Buying Homes With Friends: Pitching The Idea to Friends, Family, Co-Workers & Beyond
Open House Founder, Steph here, back with another blog post on one of my favorite creative home-buying strategies: buying with friends! Pair this info with season 6, episode 3 of our podcast, available on Spotify and Apple Podcast.
If you haven’t already, check out the two previous blog posts in this series:
Next, I want you to consider how you’ll pitch the idea of partnering on real estate to friends, family members - maybe even co-workers!
Pitching is kind of like the art of proving your value. I already know you’ve got great ideas and find real estate exciting since you’re reading this blog post - but now, you’ll have to effectively share that passion with others.
Keep the following in mind…
Anticipate Questions by Preparing Some Answers
Imagine someone asking, "What if things go wrong?" or "How are we going to split up the work?"
Share what you’ve learned about operating agreements so far. At this point, you may have some simple answers as well. For example: “I have $15K that I plan to contribute toward the down payment.” Or, “I’d like to find a property with a tiny home to Airbnb out in the back.”
Grow Your Pool of Potential Partners
Your potential home-buying partners might be closer than you think.
How about your aunt (or sister, cousin, etc.) who already owns a home and dreams of investing in Austin! Imagine living in the home full-time, sharing the joy of homeownership, and eventually benefiting from the growing equity together.
Alternatively, think about your organized co-worker (or sorority big, sports league teammate, etc.), someone with excellent project management skills. Envision teaming up to tackle a fixer-upper.
These partnerships not only bring shared dreams to life but also create opportunities for lasting bonds and financial gains.
If the perfect home-buying partner isn't already in your immediate circle, don’t fret. Join our Women Investor Group! Through regular meetups, you'll connect with individuals who share your passion for real estate, providing an avenue to find potential like-minded partners.
Have a Basic Understanding of Your Local Real Estate Market
This is where a great Realtor becomes essential. At Open House Austin, our Realtors work full-time and have an understanding of everyday interest rates, competition, and housing inventory.
If you plan to buy a home in the greater Austin area, book a call with us. Thereafter, our Realtors Jenn, Sydney, Alan, and Mandy are only a text message away!
If you have a specific buddy in mind for this project, they’re more than welcome to hop on that initial call with you. 🙌
Now, on to the pitch itself…
Mastering Your Partner Pitch: 3 Key Strategies
1. Craft a compelling presentation or one-sheeter that highlights why you're the ideal partner for a home purchase.
Utilize visuals, narratives, and real-life examples to convey the value you bring. Consider sharing engaging content, such as our Instagram posts, to illustrate your potential.
Example 1: Emily, Leilah, and Roxanne (3 Friends, Living Together)
Example 2: Jimena and Juanita (2 Sisters, Living Together)
Example 3: Celeste and Christine (2 Friends, Converted Garage Airbnb)
2. Customize the information you present.
Clearly articulate how this partnership will be mutually beneficial, enhancing both parties' lifestyles and/or net worth. Example: “I need a full-time residence. You’d like to have a guest room available for whenever you’re in Austin. It’s a win-win!”
3. Infuse your pitch with genuine enthusiasm.
Establishing a personal connection communicates that your involvement extends beyond business - you're genuinely excited about tackling this rewarding project together.
With that, our three-part blog post series and podcast episode arc has come to a close. 🙂
If you want to learn more about the home-buying process in general, I highly recommend you move forward by taking Homeschool on YouTube - a completely free resource that’s already helping thousands of people learn about buying a house with an investor mindset.
Reminder that we’re the only brokerage and real estate education company with a focus on buying with friends:
You deserve to work with someone that really knows their stuff - that’s us. 🙂
Like I said earlier, if you're looking for some one-on-one support, book an intro call with our agent team in Austin, Texas. ✨