This paper proposes a transactional approach to how the image of a subculture is co-produced through talk in the context of a face-to-face social encounter. A single-case micro-analysis of a talk about the squatting movement in Spain is developed. During the talk an interaction occurs between university students, one of whom is a squatter. Inspired by Goffman's work on the presentation of the self in everyday life, we examined how co-participants engaged in the following: (1) the production of a working definition of squatting and squatters, (2) the critical examination of such definition, and (3) the repair of squatting and squatters' image when it is spoiled. The analysed social encounter is regarded as an example of 'mixed contact' between members and non-members of youth (political) subculture. The discussion stresses the techniques of information control deployed by the subculturalist to manage the public image of squatters while performing dramaturgical loyalty to her membership groups. A transactional understanding of youth subculture is proposed.