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Hey everyone, Kristina Modares here, founder of Open House Education.
I’m excited to dive into an essential topic for anyone interested in creative real estate strategies—co-buying a home. Today I’m sharing all about building successful real estate partnerships, especially when buying a home with a friend. Whether you're considering co-ownership with friends, family, or romantic partners, it's important to understand what makes a partnership work, from communication to shared goals.
If you’re ready to explore how real estate partnerships can make homeownership possible, you're in the right place. One of the most common questions I get is: How do I get my friends to take me seriously about buying a home together? We’ve all had those conversations over a glass of wine that never go anywhere! That’s exactly why our online community exists. I faced the same challenge in my early 20s—none of my friends were really serious about real estate, so I had to seek out like-minded people who were.
That’s why I’m building this space: a community where women can not only learn from other women about real estate but also meet potential partners to buy with in the future. Our doors officially open on November 12th, so be sure to join the waitlist sign up by November 22nd, because after that, we won’t open again until mid-to-late 2025.
The Benefits of Buying a Home with a Friend
One of the biggest advantages of buying a home with a friend is that you’re pooling resources—cash, buying power, and even time—to make what might seem impossible on your own, achievable. In cities where home prices continue to rise, co-buying a home can reduce financial pressure by sharing down payments, monthly expenses, and maintenance duties. Beyond the financial perks, you get emotional support, shared responsibilities, and the opportunity to collaborate with someone who aligns with your vision.
Take, for example, Alex Reyna, one of our Open House Education members. She bought a home with a friend after a three-year journey of credit challenges and financing roadblocks. Her perseverance paid off, and now she co-owns a home that provides her with security and growth opportunities. Alex’s story, which she shared at a recent event she led in our community, highlights the importance of finding the right partner and staying committed to the journey.
Common Challenges of Co-Ownership in Real Estate
Co-buying isn’t without its hurdles. You need to have clear expectations about roles, responsibilities, and how to handle potential conflicts. Are you ready to have open and sometimes uncomfortable conversations about finances, credit, and future plans? Being on the same page with your partner is crucial, especially when it comes to making decisions that impact your shared property.
In my own experience, having co-bought multiple homes with friends, family, and partners, I’ve learned that communication is key. When I bought a commercial property with a friend at 28, we didn’t always agree on the best approach, but we navigated through those challenges with honest conversations and a shared commitment to our goals.
How to Protect Yourself Legally in a Co-Buying Partnership
Once you’ve found the right partner, the next step is protecting yourself legally. Whether you're buying a home with a friend or a family member, creating a co-ownership agreement is essential. This agreement outlines who owns what percentage, how decisions will be made, and how you'll handle selling the property in the future. Without a solid legal foundation, things can get complicated quickly, so make sure you're covering all the bases.
In part two of this series, I’ll go deeper into the details of creating a legal agreement and how to protect yourself in a co-buying partnership.
What Do You Bring to the Table?
When entering a partnership, it’s important to know what you offer. Do you bring cash, time, talent, or buying power to the table? These are crucial components in a real estate partnership. Write them down and refer to them when discussing plans with your co-buyer. This self-awareness will help ensure you’re setting clear expectations and contributing to the partnership's success.
Join Our Community – Open Until November 12th!
If you’re excited about the idea of buying a home with a friend and want to learn more from women who are doing it, join our online community. This is a space where women across the country are connecting to share experiences, advice, and resources around creative homeownership.
Our community will officially open on November 12th, closes November 22nd and we won’t be accepting new members again until mid-to-late 2025. This is your chance to be part of something special, with exclusive events, meetups, and resources that will support you on your real estate journey. You can join the waitlist today to connect with like-minded women and start working toward your homeownership goals.
What’s Next…
Stay tuned for part two of this series, where I’ll cover red flags to watch out for in a real estate partnership and how to set up an operating agreement to protect yourself legally. In the meantime, join our waitlist and get ready to dive into the world of co-buying and creative real estate with us!
Remember, co-buying isn’t just about splitting costs—it’s about building something meaningful together. Let’s make that dream a reality.
PS: If you’re looking for a like minded realtor who specializes in creative real estate? I have connections with women all over the country and can send you a referral :)
