The Co-Living Show

Build With the Exit in Mind: Co-Living Resale with Josh Stanton

Most co-living investors spend a lot of time thinking about how to buy a property, renovate it, fill the rooms, and maximize cash flow.

But what happens when it’s time to sell?

In this episode of The Co-Living Show, Craig Curelop and Miller McSwain sit down with Josh Stanton, a longtime co-living investor and real estate agent in Atlanta who has been involved with PadSplit since its earliest days.

Josh started with a simple house hack, buying a home and renting rooms to lower his own housing costs. That eventually led him into co-living, where he became one of PadSplit’s earliest hosts and began helping other investors buy, operate, and eventually sell co-living properties.

The conversation goes deep into one side of co-living that does not get discussed enough: the exit.

Josh explains why the decisions you make during your renovation can have a major impact on your resale options later. Adding bedrooms may increase cash flow, but unusual layouts, eliminated common areas, unpermitted square footage, and financing complications can make a property much harder to sell.

They also discuss appraisal challenges, finding lenders who understand co-living, selling occupied properties, creating comps for the industry, and what Josh learned from helping sell everything from individual PadSplits to large co-living portfolios.

In this episode:

• How Josh went from house hacking to becoming an early PadSplit host
• Why you should think about resale before starting your renovation
• How property configuration can affect your eventual sale price
• What makes a co-living property harder for lenders and appraisers to understand
• Why permitting matters, especially when adding finished square footage
• When a high-performing co-living property may command a premium
• How Josh has sold occupied co-living properties
• Lessons from selling co-living portfolios
• How to position a co-living property for investors
• Why having co-living-savvy lenders, appraisers, and agents matters

Josh has also been building a network of real estate agents who understand co-living so investors can connect with knowledgeable professionals in markets around the country.

Connect with Josh Stanton

Stanton Team Co-Living:
https://stantonteamcoliving.com

Stanton Team:
https://stanton.team

Email:
[email protected]

Lenders Mentioned in This Episode

Jeffrey Weller / Jay Hussey | Coast2Coast Mortgage
NMLS #376205 | MLO NMLS #385022
Office: 904-500-LOAN (5626)
Jay: 904-322-4340
Jeff: [email protected]
Jay: [email protected]
https://www.coast2coastmortgage.com

Theodore Alexander Palacino | Autumn Financial Group
VP & Certified Mortgage Planning Specialist
NMLS #1672515
Tel: 864-373-1015
Office: 864-643-9998
[email protected]
https://www.autumnfinancialgroup.com

Fernando Corona | RemoteLendr
NMLS #2479804 | DRE #02073669
626-714-2440
[email protected]

FOLLOW THE HOSTS

Miller McSwain
Instagram: https://www.instagram.com/millermcswain/

Craig Curelop
Instagram: https://www.instagram.com/craigcurelop/

If you enjoyed this episode, subscribe to The Co-Living Show, leave a comment, and share it with another investor who needs to start thinking about their exit before they build.

#Coliving #RealEstateInvesting #PadSplit #HouseHacking #RealEstate #RentalProperty #CashFlow #RealEstateInvestor

Financing a co-living property can get complicated fast—especially when traditional lenders, underwriters, and appraisers don’t fully understand the model.

In this episode of The Co-Living Show, Miller McSwain and Craig Curelop sit down with Jeffrey Weller, CEO of Coast 2 Coast Mortgage, to break down what co-living investors need to know about financing their properties.

Jeff shares how his own experience buying and converting a PadSplit led him to recognize the challenges investors face when trying to finance room-rental properties. That experience eventually pushed him deeper into developing lending solutions specifically for co-living and PadSplit investors.

The conversation covers everything from acquisitions and renovations to appraisals, DSCR loans, refinancing, master leases, individual room leases, BRRRR strategies, and what investors should look for when choosing a lender.

They also discuss:

• How Jeff went from electrical engineering to mortgage lending and real estate investing
• What happened when Jeff converted his first property into an eight-bedroom PadSplit
• Why appraisals can become one of the biggest obstacles in co-living financing
• How experienced co-living lenders approach appraiser panels
• Why some traditional lenders reject co-living and room-rental properties
• PadSplit-specific loans versus other co-living financing structures
• Master leases versus individual room leases
• How investors can prepare for underwriting and appraisal
• Financing large bedroom-count properties
• Using the BRRRR strategy with co-living conversions
• How bedroom counts, closets, basements, kitchens, and flex spaces can affect an appraisal
• Questions investors should ask before choosing a lender
• Where Jeff believes co-living lending is headed as the model becomes more mainstream
• Why building a team of professionals who actually understand co-living can save investors significant time and frustration

Whether you're buying your first rent-by-the-room property or already operating a larger co-living portfolio, this episode provides a detailed look at how the financing side of the business actually works.

Connect with Jeffrey Weller

Jeffrey Weller
CEO, Coast to Coast Mortgage

Website: https://investorxperts.com
Office: 904-500-LOAN
Phone: 904-500-5626
Email: [email protected]
Calendly: https://calendly.com/coast2coastmortgage

Connect with the Hosts

Miller McSwain
Instagram: https://www.instagram.com/millermcswain/

Craig Curelop
Instagram: https://www.instagram.com/craigcurelop/

Follow The Co-Living Show for more conversations about co-living investing, acquisitions, operations, property management, financing, and building profitable shared-housing portfolios.

Yoni Kaszynski is back on The Co-Living Show nearly a year after his first appearance — and a lot has changed.

What started with a house hack has grown into a 56-room co-living operation across properties he owns and manages in the Seattle area. Along the way, Yoni has expanded beyond simply buying properties into real estate sales, consulting, property services, and helping other investors launch their own co-living homes.

In this episode, Yoni joins Miller McSwain and Craig Curelop to break down what changed as he scaled — including his decision to finally give PadSplit a try after operating his first properties independently.

They discuss:

• How Yoni grew from house hacking to 30 owned rooms and 26 managed rooms
• Why networking became one of the biggest drivers of his growth
• His transition from off-PadSplit operations to using PadSplit
• PadSplit vs. running your own co-living systems
• Lead generation, resident acquisition, pricing, fees, and operational control
• Why larger bedroom counts can be necessary in expensive markets like Washington
• Screening residents and how Yoni uses Forewarn
• The opportunities he found in property services, consulting, and real estate sales
• Lessons from difficult contractors
• Leaving the W-2 world and building a full-time real estate career

Yoni’s story is a great example of how relationships, reputation, and being willing to rethink your systems can open up new opportunities as a co-living business grows.

Connect with Yoni Kaszynski:
Instagram: https://www.instagram.com/yonikaszynski/
Website: https://cascadecoliving.com/

Connect with the hosts:
Miller McSwain: https://www.instagram.com/millermcswain/
Craig Curelop: https://www.instagram.com/craigcurelop/

Negotiating a real estate deal isn’t just about getting the lowest price.

In this solo episode of The Co-Living Show, Miller McSwain and Craig Curelop break down the SCALE Framework, the negotiation process they use to structure deals that work for both the buyer and the seller.

They walk through how to understand seller motivation, create valuable terms beyond purchase price, use new information from inspections and due diligence to renegotiate, establish your limits before emotions take over, and ultimately engineer a win-win deal.

You’ll also hear real examples from deals they’ve negotiated, including seller financing, subject-to financing, inspection credits, flexible closing timelines, renovation considerations, and knowing when it’s better to simply walk away.

The SCALE Framework:

S — Study the Seller
Understand why they’re selling, what they actually need, and which terms matter most to them.

C — Create Valuable Terms
Look beyond price and negotiate things like seller credits, closing dates, financing terms, repairs, furnishings, and flexibility.

A — Analyze New Information
Use inspections, contractor estimates, sewer scopes, roof evaluations, and other due diligence findings to strengthen your negotiation.

L — Lock In Your Limits
Know your investment criteria before entering the negotiation and don’t let FOMO convince you to buy a deal that no longer works.

E — Engineer a Win-Win
Structure the final agreement so both sides can walk away feeling like the deal accomplished what they needed.

Whether you’re buying your first rental property or actively scaling a co-living portfolio, this framework can help you negotiate with more confidence, discipline, and creativity.

Follow the hosts:

Miller McSwain
Instagram: https://www.instagram.com/millermcswain/

Craig Curelop
Instagram: https://www.instagram.com/craigcurelop/

Learn more about HomeCrew:
https://homecrew.co/landlords

Most investors focus almost entirely on purchase price when negotiating a real estate deal. But price is only one piece of the offer.

In this episode of The Co-Living Show, Miller McSwain and Craig Curelop break down how they structure and negotiate real estate offers, including the different levers that can potentially save you tens of thousands of dollars or dramatically improve your cash-on-cash return.

They walk through the major components of an offer, including purchase price, closing timelines, inspection contingencies, appraisal gaps, financing contingencies, earnest money, seller concessions, and closing costs.

Miller and Craig also dive into more creative strategies such as assumable loans, subject-to financing, seller financing, invoice authorization, and using agent commissions strategically.

You’ll also hear the difference between Miller and Craig’s acquisition approaches. Miller shares his numbers-driven system of determining the exact price needed to hit a target return, submitting offers based on how far the property is from that number, and consistently following up with sellers. Craig explains his more seller-focused approach of understanding the seller’s situation first, then structuring the terms around what matters most to both sides.

In this episode, we cover:

• Why purchase price isn’t always the most important number
• How closing dates can strengthen or weaken an offer
• Inspection, appraisal, insurance, and financing contingencies
• How seller credits can improve cash-on-cash returns
• Assumable mortgages and when they make sense
• Subject-to and seller-financing strategies
• Using invoice authorization to finance renovations
• How earnest money impacts the strength of your offer
• Miller’s return-based acquisition strategy
• Craig’s seller-first negotiation approach
• Why consistent follow-up can lead to significantly better deals

A single negotiation strategy can sometimes mean the difference between an average investment and a great one.

Connect with the hosts:

Miller McSwain
Instagram: https://www.instagram.com/millermcswain/

Craig Curelop
Instagram: https://www.instagram.com/craigcurelop/

A co-living property can look like a great deal on paper, but one overlooked sewer, structural, zoning, or insurance issue could cost you thousands after closing.

In this episode, Miller McSwain and Craig Curelop break down the nine-part due diligence checklist they use before buying a co-living property. They explain which inspections are worth paying for, how inspection findings can create negotiating leverage, and when a serious issue should make you reconsider the deal.

You’ll learn how to evaluate:

• General property inspections
• Sewer scopes
• Electrical panels and capacity
• Roof condition
• Plumbing systems
• Structural integrity
• Permits and previous renovations
• Zoning and occupancy limits
• Insurance for co-living properties

Miller and Craig also share real examples of issues they have uncovered, seller credits they have negotiated, and costly surprises this process has helped them avoid.

Whether you’re buying your first co-living property or adding another home to your portfolio, this episode will help you complete your due diligence with fewer surprises and greater confidence.

Connect with the hosts:
Miller McSwain: https://www.instagram.com/millermcswain/
Craig Curelop: https://www.instagram.com/craigcurelop/

How do you scale a co-living company from a small operation to nearly 4,000 units across major U.S. cities?

In this episode, Miller and Craig sit down with Sergii Starostin, co-founder and CEO of Outpost Club, to explore the strategies behind one of the country’s largest co-living operations.

Sergii explains how Outpost expanded through organic growth and strategic acquisitions, including taking over properties from Bedly, Quarters, Common Living, and June Homes. He also shares how the company evaluates acquisition opportunities, determines which markets make sense, and chooses between master leases, revenue-sharing agreements, and property management contracts.

The conversation also covers:

• Why Outpost focuses on large projects with 100–200 rooms
• How acquisitions helped the company enter new markets
• Why some previously strong co-living markets are now struggling
• How Outpost evaluates property management companies using EBITDA
• Why market concentration helps lower customer acquisition costs
• How AI increased each leasing representative’s capacity from roughly seven leads to 40–50 leads per day
• How AI is changing leasing, marketing, customer service, and financial operations
• Why Sergii believes traditional software-as-a-service could disappear
• Outpost’s upcoming free property management platform, Nebo
• What the future may hold for co-living operators and property managers

Whether you currently operate a few rooms or hope to build a national co-living company, this episode provides a rare look inside co-living at an entirely different scale.

Connect with Sergii Starostin:
Email: [email protected]
Nebo: https://mynebo.co

Follow Miller McSwain:
https://www.instagram.com/millermcswain/

Follow Craig Curelop:
https://www.instagram.com/craigcurelop/

Can AI help you become a more informed co-living owner without taking over your property manager’s job?

In this episode of The Co-Living Show, Miller McSwain and Craig Curelop sit down with Tanya Zorov, a co-living investor who lives in New Jersey and owns two properties in Jacksonville, Florida.

Tanya explains how she purchased two already-operating co-living homes, kept the existing property manager in place, and began using AI to improve her oversight of the portfolio. She shares how she combines income and expense data, monitors cash flow, tracks repairs, studies room performance, and evaluates potential acquisitions through her own AI-powered operating system.

In this episode, you’ll learn:

• Why Tanya chose Jacksonville for her out-of-state investments
• The advantages of purchasing an operating co-living property
• How a local property manager supports remote ownership
• The true cost of combining PadSplit with property management
• How Tanya uses AI to review income, expenses, and net cash flow
• A simple way beginners can start analyzing portfolio data with AI
• Why occupancy can significantly affect smaller co-living properties
• What Tanya will look for in her next co-living acquisition
• Why strong local relationships still matter in an AI-powered business

Tanya’s advice for beginners is simple: start small. Export the data from your income and bookkeeping platforms, add it to an AI project, and begin asking questions about the performance of your portfolio.

Connect with the hosts:
Miller McSwain
Instagram: https://www.instagram.com/millermcswain
Craig Curelop
Instagram: https://www.instagram.com/craigcurelop

Connect with Tanya: https://www.facebook.com/tanya.larina.9066

Can you scale a co-living business without buying every property?

In this episode, Miller and Craig are joined by Dave Edwards, founder of CoLiving Operations, for a detailed breakdown of co-living arbitrage.

Instead of purchasing a property and taking on a mortgage, an arbitrage operator leases the home from its owner, receives permission to operate it as a co-living property, and rents the individual rooms. This can reduce the capital needed to get started while potentially producing stronger monthly cash flow.

Dave walks through his first co-living arbitrage deal: a six-bedroom property leased for $1,450 per month. He explains how he negotiated the agreement, paid for the setup and improvements, recovered his investment during the first year, and eventually sold his position in the lease.

The conversation also covers the realities and risks of this strategy, including vacancies, local regulations, renovation expenses, landlord communication, lease obligations, and the importance of having a clear exit clause.

In this episode:

• How co-living arbitrage works
• How to find motivated property owners
• The pitch that can make arbitrage attractive to landlords
• Residential versus commercial lease structures
• Why longer lease terms protect your investment
• Security deposits, furnishings, walls, and startup expenses
• Negotiating free rent during renovations
• Comparing arbitrage cash flow with ownership
• Protecting yourself with an exit clause
• Using arbitrage to test a new market
• Building trust that could lead to seller financing or ownership
• Deciding whether arbitrage or purchasing is right for you

Arbitrage may not provide appreciation, mortgage paydown, or the same tax advantages as ownership, but it can offer a faster and less capital-intensive way to build cash flow and operating experience.

Connect with Miller McSwain:
https://www.instagram.com/millermcswain

Connect with Craig Curelop:
https://www.instagram.com/craigcurelop

Connect with Dave Edwards:
https://www.instagram.com/djedwards83

Follow The Co-Living Show for more practical conversations about acquiring, operating, managing, and scaling co-living properties.

Enjoyed the episode? Follow the show and leave a rating or review to help more co-living investors and operators discover it.

Not every large house is a good co-living investment.

In this solo episode, Miller McSwain and Craig Curelop break down the eight factors they evaluate before buying a property for co-living. Drawing from their experience acquiring and operating dozens of homes, they explain how neighborhood demand, property layout, parking, bathroom ratios, and other details can determine whether a deal succeeds or becomes an operational headache.

In this episode, you’ll learn:

• Why Class B and C neighborhoods often work best for co-living
• The property size and bedroom count Craig and Miller target
• How they turn a six-bedroom house into a 10-bedroom co-living property
• Why parking can become a major deal breaker
• Their preferred bedroom-to-bathroom ratio
• How floor plans affect revenue and renovation costs
• Why they avoid HOAs—even when the monthly fee is low
• The red flags they look for before making an offer
• Why attractive listing photos can directly affect occupancy
• How common areas and private suites can improve the resident experience

Whether you’re analyzing your first co-living property or refining your acquisition criteria, this episode gives you a practical checklist to use before making an offer.

Follow Miller McSwain on Instagram:
https://www.instagram.com/millermcswain/

Follow Craig Curelop on Instagram:
https://www.instagram.com/craigcurelop/

Follow The Co-Living Show for more conversations about acquiring, designing, operating, and scaling profitable co-living properties.