Episode #4
You Bought the Co-Living Property. Now What? | Inside CoLivingiQ with Tami Goodwin
Send us Fan Mail Buying a Co-Living property is only the beginning. You can acquire the property, renovate it, furnish every room, and get it ready for residents... and you still haven't made a dime. Because the property isn't the operating business. In this episode of Inside CoLivingiQ , I sit down with realtor and real estate investor Tami Goodwin inside one of my 9-bedroom co-living properties for a candid conversation about what actually happens after you buy the house. Tami came into the conversation frustrated with traditional rentals and considering a different direction in real estate. After seeing the property, meeting residents, and digging into how the business operates, her reaction was pretty clear: “I was out of the game... I’m sold.” We get into property selection, renovations, financing, room design, resident screening, hospitality, house culture, vacancy, retention, and the financial decisions operators have to make after the real estate transaction is over. But the biggest idea in this conversation is the foundation of how I teach co-living: Most new investors start with acquisition. I believe you should start by understanding operations. Once you understand the business you're trying to operate, it changes what you buy, where you buy, how you finance it, how you convert it, and ultimately how you position that property to make money. We also get into the real economics of resident retention. When a good resident asks for a small reduction, the question isn't simply whether you're willing to lower the rent. You have to compare that cost against vacancy, turnover, remarketing, and the unknown quality of the next resident. That's what Inside CoLivingiQ is about. Not the sales pitch. The actual business happening inside the house. Learn more about CoLivingiQ: CoLivingiQ.com Acquisition gets you into the game. Operations determines whether you win.
