When it comes to coliving, few people have seen it all like Heather Wren, PadSplit’s very first host. From managing her first shared home in Atlanta to now running a 20-property portfolio from Valencia, Spain, Heather’s story is one of experimentation, growth, and hard-earned wisdom.
In a recent Ep 03 Part 2 of One Room at a Time, she shared what she’s learned along the way (the good, the bad, and the ugly) so that others can build smarter, more sustainable PadSplit businesses of their own.
The good (the great!): Financial freedom
When Heather and her husband first started hosting, they didn’t know what to expect. “Maybe Atticus is going to fail,” she joked. “So we asked ourselves, what’s the least amount of money we can spend on this?” But as her PadSplit homes began performing, Heather started to see the potential for something bigger.
Over the years, she’s built a portfolio of 20 properties that would eventually allow her family to take a leap most investors only dream about: moving abroad while maintaining consistent income. “We originally thought we’d just go to Spain for two years,” she said. “But we realized we could actually run everything from here.”
The key was preparation. Long before moving, Heather focused on building quality systems and empowering quality people. “For the last year before we left, I only let myself visit each property once a quarter,” she explained. “Everything else had to be done from the desk. It trained me to build real systems.”
That discipline and delegation have given Heather what she calls “freedom through structure.” The income from her properties supports her family’s life abroad, while the systems she’s built give her peace of mind — and room to keep growing.
The bad: Cutting corners doesn’t pay
In the early days, hosts could get away with minimal renovations, cheap walls, dated kitchens, and bare-bones finishes. “That doesn’t work anymore,” Heather says. “As PadSplit grows, lower-quality homes are the hardest to rent. If you only put in the bare minimum, you’ll get the worst results.”
Her advice? Think long-term. “You can still make strong returns, but if you want lasting success, treat it like a real business. Invest in the property and in the people managing it. The extra effort upfront saves you in the long run.”
The ugly: When hands-Off becomes out-of-touch
“The people who shouldn’t do PadSplit are the ones who want to buy the property, be 100% hands off, and not even manage their manager,” she warns.
She’s seen plenty of examples where that approach backfires. “We’ve seen houses where out-of-state investors come in after five years and are shocked. Their values aren’t aligned, the house doesn’t look like how they’d want it to look, and they can’t figure out why it’s not performing. Well, yeah, you haven’t looked at it in years.”
Being a good host, she says, requires care, engagement, and empathy. “You have to know your residents. At first, I didn’t understand why a single person would rent a room instead of an apartment. But once I listened to their stories, I realized the financial forces working against them. It gave me a whole new level of empathy.”
The payoff: Freedom and paying it forward
Today, Heather manages her portfolio from across the Atlantic, proof that coliving can offer both financial freedom and purpose. But perhaps her greatest legacy is the next generation of hosts she’s now training.
She’s currently mentoring one of her PadSplit members, Kiara, who’s buying her first property and learning to operate it as a PadSplit. “I want others to see that you don’t have to have a high-paying job or tons of experience to become an investor. You just have to start — and care.”
Heather’s advice for future hosts
- Define your values before you start.
- Build systems early, don’t rely on being local.
- Stay engaged, even if you’re managing remotely.
- Invest in quality — cut corners and you’ll pay for it later.
- Know your “why.” Empathy drives everything that works.
As Heather puts it:
“Coliving isn’t for everyone. But if you value people, process, and progress—it can change your life.”
🎧 Listen to the full conversation with Heather Wren on the One Room at a Time podcast: padsplit.com/podcast.
