Inside new home-buying trend for Gen Z: ‘Houses before spouses’

Meet the real estate experts who advise “houses before spouses” – recommending people buy homes with their friends to get on the property ladder. 

Stephanie Douglass, 35, and Kristina Modares, 34, are co-founders of a real estate agency that specializes in helping millennials and Gen Z purchase homes with friends. 

The duo started the company in 2019 after individually buying their first properties with pals and aimed to “break the barriers of traditional homeownership”.

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Since then, Stephanie and Kristina have gone on to buy four properties together, which they say is an easier way to get on the property ladder. 

Stephanie has bought an additional three properties with other mates and Kristina has bought an additional two properties with her friends too. 

They’ve been able to club together for a deposit, get approved for loans faster, and use them as an investment by renting out rooms.

Stephanie, from Austin, Texas, US, said: “For women in their 20s it’s common to hear ‘I’m waiting until I get married to buy a house’ or ‘I’m waiting for a partner to buy a house’.  

“Our mission is to remove those barriers and make it feel possible for women to own homes before they’re partnered – to look at it as more of an investment.”

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Kristina added: “Your first home doesn’t need to be your dream home – it just needs to be a stepping stone. 

“We want to get young people into it because it’s easier to be scrappier when you’re young – there’s more opportunity depending on whether you’re willing to be scrappy or not.”

Stephanie and Kristina connected on Instagram in 2016 and joined forces when they realized their values aligned. 

However, despite having purchased four properties together, their first buys with friends were not with each other. 

Stephanie bought her first property – a $305k house in Austin, Texas – with a friend in 2018. 

Unable to get approved for a loan, her friend put her name on the mortgage, and her sister contributed $8k in cash savings.

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Stephanie then put down three per cent the cost of the house and paid the $160k closing costs – including broker and legal fees. 

She renovated the property, which now nets $2k-a-month in rent – more than the mortgage repayments.

Kristina’s first property was a triplex in San Antonio, which she bought with a friend in 2017. 

They purchased it for $130k and put a 20 per cent deposit down, splitting it equally – they sold the property a-year-and-a-half ago for $200k. 

Kristina said: “People are shocked about buying with friends, but I think in the next five years it will be normal.

“It’s how we got started and it’s the easier way to get over that barrier to entry. 

“If you partner with someone it’s the easiest way to get in and get started.”

While many people warn against mixing business with pleasure, Stephanie says it shouldn’t be an issue.

“Everything can be mitigated by an operating agreement drafted by a lawyer – we talk through all the possible scenarios before we sign it,” she said. 

“Being communicative, transparent, and honest about your goals is super important before you do this. 

“We believe that doing this has developed our communication skills tenfold and actually makes you closer with friends and family.”

Both Stephanie and Kristina entered the property industry after they felt there was a lack of resources available for young women looking to buy a house.

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Kristina said: “When I moved to Austin, I was in my early 20s making $20k-a-year, living with four other people.

“I thought ‘what if I buy a house and have roommates?’ – I tried to buy a house on my own, but I couldn’t.

“I couldn’t find education for first-time home buyers and that held me back from buying for two years.

“It was hard to find someone to take me seriously and it was very frustrating and disappointing because there were so many men doing this.”

Stephanie added: “I started out as an elementary school teacher, I taught maths and felt very bound by my schedule.

“Teachers don’t make much money and I was trying to get myself into a less stressful financial position.

“I already had a home, but I bought a second with my mum. I renovated the house myself and I was going to cover my mortgage by renting.

“I decided I wanted to teach people how to do that, so I got my real estate license in 2015.”

The duo share their real estate tips on social media to show others they can make their real estate dreams a reality.

Stephanie said: “We both came from very little money we have scrappily built our lives and we want to show other people how to do it.

“We want to show that real estate can be a creative outlet a community hub and that feels feminine and soft and attractive.”

Kristina added: “We’re attracting ethical, kind women who want to be good landlords and want to create a community. 

“We’re teaching people their first home can be an investment.”

Combined list of Stephanie and Kristina’s properties they’ve bought with friends – 

2017 – Kristina bought a triplex with a friend – costing $130k

2018 – Stephanie bought a house with a friend and her sister – costing $305k

2018 – Stephanie and Kristina bought a commercial space – costing $240k 

2018 – Stephanie and Kristina bought a house with a third friend – costing $155k

2019 – Kristina bought a beach house with her sister – costing $455k

2020 – Stephanie and Kristina bought a lake house with another friend – costing $475k

2020 – Stephanie bought a house with her sister – costing $550k

2020 – Stephanie bought a ranch with five friends – costing $405k

2022 – Stephanie and Kristina bought a house with three other people – costing $775k.