one, obviously that just the price of housing has gone up. The conversation around affordable housing is just much more prominent within society. Technology has changed, in 2009, very few people had smartphones, but today everyone has a smartphone, and the FinTech world has changed.
That used to be a business that was all cash and money orders and that sort of thing. Whereas today anyone can walk into a Walmart, put money on a prepaid debit card, and pay anything electronically within minutes. All sorts of things that changed that maybe, you know, maybe. Think maybe this isn’t a niche side hustle business, maybe it’s something big.
And it’s something that, you know, oftentimes, to fast forward today. Cause obviously we started pad split and that’s what it became along with our third co-founder John O’Bryan people come to us all the time and say, oh, I get it, room rentals. I see that.
I see how people save money, cool. Maybe I’ll ask my kids, they, they would understand, the sharing space and millennials and stuff. And I’m like no, that’s your grandma. Cause this is actually how people used to live, and that with you or a single working person, working in a factory or doing something that was relatively low-income and you weren’t married.
Know, that was what that was, how people live. That was how people got by this kind of modern conception that has really only been with us for the last couple of decades of, you’re a single person. You have to have your own apartment. And then during that time, just look with everything else in life prices have gone up.
So take Atlanta where we are. To have an apartment, a new apartment, you need 760 square feet and a parking spot. The parking spot in the city probably costs 40 grand. So how many cheap apartments are being built? None because it’s totally impossible. How do we get back to it, it’s not a new idea, the idea of running a room, in fact, something.
One, we’ve all probably done at some point in our lives, whether it’s student housing or, the golden girls or something like that. But then also just even today, I have six people in my house it’s because I have three kids and, leave an old pair lives with us and I’m not crazy.
It’s just, this is, I share space, unfortunately, I’m the only person who pays rent here, but yeah, that’s maybe where it says more about me. But then anything else, but everyone shares space really this idea of having. Your own spaces. What’s new.
So it’s how do you bring that? And Hey, bring it to everybody. You can solve this problem nationwide.
Wow. That’s awesome. And quite the journey there. And I think the most interesting thing is what this can do for investors. Obviously, the affordable housing question is out there and in many major cities, Atlanta, I’m sure we have it here in Richmond and really.
Major metros out there have a huge shortage of housing. And that’s good for real estate investors, but what we found or what people have found lately is okay, you want to go buy a single-family? Nothing that’s on the market is going to really cashflow in that term, at least with a standard model.
But it looks like in this case, what you’re offering is really an opportunity to the Jews that cashflow and find, a different model.
Exactly. And everyone knows that the way you make money and invest in it’s to be ahead of the curve. And so if you bought single-family homes 10 years ago, you look like a genius today.
Cause they’ve all appreciated and you could buy, the 1% role, may she rest in peace? Obviously not the case today. And of course. People see that they see success and then they mimic it. So now, and some of that’s due to technology and the ability of people to do desktop research on properties and all that.
But now so much capital’s chasing single-family rentals and there’s, interest rates are so low. And so on that. Yeah. People are buying at a forecast, which is just unreal and, you look at. Prices are at a point where rent’s always lag and rents are gonna go up, that’s, that is going to have to happen.
But people are just praying. They’ll make it up with a ton of leverage and a super low-interest rate. And that’s, that’s fine. But we looked at it and thought, look, there are other ways to cash flow the property. Now the people have done Airbnb. There’s, there are other ways to attack that.
And we’re one of the. So the concept is simple. There’s, again, I’m a former Marine don’t make me do a ton of math in public, but it’s one of those things where our, one of our initial insights was certain properties are great single-family rentals, they’re small, they’re efficient. They’re in the. The middle of the bell curves in terms of the market. There are three, two in a decent zip code and, so on and so forth. Part of the problem is everyone’s snatched those up, I’m not the only person with that insight.
And then the other piece of it is that’s fine, but there are properties that are just outside, there’s, they’re a little bit bigger. There may be a little bit more urban there, maybe not in the exact same zip codes that are great rentals necessarily. And one of our early insights was. If you have a bigger rental with more bedrooms, one, you don’t really generate extra revenue for the space, right?
If you’ve got five bedrooms and a house, no one’s paying you for the fourth or fifth bedrooms, really? But it is a liability, right? If you have to turn that unit, it’s extra square footage, you pay by the square foot. So your costs are higher. Maybe it’s more yard and more lawn care, that kind of thing.
So there are the challenges. For us, the bedroom is your revenue-generating unit, just an apartment is for an apartment complex. So how do you take that? How do you capture monetize that underutilized space? And then also you’re shopping in a part of the market that the high buyers aren’t right then other investors are.
And initially, we started with people saying, okay, I’ve got these bigger rentals. They underperform relative to my smaller ones. How can I choose those returns? And we’ve turned into a business for people. Hey, I’m trying to buy bedrooms. How do I find these properties that are optimized for this model?
And honestly, a lot of them are older housing stock from when families are bigger or that kind of thing. Sometimes it’s converting basements or living rooms, dining rooms, that sort of thing. But how do I maximize those revenue-generating units and yeah, we’re generally, double or so to yield of a traditional single-family.
Awesome. So I’d really like to hone in on the differences between your model and the short-term rental or Airbnb model. And then, we’ll probably about, I’m going to warn you now. I’m going to bring up the regulatory risk because to my mind, sitting on the sidelines from these two strategies.
There seems to be a lot more regulatory risk with the short-term rental Airbnb model than yours, but I don’t know. So what are the differences and let’s break into that.
Absolutely. So one way to think about it is we’re very similar to Airbnb from a product perspective, right? It’s a two-sided marketplace.
Landlords are hosts and are in our parlance on one side. And then for us, residents members guests in Airbnb on the other. And the difference is unlike Airbnb or BRBO, which are fractional in terms of time when occupancy we’re fractional in terms of space. Now there are plenty of other differences, right?
We Airbnb’s are everywhere. It’s an incredible business site that I applaud them. This is not giving me any trouble. They threw everything from tents to parking spaces, to mansions to everything in between, we’re focused on living. We tend to be in Metro areas.
So we’re. It is Lana Houston, Dallas, Richmond, Tampa, Jacksonville, Indianapolis, and Orleans Metro areas. Maybe eventually we’ll be more or less everywhere, but certainly, today focused on kind of Metro areas Sunbelt, Midwest, and so on. Obviously. For us, it’s not tourists, right? It’s not people coming into town for vacation or this or that.
It’s people who live and work in the community. And so their long-term average stays about nine and a half months. From a work perspective, relative to being an Airbnb host, it could be a little less upside depending on the property, but. It’s less where you’re not doing all the turns.
So the workload’s a little less intense. It sits somewhere in the middle between a traditional rental and an Airbnb. So it’s, probably more work overall relative to do. A traditional single-family rental operator, but certainly a lot less than, Hey, I’ve got people coming in every, three days a weekend, there’s less kind of burnout factor there and the assets look a little bit different.
You can have an Airbnb and some of the most expensive real estate in the country that workforce housing you can, we’re a workforce housing company. So we’re much more located in transition neighborhoods, that kind of thing. Obviously. Really just on bigger units, that, that sort of thing.
We’ve actually had a number of Airbnbs, previous Airbnbs that have compact splits and, it’s really about optimizing for the assets. If you’re in a beach town should definitely be an Airbnb. But if it’s a bigger property in a transitioning neighborhood that, maybe gets dinged on reviews due to the neighborhood or that kind of thing, or it’s just frankly, a lot of work to get to and manage.
A New Way to Cash Flow Like Short Term Rentals with Frank Furman
Might be a better pad split, if you’ve got the bedrooms to make it work. So it’s really a different sort of asset strategy. On the regulatory front we have, I would say different regulatory challenges and it’s because we have different Okay, enemies. So to speak, that word is strong.
Obviously, Airbnb they’re like Airbnb’s, we’re at one point legal, everywhere. Part of the reason they have more regulatory challenges than we do is because of their success. legislation has been written to counteract Airbnb and so on. They’re really two general compare. We’ll call it three against Airbnb.
One is really from neighbors who say I live in a single-family neighborhood and a bunch of tourists came in and they throw a party. And they made a ton of noise and so on and so forth. And I’m mad about okay. Fine. There are two. The other one is coming from municipalities. I think it holds a lot less water, but it certainly is gained currency, which is around affordable housing.
And the idea of BA all this housing stock is being used up to son’s coming into investigating, just like I said, he would and Municipalities. And I’ve had many municipalities come and talk to me about this and say, listen, Airbnb is driving up the cap, the cost of housing because single-family homes are being converted into these rentals.
I don’t find the data, all that compelling, but it’s certainly that idea is firmly lodged in the minds of many kinds of policymakers. Again I think it’s really hard to decouple the appreciation of the past 10 years. That would have happened without Airbnb with the fact that Airbnb has been around for 10 years.
And it’s to me, it’s, I think they’re hard to decouple, but either way that, that is the reason. And the third piece is hotels really don’t like Airbnb because it doesn’t their business. Yeah, exactly. So they have, they face a very organized and well-resourced competitor in the marketplace.
For us, what we tend to deal with is much more similar to neighborhoods that have issues with section eight rentals, right? We’re a workforce housing company, some people, some neighborhoods don’t really particularly like rentals locally. And that’s true for any investor now. There’s no way around the fact that one people are renters, they’re more transient than homeowners, that’s going to happen.
The complaint that we tend to get on the regulatory front is much more around the number of occupants, and it’s almost always people think it’s, like a top-down municipal challenge it’s really bottom-up from neighbors. Our members, the residents They’re people and they are a cut from the crooked timber that is humanity.
And sometimes they fall short. Sometimes they park like jerks, right? Someone parks in front of someone that a mailbox or, in front of someone’s house or, any of those things neighbors don’t like, they complained to code enforcement because that’s what people in our society do when they don’t like what neighbors are doing.
And. Someone’s going to cite you if someone calls all the time and also get back to that strategy around houses, because the normal pad split tends to be a bigger house where investors have gone out and say said, okay, how do I optimize for this kind of investment? They tend not to buy previous rentals.
They tend to buy previous single-owner-occupied properties. And so people, we’ve had neighbors say, Hey, that used to be owned by. The Smiths they sold to these awful investors. It turned into a rental property. My neighborhood, I won’t stand for it. So we tend w we get a different kind of neighbor complaint.
It’s around cars, less around partying per se. But, we, again, we’re workforce housing, as I said, many times people will in shift work, people who go to work at 11 o’clock at night and come back at six in the morning. Neighborhoods don’t always like that. So we tend to get that kind of complaint around who is in the house.
Now we also don’t have the same kind of competitor. Based on the way that Airbnb does is closer con we don’t compete with hotels. We don’t really compete with apartments, but to the extent that we compete with apartments are much more fragmented. You don’t really have brands.
We really only compete against classy. We compete against extended-stay motels to some extent. That’s certainly in the consideration set for our customers, but one extended stay It’s much smaller than the hotel industry and people don’t like them, it’s not like Marriott or Hilton where, there everyone’s oh, that’s glamorous.
And I liked those companies. It’s everyone hates 600 same hotels. So no one cares what they think they don’t lobby the same way. And I, I actually feel for the extended stay because, we’re in similar businesses, so I don’t hate them, but it’s one of those things.
So we don’t deal with the same sort of competitor lobbying. I would love to believe someday that we’re as big as Airbnb and thus have a, as entrenched to competitor set, who wants to complain about us. We’re not there yet, so maybe we’ll get there, but we tend to have fewer kinds of formal regulatory challenges.
Almost all short-term rental regulations get around that by saying, Hey, anything less than 30 days is, Constrained forbidden must be registered, whatever they’re doing in the municipality. We have a 31-day minimum, so it doesn’t actually really apply to any of us and that’s by design.
But so we tend to we definitely deal with complaints. That’s part of being in the real estate business. It’s part of being in a rental business. We tend to have. Strict regulatory challenges or to the extent that we do it tends to be, Hey, someone parked on the grass, look, that’s a citation.
You can get a ticket for it. That’s super frustrating. But also has nothing to do with pad split per se or co-living, it’s just a tenant. Who’s not doing what they’re supposed to be doing. So yeah we definitely, I wouldn’t say that. Our team isn’t busy dealing with those challenges because certainly, they are, but it’s different from the short-term rental.
I think you’re always going to have me no matter what kind of real estate you’re in rental real estate, you’re always going to have something like that about a problem tenant if you will. Because to me, if I was in this position as a tenant, mean, I care about my car. I care about not getting a citation and I care about not making the neighbors mad.
So I’m going to try to park respectfully, but like some people aren’t going to do that. That’s just part of the deal now for the host side, what would you say is your ideal client profile? What’s the person that you’re looking to reach we, again talked about this a bit before recording.
It all really comes down to understanding risk and pricing. If you understand the drivers, it keeps you away from the get-rich-quick foolish investments.
I’m very curious about that. Yeah. Our hosts run the gamut from. Retail investors who maybe this is our first real estate investment. And they’re going to do one, they’re employed full time doing something else. And this is their side hustle, a hobby, wherever you want to think about it to institutional investors, where they have tons of single-family homes or other investments.
And this is an alternative investment vehicle. Where I think we tend to do the best. Even though I love all our customers, if you’re listening, if I’m going to pick, what our kind of ideal customer is 80, 20 it’s 80 20 roles, yeah. Is really sub institutional investors who are.
Professional. Like there they’re pros, they are real estate investors that are their day jobs, so to speak. But they’re not, they’re essentially managing their own money. So the way to think about that is our challenge with the kind of that first group, the, your kind of smaller investors is just a scale problem, right?
It’s a pretty steep learning curve. We’re happy to talk through with people and train them and onboard and so on, but obviously. Someone who’s doing it as a side hustle. Isn’t gonna scale with us the way that we’d love. So even though we love them, that’s the truth. And then on the kind of larger institutional side 10 have more constraints on their money.
It just takes a lot longer to get going. So if you’re backed by a teachers’ pension fund wherever, and you’re managing that money for the big fund while tons of approvals and the investment committee, and Hey, is there a relative, regulatory risk in this municipality versus that municipality and just all sorts of levels of review that make it challenging.
So yeah, we’ve tended to better. Investors who are serious, it’s their day job. They don’t ask us for a general contractor because they know what a general contractor is, they don’t ask us for a broker because maybe they are a broker and no, an execute, but they’re an investment committee of one or two and a little bit more nimble.
So that’s our sweet spot where they’re, sophisticated enough to know what they’re doing to know their market. But also small enough and nimble enough to be able to execute and understand their own risk and take it, okay.
Interesting. I certainly appreciate that.
And, throughout our conversation, both before we were recording, for the listeners, you just finished a series B round of funding, and I got to learn a little bit about your experience dealing with venture capitalists, which was fascinating, but we’re not going to get into here. You definitely know what you’re talking about though, from the gamut of investors, Right.
We won’t repeat anything that I said about any of those. So I’m just kidding. We obviously are very thankful for our venture investors as well. Who’s been great partners for us?
Awesome. Awesome. I love it right now. We’re going to take a quick break for our sponsor. All right, Frank, I’ve got three questions.
I ask every guest on the show. Are you ready? I’m ready. All right. Great. First one. What is the best investment you ever made other than in your education?
Okay, I’m even going to take it all out of takeaway all real estate, just to make it fun. But I once went to this new year’s party with I was staying with friends out in Arizona.
I said, oh, this big shot has this, incredible new year’s party. We’re going to go. And the gentleman’s name is Lanny Marmee. So it’s a very hyper-successful businessman, penny. He does this thing every year where he says, okay, I’m going to donate money. I’m going to invest.
You’re going to, everyone’s going to pick stocks and we’re going to have a competition. We’re going to evaluate it next year. And, It’s going to be depending on your performance. And this was 2009. So it was just after, the market gets pummeled. Everyone’s freaking out that the previous year, everyone had been wiped out.
Someone had done, nationwide and all these the AIG was one of the pigs, it’s a lot of trepidation going in. So this 2009 I picked Valero the oil company. And this guy’s a billionaire and turns out I won. And he visited me personally to congratulate me and give me a bottle of wine.
And. He was like, man, like, how did you know? And I’m like, it was honestly a complete and total gas that I had. I didn’t know this was part of the party. Cause I was just a random guest, he was very gracious about it and flew out to congratulate me for it. I would say that because it made me feel, this is a guy who’s made a billion dollars in his life.
And he’s man, like how did you just know the market so well, and I’m like, I can’t give away all my secrets, Mr. Martin. So that’s, I think that’s it.
I think that goes to the heart of what I’m trying to do with this show is help people realize that people that are out there picking stocks suck at it all I’m guessing.
Yeah, totally.
You are guessing and you won by that, which I think underpins everything and in the intelligent investor and so many things out there, but we won’t get bogged down in that right now. That’s awesome. Awesome. We had the best investment. Now we go to the other side of that coin, the worst investment.
What is the worst investment you have ever had?
made? So the worst, it was one, I guess you would say it’s almost one that I didn’t make, but when I first moved out to California, I was stationed in a place called 29 palms. Which. Middle of the desert. It’s three hours east of Los Angeles. And so I knew I was going to be out there for four years.
And this was it’s actually around the same time as early 2009. And, houses were selling for not a whole lot. And, looking at this market, I’m like, I’m going to be here for four years. I’m in the Marine Corps. Like my paycheck’s going to come no matter what, I’m going to room with friends, whatever.
I should just buy a house. I’m insane to just pay rent and throw money away. And I’m a bit of a cheapskate by nature and by a bit, a whole lot. And I lived out there for four years without furniture, slept on the floor, like with sleeping bag, it was carpeted, I’m a cheapskate manager.
I own that, but I’m looking around You can buy a perfectly acceptable house for a hundred thousand dollars. And you think about rents there for such a house for probably like 12 or 1300 bucks. So I’m like, oh, this thing paid off in a couple of years. But my cheapskate nature kicked in and I was like, what could you buy for 75?
Because then I would be saving $25,000. So if you like someone writing me a check and I toured five properties, and this would have been the first house I ever bought. And, I had some, I had enough money for the down payment and all these things, I could have done a hundred grand, but I didn’t because, let’s just say you were getting what you paid for and that missing 25 grand, was it.
Not having holes in the roof then squatters and that kind of thing. And I had such a bad experience because of my being a cheap scape that I didn’t buy any house that I rented a house. And then I still share it with friends and so on, but obviously, I was still just paying rent for the four years.
And I’ve made the mistake every couple of years to go back and look at the houses that I considered and passed on. And I was like, and there were $300,000 and it could have been cash flow easy for the past 10 years. I’m an idiot because, I just, you extrapolate poorly sometimes with investments, I can buy X.
What if I just buy it for less? And it just, it’s not how life works usually. So that’s probably my worst.
That’s true. To be fair to yourself. I think all of us that have been real estate investors for some number of years, especially in the recent market cycle are looking at every single property we didn’t buy or just say, what was I thinking?
That’s true. My favorite question here at the end of the show is what is the most important lesson you’ve learned in business and investing? Okay.
Gosh, let’s see. How many have I learned really the hard way? I guess for me, it’s that It all really comes down to understanding risk and pricing.
It’s people dress up a lot of things in businesses, being complicated or new. There isn’t really anything new in my mind, you have supply and demand that determines. Then your risk-adjusted investment. And if you understand those drivers, it keeps you away from the get rich quick and the kind of foolish investments.
A lot of people say and I won’t say it makes you UJ access, not fair. It makes you wary of things that seem too good to be true and seem yeah, it keeps you from extrapolating poorly. As I said, I’ve done where. And obviously, in real estate it comes naturally, I think that’s one of the benefits of investing in real estate is it can be very explicit, when people say, oh, how come mortgage rates you can borrow for less than other things like collateral, obviously, it’s a real asset, this and that.
And we, because there are tons of comps and it’s comparable, we do things a certain way. That’s why it’s, low registry, and When you think about things and just those kinds of high-level terms, resale, why is housing expensive? It’s in part, because we’re really supply-constrained and, that’s how supply-demand works.
If you don’t have to overthink a lot of this stuff if you get back to the basics and go from first principles you find most things really just make sense. And if they don’t make sense of first principles, it’s probably because you’re being scammed.
So it was that’s the test.
Nice, nice. I certainly appreciate that one to me. That sounds not like I’m like, I don’t recall the word you used to cynicism or whatever. It sounds like it sounds more like wisdom than anything else. Yeah.
Yeah. I get it. It’s the way that I’d always think that is that and maybe this sort of a separate thing but is that.
Honestly lowers your cost of capital and it’s easy to try and put in, I think by a lot, cause obviously I’m in, in sort of a sales and growth kind of role today, but you can sometimes get a short-term gain by fudging the numbers or pushing through or not managing expectations, but in the longterm, the more honest you are, the more transparent you are, the more kind of open about the mechanics and open book.
You are with investments with investors and partners. The more likely people are going to take you. Lento for last, and it’s. Yeah, it’s just, it honestly makes that yeah. Lowers your cost of capital. That’s what I love about it.
I love it. Thank you for joining us today. If folks want to reach out, if they want to track down pads, bled and learn more or anything like that are interested in learning more.
How can they hunt that down? Yep. Just The easiest way is to just go to Pat’s book.com and sign up. If you do. A member of our sales team will reach out to you quite promptly. I’m sure. And to reach out to me directly is easy. I’m just Frank attachables.com. So I’m not hard to find.
Awesome. Frank has been great getting to know you learning more and thank you for coming on the show today to everybody out there. Thank you for tuning in. If you’re enjoying the show, please leave us a rating and review on apple podcasts. I appreciate that so much. Five stars. If you don’t. That helps us because that helps us rank higher in the apple podcast ecosystem because they get to see that you’re engaging with the content.
And so do I, and I’m always honest with you guys, your reviews, give me a nice little warm and fuzzy feeling because I get to see that you’re engaging with the content and you’re escaping the wall street casino along with us. If you know anyone who could use a little bit more passive wealth in their lives, please share the show with them and bring them into the tribe.
Don’t forget to subscribe. We’ll catch you here every Monday, Tuesday, and Thursday. I hope you have a great rest of your day and we’ll talk to you on the next one.
A New Way to Cash Flow Like Short Term Rentals
About our Guest
Frank Furman
Frank Furman is the CEO of PadSplit @padsplit His goal is to disrupt the affordable housing market by offering better solutions to residents and investors. Which led him to develop PadSplit with Jon O’Bryan and Atticus LeBlanc.
PadSplit was founded by Atticus LeBlanc, a housing advocate whose background was in real estate investment and the development of traditional rental properties. While always supportive of public housing and subsidized rent relief programs, Atticus grew frustrated by how slow and inefficient these programs were and how they couldn’t help nearly enough people, who simply sought opportunities. When a neighboring home was being foreclosed, two residents asked Atticus if they could move into his then-vacant property. Because they were on a fixed income, they could only afford to rent individual rooms rather than the whole house.
He knew he would need technology to simplify this experience further, and with the founding team of Frank Furman and Jon O’Bryan, PadSplit became a shared housing marketplace that could align incentives across the housing spectrum.
Episode Show Notes
Podcast Show Notes
