In today's dynamic real estate landscape, the path to homeownership is evolving rapidly, with Gen Z leading the charge in innovative approaches. Meet Stephanie Douglass and Kristina Modares, the dynamic duo behind a groundbreaking real estate agency dedicated to helping millennials and Gen Zers achieve their homeownership dreams through a novel concept: buying homes with friends.
Breaking Barriers, Building Futures
Stephanie and Kristina observed firsthand the barriers that prevented many young professionals, especially women, from achieving the dream of homeownership. The conventional path of purchasing solo or waiting for a spouse seemed out of reach for most.
Based on their positive experiences combining funds with friends to enter the market earlier, they were inspired to break open this closed system. In 2019, they launched their real estate agency with a vision to empower others and dismantle preconceptions.
Through social media outreach and direct consulting, they teach how buying with friends can make the overwhelming task of securing a mortgage feel surmountable. By sharing deposits, credit scores and incomes collectively swell. Extra rooms can then generate rental income to help pay the overall loan.
Within a few short years, their approach has proven a resounding success. Between them, they have contributed to nine shared purchases valued at over $3 million. For many clients, it represents a first step on the property ladder previously seen as insurmountable.
As more stories like theirs spread, what was once a taboo concept is fast becoming normalized. Stephanie and Kristina are building the futures of those who aspire to the dream of homeownership, one supportive friendship at a time.
The Power of Partnership
Stephanie and Kristina firmly believe in the power of partnerships to transform what seems out of reach into reality. For them, there is great strength in numbers. By joining finances and credit with others who share the same vision, obstacles that once appeared insurmountable like scrounging enough for a down payment or qualifying for a mortgage alone, melt away.
Their early experiences prove the merit of this approach. Kristina first tasted success in partnership, co-purchasing a $130k triplex with a friend who shared the deposit.
For Stephanie, the partnership unlocked the door, as a friend allowed her name on the title of a $305k home even though her loan application was denied. With family support, including $8k from her sister, the deal came to fruition.
These small wins fueled their conviction that teaming up magnifies opportunity. Now through their agency, they advocate partnership as a tried-and-tested method. Pooled finances mean larger down payments and more favorable debt-to-income ratios that win approval from skeptical lenders. Shared rooms also create rental income streams.
Most importantly, the partnership provides priceless peer support through what can often feel like a daunting process. Their combined nine-property portfolio stands as a ringing testament to the immense power that can be harnessed through cooperation.
Empowering Through Education
At the core of Stephanie and Kristina's work is a drive to educate and empower. They recognized from their own experiences that a lack of accessible information posed a major barrier, keeping many hopeful buyers in the dark about their options.
With so much emphasis placed on the traditional approach of obtaining a large down payment and securing approval as an individual, alternative routes seemed too good to be true. They are determined to remedy this imbalance through the widespread sharing of knowledge.
Across social media platforms, they put tremendous efforts into cutting through the complexity and presenting the homebuying process as achievable through partnership. Detailed walkthroughs of financial requirements and contractual aspects aim to strip away uncertainties.
Sharing stories of their own triumphs and those of their clients highlights the tangible benefits of pooling resources to overcome hurdles. By painting a realistic picture of what’s possible when people support each other, they effectively challenge limiting narratives around who can and cannot prosper in real estate.
As the messages spread, so does confidence amongst their target demographics. Through a commitment to educational advocacy, Stephanie and Kristina are singlehandedly changing mindsets. An empowered community is now ready to access new opportunities and claim their stakes in the property market.
Overcoming Obstacles, Redefining Norms
When Stephanie and Kristina entered the real estate scene, they encountered immense resistance to deviating from long-held standards of what constitutes a worthy prospective homebuyer. Chief among these obstacles was the faulty assumption that one's ability to pursue the American dream was wholly dependent on coupling up first.
Through many frustrating experiences seeking loans and advice as ambitious but unmarried women, they became committed to toppling such norms single-handedly. Armed with an entrepreneurial spirit and growing success stories of clients embracing their model, they started to win doubters over.
Slowly but surely, their advocacy began reconditioning outdated perceptions among both peers and industry gatekeepers. As young buyers of all demographics warmed to the practical benefits of banding together, what was taboo became mainstream. Risk-averse lending practices had to evolve along with the shifting tide.
Today they continue their crusade with resounding results. Nine partnership properties and counting stand as monuments to those redefining what women and any individuals can achieve independently. By empowering a generation to pursue homeownership through collaborative means before coupling constraints, Stephanie and Kristina have paved the way toward a fairer and more inclusive housing future.
Related: 6 Hacks For Attracting Gen Z Renters
Mitigating Risks, Maximizing Returns
Stephanie and Kristina acknowledge that combining personal and financial relationships requires special care. To leverage the strengths of the partnership while minimizing potential downsides, they stress properly addressing vulnerabilities through planning and contracts.
Drawing from experience, they developed stringent best practices. Detailed operating agreements outline roles, budgeting, repair procedures, and exit clauses to account for various scenarios.
Establishing transparent processes from the beginning fosters understanding and trust between co-owners. Regular check-ins maintain an open dialogue for topics like renovations or leasing issues before minor miscommunications escalate.
Adhering to structured governance has paid dividends, allowing their portfolio of 9 multi-party properties to stabilize valuations during uncertain economic times. Well-maintained rentals ensure continuous cash flow even through recessions.
Risks like interpersonal conflict dissolve with careful socialization of expectations and responsibilities. Above all, their prudent measures cement partnerships rather than endanger them.
As a result, Stephanie and Kristina optimized returns from real estate at a tremendous pace compared to sole ownership. By addressing concerns methodically instead of avoiding them, they have proven the viability of balanced teamwork as a vehicle for both financial success and relationship quality over the long run.
Related: Renting The Dream: NYC Gen Z's Financial Survival Guide
Pioneering a New Paradigm
When Stephanie and Kristina launched their venture, facilitating group home buying was practically unheard of. However, through demonstrating the tangible benefits of their model and advocacy, they have kickstarted a movement that is gaining national momentum.
No longer are their methods viewed as unconventional - they have established a whole new status quo. By reconditioning traditional norms to be more modern and equitable, they have unleashed the latent potential of communities rising together.
No longer must life milestones be delayed until particular conditions are met. Their vision empowers individuals to take control of their futures regardless of gender, income or relationship status.
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As their philosophies spread, so too does the normalization of alternative pathways. Property ownership is opening to embrace diversity and cooperation over exclusivity. Younger generations who grew up witnessing such innovative spirit are stepping boldly into this new paradigm, unshackled by outdated constraints.
Through pioneering bold strategies and rallying around a mission of empowerment, Stephanie and Kristina have redefined the entire landscape of real estate. In just a few short years, they have ignited revolutionary change with the power to impact communities for decades to come. The future they have seeded is bright with possibilities.
Conclusion
The "Houses before Spouses" movement spearheaded by Stephanie Douglass and Kristina Modares represents a beacon of hope and opportunity for Gen Z and millennials alike. Through their visionary leadership, they're revolutionizing the real estate industry and empowering a new generation to take control of their financial futures and build the lives they envision.
As we embark on this journey toward a more collaborative and inclusive future, let us embrace the spirit of partnership, innovation, and possibility. After all, in the realm of homeownership, as in life, there's strength in numbers and power in unity.
Source: Inside new home-buying trend for Gen Z: ‘Houses before spouses’ | NYPost
