I read a story about two single moms who decided to do something similar in order to give their kids a two parent home and stability. I think that it's a brilliant idea. We have to change our ideas of individualism in order to survive.
RUclips response template: Start with an unnecessary statement about who you are: * "As a _____" , or * "As someone who______", or * "As a ____, who has ____, I can confirm ____"
Right out of college, my best friend and I purchased a condo together. Fast forward Seventeen years later and it's now a part of our business's portfolio.
@@tamimnekaien5234 I think it only worked for us because we were great school friends. It was someone I knew since I was 4 years old. Make sure it's someone that you are that close to And you both can trust each other with everything. If you can afford it, purchase a home without a homeowners association. It will be much easier to manage long-term. If it's feasible Purchase your home with a 15 year fixed loan. I would only do a 30 year if it is a multi unit property. Be sure to do all of your due diligence with property inspections And remember location is always the most important thing when finding your property.
These comments are so stupid. People often have more longer lasting friendships than their first marriage. “What if you get an argument?” Welp, what if your husband screws his secretary and leaves you with the kids. Conflict happens. Resolution happens. I think lawyers can help people figure this out. As a matter of fact I’d rather get in a conflict with a friend and have to sell the house than deal with a divorce!
although this is true, a lot of people who have shared an apartment and such usually never ended well friends or romantic relationships. buying/renting with anyone is a risk in hopes that they at the very least hold up their responsibilities. Then you have to consider if you do get a home with friends, they may get into a relationship and that can cause even more potential conflict. In this day and age though, we may have to make the adjustment like you and the video have stated
While I agree with you, but friends normally don’t live together for years and go through hardships the way married couples do. I bet friendships won’t last long either if you’re under the same roof. If you buy a house together and that friend has a bf or gf and they end up pregnant. Are you ok to share that space with another family now? I highly doubt it. I would rather rent forever than live with so many other people where I won’t have peace and privacy.
Most people do not live with their friends that’s why they have long lasting relationships that last longer than marriages. Let’s be smart here and look at all angles.
Gayle is showing her generational privilege and her socio-economic privilege. 1st time home owners are facing a housing market and housing cost as % of income people 50 and older can't imagine. It looks like there are lending strategies, documentation norms, contracts and exit strategies. Best of luck to these new homeowners.
Yeah that’s what I was thinking, she was saying “yeah that’s when we were in college”, well yeah those guys were under 30 and probably finishing their degrees and getting their finances in place to buy, more power to them who are to judge. The multigenerational home is the way to go though if you have the power in numbers. (if boundaries are set, Gayle’s right on that) it’s like a little wealth machine since everything stays in family, hand me downs, Costco bulk buying, lending cars one person knows how to work on the home, car. Save 10s of thousands and build outward, that’s what immigrants do when they arrive that’s how they are able to catch up and become middle class within one generation. Never eating out, bare necessities etc.
I was really missed with how they made this seem like a silly trend and not literally survival in the market THEIR generation destroyed. They legit left us NOTHING.
This is a business…. Whether they will be friends or not… they can always work to come up with a mutual idea when it comes to the business… even if that means selling and going their separate ways. If you made a smart investment… and had the liquid assets to pay the house down… selling isn’t always a bad idea. Especially if there has been a significant increase in equity
And lots of marriages end in divorce. That doesn't stop couples from buying homes together. LOL It's definitely not for everyone and not something to do on a whim, but I see how this could work out well for close friends. I think it'd be better to buy a duplex with a friend and each have a unit than to spend endless money on renting, for example.
@coolsteven2 your perception doesn't stand true. I know a family that bought a 4 bedroom, they lived in it, everyone graduated and they sold and shared the profits 📈
@@coolsteven2 The house is in both of their names... The issue that you have could happen with a married couple. It's about equity not the status of a relationship.
Back in 1999 I bought my first home alone (after saving 20% down to avoid PMI) …..it took me 4 years to save up. But what I did was buy a home BIGGER than I needed (3 bedrooms, 2 1/2 baths), and MOVED IN 2 friends to pay me RENT plus utilities (they were just renters). I applied every cent of their rent to “Additional Principal” and paid off the home in 9 years!!! 🤷🏼♂️😎🥂
@@rollinwithrad …….I made $8.75 an hour, plus tips. (approximately $15 an hour) My townhome cost $275,000 back then. You make it sound like I was rolling in dough!!! I SAVED, scrimped, never went out, basically ate cereal, and pasta for 4 years while I got my down payment (while these days, young people just live with their parents and order $22 burritos on Doordash). ……GIVE ME A BREAK!!!
I did this before. The other person tried to secretly steal the property and kick me out. The worst decision I had ever made. It took years to get this corrected.
@@fritzdeuces no, a family member, we were close until we did this together. It only works with people who either are in real estate/not live at the property or if they are married. These 2 guy might be in a relationship.
@@deangelismullen6714 OK that's an important detail you left out. "...It only works with...." The word is not black or white. In some cases it works with friends like the two in the video. In some cases it doesn't work with couples either. And am sure it's worked for some family members out there as well. You just partnered with the wrong family member.
@@deangelismullen6714 It's bit ridiculous to say that anyone who this works out for is in a relationship. These guys said that they are friends. You having a bad experience doing this with your relative doesn't mean they're lying about their friendship.
This actually says a lot about the sad state of modern romantic relationships. In the past, people were buying homes with their husband/wife, not their buddy.
I lived with a room mate I thought was the nicest person, hung out a lot, I cooked and shared meals and one day she just snapped at me in the kitchen over me taking out bottles of ice water she put in freezer. I never spoke to her after that, she moved out about 6 months later. Can you imagine if both of us invested in owning a home? There is no such thing as a friend or best friend these days. Your blood family is probably the closest thing you can trust and that in itself has its issues. I would rather pay high rent the rest of my life than get mixed in something like this. Very bad advice.
@EnronnSierra I experienced a similar situation. I was hesitant at first but I lived for a few months with a friend & our friendship ended. She started acting weird & being jealous of me, it was unbelievable.
@@MPPG663 Just to let you know, I dodged the bullet, her own mother kicked her out, because all she wanted to do was stay at home at age 35 with cats and eat free food. Yes, I was actually relieved because I was dealing with a needy person who feels they can play with your emotions. Of course I was gonna stop talking to her, you just snapped at me out of the blue over 2 bottles of ice water? Thats telling me you have some hidden weird behaviors thats nasty. She didn't snap at the roommate when they left dirty dishes in the sink for 2 weeks.
@@economicdevelopmentplannin8715It's still better to rent given the high housing prices and high loan rates. The difference in price between renting vs. paying a mortgage can be allocated into low-risk investments that will outpace the appreciation of most homes. That profit yield would then be all yours rather than having to deal with the mess co-owning a property.
@@Andorski my rent was 36k in Bethesda MD for a 2 bath apartment. No mortgage today, for 3.5 baths on nearly half acre for 6k property taxes in PG county Maryland specifically. Saving 30k yearly by owning. 300k over the next decade. Another 150k if I want to rent out the extra bathroom suite over the next decade. That's about half a million dollars in additional wealth before investment returns, from just buying ASAP. Plus any price appreciation over the next decade. Don't overthink it. Just buy. ASAP.
@@em.415 you’re essentially entering into a 5-10 year contract that all will be good living with your “friend”. If anything goes wrong in those years and you can’t cover the mortgage/tax/expenses solo until the property turns profitable, you are going to take a big L. So unless you are able to cover everything solo- bad idea. Even if you can cover everything solo- you get the short end of the stick if you covered for your “friend” all those years and when you sell, they will still have whatever percentage interest you guys originally agreed to. No thanks.
A marriage is worse..... 9/10 times the wife gets most everything. Unless you get a prenuptial which is kinda distrusting to the other spouse and not really practiced much for your everyday couple.
@@AKAAAKThen don’t get divorced. Work on your marriage. Communicate. Don’t give up at the first, second, or third instance of adversity. This generation is just full of a bunch of quitters ridden in fear.
@@waleed3103 Again with the negative locus of control. Thinking like this will always keep you stifled. You have more power and influence as it pertains to your marriage, than you think you do.
I don't want a roommate nor a permanent or long-term financial responsibility with a "friend." I'd rather live temporarily with a sibling or family member. Then use the home as a family vacation home or rental.
Look folks! African immigrant - First- and second-generation citizens have ALWAYS worked together to get to the next level of financial freedom. There is a cultural element that many do not understand. If you look at all African immigrants, you will find that many share major expenses and when getting married, they both amicably either sell and split the money or maintain the situation even after one has moved on and gotten married. It's a fusion of "it takes a village," and "lets save money," into one workable process.
@77lvg It’s not only an African immigrant thing this is actually not exclusively unique to African immigrants at all. Gail is just out of touch with her own ethnicity who practiced “Group Economics” which was/is very common. However, I would agree that they do have the immigrant mindset to come and take advantage of the opportunities that brought them here. This is not a bad thing but Americans need to understand a lot of people don’t actually come to America to be American or necessarily adopt the same values. They come with those of their own that they are happy with and try to live within the American laws. I would do the same thing if I had to immigrant too. 🤷🏽♀️
I’m from this culture but as like a cousin being carribean but it’s the same energy and guess what…. I hate it. I hate the cultural pressure to stay and have no privacy or individuality. And having a system where Americans have to do so to the contrary of choice isn’t something to be accepted if you don’t want it. As again someone coming from this cultural mindset and living experience
When your friend gets laid off or fired and you're late on your mortgage payment... there goes your friendship. What happens when you get married, and your wife wants her own place and the friend doesn't want to move out and sell his share? Too many things can go wrong.
What happens if your spouse gets laid off? The same issue would occur. If they decide to move in with their future spouses they could sell the house and split the profits or one friend could move out and the other could rent out the room to someone else. The truth is that if more people moved in, then everyone would save money. They could hire a maid with the money that they save etc. Most millennials will never own a home. This is a smart idea. Romantic relationships aren't the most important relationships and getting away from the "nuclear family" is the key to our financial survival.
@@GuliversTravelocity "What happens if your spouse gets laid off? The same issue would occur." This is the whole point. If you can't pay the mortage as the sole owner, only YOU are affected. When you share the ownerhsip of the home with another person, the OTHER person is in trouble too. It's like co-signing a loan. Both people's credit is ruined if someone defaults on a loan.
@GuliversTravelocity The difference with a spouse is the part of the marriage vow when you both take ' for better for worse' comes into play. Marriage is serious business, and it's not to be taken lightly.
@@lt3074I'm not sure where you live but in western nations some people are married and divorced in one night. In the US there are drive through marriage places like a McDonald's. None of what you're saying can be applied to a universal context.
It was obnoxious for Gail to say no no no at the beginning like that. She can afford to buy a home by herself. If people who can't do that can band together and buy one, then good.
No it wasn't, he asked a question and she spoke for herself. You're too busy pocket-hatin to grasp. 🙄 Always the victim, even of other people's life choices. Not her fault you can't afford a house. Stop blaming and whining and maybe things would get better.
@@greenearthblueskies8556Thanks for this. Gayle was asked her opinion and she responded. Why should Gayle moderate her responses just bc someone somewhere may get thier feelings hurt? To the OP, the first step towards a better life is to stop making yourself a victim and to stop thinking negatively of those doing better than you.
Glad people are finding ways to home ownership, but this is wrong and shouldnt have to be a thing. Its a symptom of a larger issue that needs a solution.
...When they talk about asian and africans house hold incomes being higher than americans, this is the main reason why. Theres usually 25 people in one home. In africa, the families are usually together like this because it makes sense FINANCIALLY. You're poor, a larger unit can help u survive. Asian households make the most out of all immigrant Americans. Why? Because theyre known to stay married much longer/and work in nice paying industries. A lot of americans are usually trying to move out on their own and live some made up lifestyle as soon as they hit age 19. Americans are conditioned to hurry, move out and buy homes in order to keep this capitalistic society a capitalistic society. ...as for me....and my introvert ways, I like living alone. Id rather sleep in a cabin in the woods, instead of share an apartment or house with someone else
I mean married couples do this and get divorced and families fall out so there's risk involved with home ownership regardless. And it's prohibitively expensive and out of reach otherwise for so many of us nowadays. I wouldn't do it personally but can't knock people who do as long as they lawyer up.
Dave Ramsey: When are you two getting married? Next DR Question: After you two are married, what's yoir household income?.... ..... .... Ok, now lets throw all the household income at the debt.
People do this in college on the west coast all the time. Split the cost and this can become a rental property later in life. This is ridiculous that our country has come to this.
This what I recommend. Involve attorneys. Of course, ensure friends have the same values regarding money. My family and I purchased a multi unit. We involved an attorney. The property was placed in a trust. Each person had a unit and we split a small mortgage equating to $700 monthly per family. One of the smartest financial strategies in my life. I also recommend the same for seniors concerned about housing. Involve an attorney and purchase property with other elders.
People not from America tend to be of a more collective mindset while us Americans tend to be more of an individualistic mindset. Culturally this makes sense for them. If they do decide to move out their family can come to America and have a place to live. The fact that Americans don’t think like this is why we’re so much in debt.
@Vaan362 This is Not for me, unless it was in a Duplex or a Two Flat. But if it works out for other people then it seems like a good way to reduce your living expenses, enter into 🏠 homeownership and build up a real estate portfolio. Nevertheless, it’s sad to see that because of inflation, and corporate greed, the American Dream of becoming a homeowner in the traditional way has become out of reach for so many people.
My friend and I have been discussing this issue lately. We're considering a Next Gen/Flex home where it's like 2 separate homes in 1. These houses are way bigger than what he and I already have combined! I'll sell my condo and buyout my section of the new home and my friend will sell his house and occupy the main house. With our incomes combined, we can really enjoy life more, get more land, more sq footage, and still live separately. The goal is to not have to pay a mortgage also!
What happens when one of the parties wants to get out of the deal or is suddenly no longer able to pay their share of the mortgage, utilities and other expenses associated with owning a home?
Great idea! Just discuss and document your agreement(s) UPFRONT. Higher quality of life, less financial stress, less loneliness, ...All of this can lead to a more stable society.
In theory it’s a nice idea, however a wrong argument or fight or built up stress and you’re in for a very long and rough ride, in my opinion not a good idea
Well they all move in together and everyone pays less and has more money. If they are smart they would do that. But they would have to set some boundaries and treat each other as family and settle their differences. That’s how friendships last
I agree with Gail. I don't think buying property with friends will work out for most people. I wouldn't even buy property with a significant other if I wasn't married. This might work out better in immigrant communities due to cultural differences.
I purchased my three-bedroom, two-bathroom house when I was 25 years old in 2021. It is situated on 16 wooded acres across the street from a lake in Minnesota, and I live less than one hour from the Twin Cities. The cost of our home was $380,000.
How about they make houses affordable that way we dont have to resort to this. I want my own not to share. Why would it apply to you Gale, you BFF with Oprah. Plz don't insult us regular folk
All these naysayers don't seem to understand the level of desperation and hopelessness of buying a home the traditional way for younger folks or folks who live in HCOL areas.
As a gen Z, it is diffricult to buy a home when the entry starter level home are priced out so hight that it's hard to get in. I am currently in the process of buying/building a home and I would not been able to do it without the help of the VA loan, especially the biggest hurdle is getting that 20% down payment, otherwise the path of home ownership would never happen to me, also another factor able to do it is that I happened to live in a cheaper cost of living state where home prices are relatively cheaper than other major cities and states. Even if I was in California for example and with the help of the VA loan of not needing to put 20% down, I still wouldn't be able to buy a home.
RUclips response template: Start with an unnecessary statement about who you are: * "As a _____" , or * "As someone who______", or * "As a ____, who has ____, I can confirm ____"
Some of yall dont have good quality friendships. If your friend is stabbing you in the back they are your enemÿ. Does anyone have a non toxic friendship
It makes sense for them because their immigrants. It’s a quick way to become stable and to help each other build equity. They are not here to become American or have American values they came with their own plan to take advantage of the opportunities and execute their personal goals. It’s an immigrant mindset.
I would definitely recommend only doing this once a real conversation about family planning and career planning is done first and a written agreement for when people change or marriages and children happen, also talk about if someone passes how that will work ❤but good point on selling it and buying separate homes once you’ve gained equity ❤
Lived in Palo Alto. . .my roommate and I were Grad students, bought a 3-bd together, rented the extra room out. 10 years later, she bought me out, I relocated to Larkspur, bought and settled. Couldn't have done it without that first home experience.
Creative, necessary, but it speaks volumes about the state of the housing situation and how we must reform ownership. No more multi-house ownership or homes as an investment, 57 % are living with their parents since we can't afford moving out.
These guys have a plan in place and if it is what I think it is, CBS should check in on them in 5 years. The people in the comments have no CLUE! Not even a shred.haha
I know 2 friends who bought a 3 unit home, one lived on the first and another on the third floor, they rented the second floor. And it worked out perfectly. But I can see this backfiring on some
My friend wants to do this with me VERY badly. He’s a cool guy, but he is not financially savvy, nor practical in general. He wants me to buy a house and he can pay me rent as I pay a decent portion on a down payment, then pay the mortgage or whatever. But honestly, as ideal as it may seem, there are so many drawbacks to it, like utility/bill disputes, guests/people coming over, taxes, groceries, and the fights/arguments that may happen. I’m not keen on it, and frankly, the people who suggest living with each other in houses are probably oblivious to the potential legal and financial implications.
Aren't most people best friends with their spouse? Not much different when a married couple buys a home together. It gets just as ugly when divorce comes knocking on your door. And with divorce rates as high as they are in this country, that's not a good sign. I did this 20 yrs ago with a friend, we sold and each made $50K in a year. It's more of a business than a friendship but we still remain friends to this day. Have a lawyer draw up a contract to protect both parties (kinda like a prenup but without the husband/wife drama)
I read a story about two single moms who decided to do something similar in order to give their kids a two parent home and stability. I think that it's a brilliant idea. We have to change our ideas of individualism in order to survive.
Yes. In the Mexican community this is normal. Growing up my mom and aunt always lived together. It was cool living with my cousins.
That will NEVER happen in America. Americans are individualists, always have been.
As a millennial, we’re not doing this.
i don’t know any who are either
RUclips response template:
Start with an unnecessary statement about who you are:
* "As a _____" , or
* "As someone who______", or
* "As a ____, who has ____, I can confirm ____"
Then what are you doing?
Because they're BROKE!!!
Some people are doing this. Just not a LOT of people.
Right out of college, my best friend and I purchased a condo together. Fast forward Seventeen years later and it's now a part of our business's portfolio.
Hey I was thinking of doing the same thing. Any advice on starting out?
@@tamimnekaien5234 I think it only worked for us because we were great school friends. It was someone I knew since I was 4 years old. Make sure it's someone that you are that close to And you both can trust each other with everything. If you can afford it, purchase a home without a homeowners association. It will be much easier to manage long-term. If it's feasible
Purchase your home with a 15 year fixed loan. I would only do a 30 year if it is a multi unit property. Be sure to do all of your due diligence with property inspections And remember location is always the most important thing when finding your property.
17 years ago? Nothing compared to today…
@@alexlopez5800 your right. The Economy was worse in 2008.
Terrible idea.
These comments are so stupid. People often have more longer lasting friendships than their first marriage. “What if you get an argument?” Welp, what if your husband screws his secretary and leaves you with the kids. Conflict happens. Resolution happens. I think lawyers can help people figure this out. As a matter of fact I’d rather get in a conflict with a friend and have to sell the house than deal with a divorce!
One of the smartest comments here.
although this is true, a lot of people who have shared an apartment and such usually never ended well friends or romantic relationships. buying/renting with anyone is a risk in hopes that they at the very least hold up their responsibilities. Then you have to consider if you do get a home with friends, they may get into a relationship and that can cause even more potential conflict. In this day and age though, we may have to make the adjustment like you and the video have stated
@@aj83009 that’s because you don’t live with friends. You live with your spouse. That is why friendships tend to last longer.
While I agree with you, but friends normally don’t live together for years and go through hardships the way married couples do. I bet friendships won’t last long either if you’re under the same roof. If you buy a house together and that friend has a bf or gf and they end up pregnant. Are you ok to share that space with another family now? I highly doubt it. I would rather rent forever than live with so many other people where I won’t have peace and privacy.
Most people do not live with their friends that’s why they have long lasting relationships that last longer than marriages. Let’s be smart here and look at all angles.
Gayle is showing her generational privilege and her socio-economic privilege. 1st time home owners are facing a housing market and housing cost as % of income people 50 and older can't imagine. It looks like there are lending strategies, documentation norms, contracts and exit strategies. Best of luck to these new homeowners.
Yeah that’s what I was thinking, she was saying “yeah that’s when we were in college”, well yeah those guys were under 30 and probably finishing their degrees and getting their finances in place to buy, more power to them who are to judge.
The multigenerational home is the way to go though if you have the power in numbers. (if boundaries are set, Gayle’s right on that) it’s like a little wealth machine since everything stays in family, hand me downs, Costco bulk buying, lending cars one person knows how to work on the home, car. Save 10s of thousands and build outward, that’s what immigrants do when they arrive that’s how they are able to catch up and become middle class within one generation. Never eating out, bare necessities etc.
She’s totally out of touch just like the people she associates with.
Right her whole life made by Oprah
I was really missed with how they made this seem like a silly trend and not literally survival in the market THEIR generation destroyed.
They legit left us NOTHING.
@@datazndoodYes because I'd like to live my one and only life meagerly. 😮💨
I think this would work better for a duplex, because if one owner decides to leave then that unit could be rented out.
Bad idea. They won't be friends in a couple of years.
This is a business…. Whether they will be friends or not… they can always work to come up with a mutual idea when it comes to the business… even if that means selling and going their separate ways. If you made a smart investment… and had the liquid assets to pay the house down… selling isn’t always a bad idea. Especially if there has been a significant increase in equity
@@untouchable360x Exactly
And lots of marriages end in divorce. That doesn't stop couples from buying homes together. LOL It's definitely not for everyone and not something to do on a whim, but I see how this could work out well for close friends. I think it'd be better to buy a duplex with a friend and each have a unit than to spend endless money on renting, for example.
@@cancervisionary1509 If you have to bet money. Would you bet it working out or not? That's the question.
@@cancervisionary1509 If the business turns out bad?
This is a terrible idea. This is basically roommates with extra steps and headaches. I would do this if it was a duplex though.
well the key is that there is equity
@@ThriftyCHNR sure, after like a decade, and it's tied legally to someone else.
@coolsteven2 your perception doesn't stand true. I know a family that bought a 4 bedroom, they lived in it, everyone graduated and they sold and shared the profits 📈
@@coolsteven2 The house is in both of their names... The issue that you have could happen with a married couple. It's about equity not the status of a relationship.
Back in 1999 I bought my first home alone (after saving 20% down to avoid PMI) …..it took me 4 years to save up. But what I did was buy a home BIGGER than I needed (3 bedrooms, 2 1/2 baths), and MOVED IN 2 friends to pay me RENT plus utilities (they were just renters). I applied every cent of their rent to “Additional Principal” and paid off the home in 9 years!!! 🤷🏼♂️😎🥂
Back in 1999👈🏾 home prices, rents and utilities have since tripled and quadrupled while incomes haven’t nearly kept pace
@@rollinwithrad Exactly
This is smart though if you have the income to do it.
Smart!
@@rollinwithrad …….I made $8.75 an hour, plus tips. (approximately $15 an hour) My townhome cost $275,000 back then. You make it sound like I was rolling in dough!!! I SAVED, scrimped, never went out, basically ate cereal, and pasta for 4 years while I got my down payment (while these days, young people just live with their parents and order $22 burritos on Doordash). ……GIVE ME A BREAK!!!
I did this before. The other person tried to secretly steal the property and kick me out. The worst decision I had ever made. It took years to get this corrected.
So you did this with some random person?
@@fritzdeuces no, a family member, we were close until we did this together. It only works with people who either are in real estate/not live at the property or if they are married. These 2 guy might be in a relationship.
@@deangelismullen6714 OK that's an important detail you left out.
"...It only works with...." The word is not black or white. In some cases it works with friends like the two in the video. In some cases it doesn't work with couples either. And am sure it's worked for some family members out there as well. You just partnered with the wrong family member.
@@deangelismullen6714 It's bit ridiculous to say that anyone who this works out for is in a relationship. These guys said that they are friends. You having a bad experience doing this with your relative doesn't mean they're lying about their friendship.
@@Byrdo_it’s either that or they were paid to push this terrible propaganda. At least find some people in a duplex 😂
Wow! I’m so proud of these dudes. Hope they’re able to make this work.
Exactly
Gayle saying no about friends living or trying to move forward together considering how her certain friendship is the only reason she’s here
Sure, make the biggest financial purchase of your life with a fRiEnD... gOoD IdEa
@@evileyez504 I think she is talking about how moving in together can ruin friendships.
@@lt3074 No. You get to find out who ur friends really are. If u are compatible, it will work if not it won't work.
This actually says a lot about the sad state of modern romantic relationships. In the past, people were buying homes with their husband/wife, not their buddy.
hmm🤔
No it actually says a lot about prior generations making policies etc that made it more difficult for Millennials and Gen-Z to own a homes now.
"NO"😂😂😂😂 im with Gayle😂
Bad idea
I'm with Gail too!
I lived with a room mate I thought was the nicest person, hung out a lot, I cooked and shared meals and one day she just snapped at me in the kitchen over me taking out bottles of ice water she put in freezer. I never spoke to her after that, she moved out about 6 months later. Can you imagine if both of us invested in owning a home? There is no such thing as a friend or best friend these days. Your blood family is probably the closest thing you can trust and that in itself has its issues. I would rather pay high rent the rest of my life than get mixed in something like this. Very bad advice.
You realize this is exactly what happens with married couples, right? It's all good until it's not. 😆
Wait I don’t get it, what do you mean she snapped at you for taking ice water or bottles out of the freezer.?
You stopped talking to her over something so stupid?!
Sounds like she dodged a bullet, too lol. 😂
@EnronnSierra I experienced a similar situation. I was hesitant at first but I lived for a few months with a friend & our friendship ended. She started acting weird & being jealous of me, it was unbelievable.
@@MPPG663 Just to let you know, I dodged the bullet, her own mother kicked her out, because all she wanted to do was stay at home at age 35 with cats and eat free food. Yes, I was actually relieved because I was dealing with a needy person who feels they can play with your emotions. Of course I was gonna stop talking to her, you just snapped at me out of the blue over 2 bottles of ice water? Thats telling me you have some hidden weird behaviors thats nasty. She didn't snap at the roommate when they left dirty dishes in the sink for 2 weeks.
Anyone in the financial world will tell you this is a horrible and foolish idea!
The majority of people don't live alone. Like 85%. So this is already happening ❤
@@economicdevelopmentplannin8715It's still better to rent given the high housing prices and high loan rates.
The difference in price between renting vs. paying a mortgage can be allocated into low-risk investments that will outpace the appreciation of most homes.
That profit yield would then be all yours rather than having to deal with the mess co-owning a property.
@@Andorski my rent was 36k in Bethesda MD for a 2 bath apartment. No mortgage today, for 3.5 baths on nearly half acre for 6k property taxes in PG county Maryland specifically.
Saving 30k yearly by owning. 300k over the next decade. Another 150k if I want to rent out the extra bathroom suite over the next decade. That's about half a million dollars in additional wealth before investment returns, from just buying ASAP. Plus any price appreciation over the next decade.
Don't overthink it.
Just buy.
ASAP.
@@economicdevelopmentplannin8715 How are you not paying a mortgage?
And getting married and owning a house together isn't?
i own 4 different properties with friends and family. everything is on contract, 3 are rented out
let's not forget Miss Gail has a ton of money....stop saying no about other peoples' lives and choices. Doesn't become you.
But Gail is right in the video. "NO" Also, Gail put in the work going to market to market.
Ironic Gail is saying no considering her friend basically bought her a career lmaooo
This is what there putting in people's heads? Never ever buy property with friends people!
100%
the propaganda is neverending …
@@sarahbaartmansrevenge Propaganda? Can you elaborate?
@@em.415 you’re essentially entering into a 5-10 year contract that all will be good living with your “friend”. If anything goes wrong in those years and you can’t cover the mortgage/tax/expenses solo until the property turns profitable, you are going to take a big L. So unless you are able to cover everything solo- bad idea. Even if you can cover everything solo- you get the short end of the stick if you covered for your “friend” all those years and when you sell, they will still have whatever percentage interest you guys originally agreed to. No thanks.
Meh, it might work with a two family house.
Absolutely not , I’ve had horrible roommate experiences with close friends , but let alone a house? I’ll pass .
You first world problem people are so odd. All of humanity have always shared housing, globally. It's perfectly normal and healthy ❤
don't blame us, its capitalism
@@jarredmorris9749yes look at North Korea. Every citizen is a thriving homeowner. Oh wait
Family shared housing though, not friends.
"healthy" 😂
@@Xiosoranox good luck marrying your family. All spouses are friends, by default.
Never buy a home with a family member, a friend or someone you aren’t married to. You will be in for a rude awakening.
A marriage is worse..... 9/10 times the wife gets most everything. Unless you get a prenuptial which is kinda distrusting to the other spouse and not really practiced much for your everyday couple.
@@AKAAAKThen don’t get divorced. Work on your marriage. Communicate. Don’t give up at the first, second, or third instance of adversity. This generation is just full of a bunch of quitters ridden in fear.
@@quepingabrothe That doesn't happen, they all want the quick and easy way out. And most marriages fail from either money or sex(lack there of).
@@quepingabrothe Sometimes it's not your choice. If she wants out, she wants out. And she wants to keep the house too.
@@waleed3103 Again with the negative locus of control. Thinking like this will always keep you stifled. You have more power and influence as it pertains to your marriage, than you think you do.
So sad that this has even become a thought of an option for a box that you live in.
No. Support each other to get down payments for independent ownership. But don't share a mortgage.
You're right. Things can turn out really bad even between family. This is how you lose friends.
I tried this with a good friend .. moved in too help .. and a month later he quits his job .. never again..
I don't want a roommate nor a permanent or long-term financial responsibility with a "friend." I'd rather live temporarily with a sibling or family member. Then use the home as a family vacation home or rental.
Lawyers recommend this
Because they'll be lining their pockets when the ish hits the fan.
Ok now I’m going to be a lawyer just for this 😅
Of course, they're on stand by when drama happens lol
No longer ambulance chasers, lawyers are now real estate agent chasers 😂
Look folks! African immigrant - First- and second-generation citizens have ALWAYS worked together to get to the next level of financial freedom. There is a cultural element that many do not understand. If you look at all African immigrants, you will find that many share major expenses and when getting married, they both amicably either sell and split the money or maintain the situation even after one has moved on and gotten married. It's a fusion of "it takes a village," and "lets save money," into one workable process.
That's sweet. In the US, with Americans and Trumpism, NAH!
@77lvg It’s not only an African immigrant thing this is actually not exclusively unique to African immigrants at all. Gail is just out of touch with her own ethnicity who practiced “Group Economics” which was/is very common.
However, I would agree that they do have the immigrant mindset to come and take advantage of the opportunities that brought them here. This is not a bad thing but Americans need to understand a lot of people don’t actually come to America to be American or necessarily adopt the same values. They come with those of their own that they are happy with and try to live within the American laws. I would do the same thing if I had to immigrant too. 🤷🏽♀️
@@77lvg Right answer & some other cultures do it as well.
I’m from this culture but as like a cousin being carribean but it’s the same energy and guess what…. I hate it.
I hate the cultural pressure to stay and have no privacy or individuality. And having a system where Americans have to do so to the contrary of choice isn’t something to be accepted if you don’t want it. As again someone coming from this cultural mindset and living experience
None will end this as friends
Hell no.
I literally laughed out loud 😩😂
💯😂
Yeah good luck covering all the mortgage and expenses when your friend quits their job.
"...Oh, my friend would NEVER quit his job...!"
That just happened to someone I know.
When your friend gets laid off or fired and you're late on your mortgage payment... there goes your friendship. What happens when you get married, and your wife wants her own place and the friend doesn't want to move out and sell his share? Too many things can go wrong.
What happens if your spouse gets laid off? The same issue would occur. If they decide to move in with their future spouses they could sell the house and split the profits or one friend could move out and the other could rent out the room to someone else.
The truth is that if more people moved in, then everyone would save money. They could hire a maid with the money that they save etc. Most millennials will never own a home. This is a smart idea. Romantic relationships aren't the most important relationships and getting away from the "nuclear family" is the key to our financial survival.
@@GuliversTravelocity "What happens if your spouse gets laid off? The same issue would occur." This is the whole point. If you can't pay the mortage as the sole owner, only YOU are affected. When you share the ownerhsip of the home with another person, the OTHER person is in trouble too. It's like co-signing a loan. Both people's credit is ruined if someone defaults on a loan.
@@GuliversTravelocityif your buddy is unemployed and your wife is laid off then they home plucking away while your working.
@GuliversTravelocity The difference with a spouse is the part of the marriage vow when you both take ' for better for worse' comes into play. Marriage is serious business, and it's not to be taken lightly.
@@lt3074I'm not sure where you live but in western nations some people are married and divorced in one night. In the US there are drive through marriage places like a McDonald's. None of what you're saying can be applied to a universal context.
This whole “building portfolio “ thing is why average rent is 1500 nationally
Where are you getting rent that cheap? Rofl
Where?
As a Millennial , I’ve been living alone since 2016 and tell you what, .Don’t cohabitate with nobody !
We're Americans. Individuality is more important than community. smh. The hidden story is about financial instability in the job market.
It was obnoxious for Gail to say no no no at the beginning like that. She can afford to buy a home by herself. If people who can't do that can band together and buy one, then good.
We're not all in the same financial situation like her
No it wasn't, he asked a question and she spoke for herself. You're too busy pocket-hatin to grasp. 🙄
Always the victim, even of other people's life choices.
Not her fault you can't afford a house.
Stop blaming and whining and maybe things would get better.
@@TC-cd5smNot her fault.🙄
@@greenearthblueskies8556Thanks for this. Gayle was asked her opinion and she responded. Why should Gayle moderate her responses just bc someone somewhere may get thier feelings hurt?
To the OP, the first step towards a better life is to stop making yourself a victim and to stop thinking negatively of those doing better than you.
She's out of touch.
I lived with a friend & will never do it again. The friendship ended.
This is a very bad idea. You shouldn’t ever buy a property to someone who isn’t your spouse unless this is an investment opportunity.
Glad people are finding ways to home ownership, but this is wrong and shouldnt have to be a thing. Its a symptom of a larger issue that needs a solution.
Spending thousands of dollars to fix up a money pit of a house with no privacy living with a group that’s torture 😂
What happens when one friend wants to move to another city and the other doesn't?
Sell, 50/50
The one moving out buys the other one out.
Or, just rent the other room out.
...When they talk about asian and africans house hold incomes being higher than americans, this is the main reason why. Theres usually 25 people in one home. In africa, the families are usually together like this because it makes sense FINANCIALLY. You're poor, a larger unit can help u survive. Asian households make the most out of all immigrant Americans. Why? Because theyre known to stay married much longer/and work in nice paying industries. A lot of americans are usually trying to move out on their own and live some made up lifestyle as soon as they hit age 19. Americans are conditioned to hurry, move out and buy homes in order to keep this capitalistic society a capitalistic society.
...as for me....and my introvert ways, I like living alone. Id rather sleep in a cabin in the woods, instead of share an apartment or house with someone else
Worst idea! Friends are roommates and roommates suck😂
I mean married couples do this and get divorced and families fall out so there's risk involved with home ownership regardless. And it's prohibitively expensive and out of reach otherwise for so many of us nowadays. I wouldn't do it personally but can't knock people who do as long as they lawyer up.
I can just hear Dave Ramsey’s voice screaming into the mic……
Dave Ramsey: "Sell the friends."
Dave ramsey sucks
Dave Ramsey: When are you two getting married?
Next DR Question: After you two are married, what's yoir household income?....
.....
.... Ok, now lets throw all the household income at the debt.
Boomers are out of touch and live in the 50s in their heads.
Dave Ramsey is a fraud for real
People do this in college on the west coast all the time. Split the cost and this can become a rental property later in life.
This is ridiculous that our country has come to this.
🤣 Good luck with that one!!!!!!! Gayle is right NO NO NO NO NO.
The rich get richer and the middle class now have to share their homes. This should not be the new norm.
They are smart. African brothers come here with a goal. Why not? You too ate anyway and NYC is expensive.
Think of a roommate. Starts out great but later on down the road you get pretty sick of each other. This is a terrible idea
My sister?.. and it’s still no
This what I recommend. Involve attorneys. Of course, ensure friends have the same values regarding money.
My family and I purchased a multi unit. We involved an attorney. The property was placed in a trust. Each person had a unit and we split a small mortgage equating to $700 monthly per family. One of the smartest financial strategies in my life.
I also recommend the same for seniors concerned about housing. Involve an attorney and purchase property with other elders.
Not a good idea in my opinion. Its hard enough with your spouse. So complicated. But i think the two guys are all about making money.
People not from America tend to be of a more collective mindset while us Americans tend to be more of an individualistic mindset. Culturally this makes sense for them. If they do decide to move out their family can come to America and have a place to live. The fact that Americans don’t think like this is why we’re so much in debt.
First mistake.
This is absolutely beautiful. I think more of this should happen!
No that’s conformity
@Vaan362 This is Not for me, unless it was in a Duplex or a Two Flat. But if it works out for other people then it seems like a good way to reduce your living expenses, enter into 🏠 homeownership and build up a real estate portfolio.
Nevertheless, it’s sad to see that because of inflation, and corporate greed, the American Dream of becoming a homeowner in the traditional way has become out of reach for so many people.
@@jaddyrose9318no what do you mean conformity?
They made it happen, good for them!
My friend and I have been discussing this issue lately. We're considering a Next Gen/Flex home where it's like 2 separate homes in 1. These houses are way bigger than what he and I already have combined! I'll sell my condo and buyout my section of the new home and my friend will sell his house and occupy the main house. With our incomes combined, we can really enjoy life more, get more land, more sq footage, and still live separately. The goal is to not have to pay a mortgage also!
NAH!
Duplex.❤😊
Boundaries are definitely necessary and so important living with the in-laws or really any roommate situation.
Nope...you will lose your friend.
What happens when one of the parties wants to get out of the deal or is suddenly no longer able to pay their share of the mortgage, utilities and other expenses associated with owning a home?
Great idea! Just discuss and document your agreement(s) UPFRONT. Higher quality of life, less financial stress, less loneliness, ...All of this can lead to a more stable society.
This looks interesting. Multi gen homes def need to make a come back in the states
In theory it’s a nice idea, however a wrong argument or fight or built up stress and you’re in for a very long and rough ride, in my opinion not a good idea
So what will happen whenever one gets in a relationship 🤔🤔🤔
Exactly
Well they all move in together and everyone pays less and has more money. If they are smart they would do that. But they would have to set some boundaries and treat each other as family and settle their differences. That’s how friendships last
I could see buying a DUPLEX ir MULTIFAMILY home.
@@myurbangarden7695 I can see that.
Gail is saying no, because her friend bought her a home. Of course she would say no, to buying a home with your friend together.
Easy to say when you rich
I agree with Gail. I don't think buying property with friends will work out for most people. I wouldn't even buy property with a significant other if I wasn't married. This might work out better in immigrant communities due to cultural differences.
I purchased my three-bedroom, two-bathroom house when I was 25 years old in 2021. It is situated on 16 wooded acres across the street from a lake in Minnesota, and I live less than one hour from the Twin Cities. The cost of our home was $380,000.
They found 2 ppl doing this and labeled all millennials lmfao
I’d buy land with friends but not a house.
We’re gonna be forced into polygamy to be able to afford a home now.
How about they make houses affordable that way we dont have to resort to this. I want my own not to share. Why would it apply to you Gale, you BFF with Oprah. Plz don't insult us regular folk
I'm so proud people are getting back to multigenerational housing.
All these naysayers don't seem to understand the level of desperation and hopelessness of buying a home the traditional way for younger folks or folks who live in HCOL areas.
As a gen Z, it is diffricult to buy a home when the entry starter level home are priced out so hight that it's hard to get in. I am currently in the process of buying/building a home and I would not been able to do it without the help of the VA loan, especially the biggest hurdle is getting that 20% down payment, otherwise the path of home ownership would never happen to me, also another factor able to do it is that I happened to live in a cheaper cost of living state where home prices are relatively cheaper than other major cities and states. Even if I was in California for example and with the help of the VA loan of not needing to put 20% down, I still wouldn't be able to buy a home.
RUclips response template:
Start with an unnecessary statement about who you are:
* "As a _____" , or
* "As someone who______", or
* "As a ____, who has ____, I can confirm ____"
@@rg1649 congratulations… you have figured out! You want a cookie for that? You wanna sit on Santa lap for being a good boy?
Some of yall dont have good quality friendships. If your friend is stabbing you in the back they are your enemÿ. Does anyone have a non toxic friendship
Hope it goes smoothly for them, but I can’t picture doing this with anyone but spouse or family (and even family would be case-by-case) 🤯
Ain’t y’all kids ever watch The Real World? Things get real when you start living together
I can’t even get my brothers to buy a multi family house 😂
Excellent piece, thanks for the shout out.
My friend and his mother-in-law sold their homes and purchased one together to save on expenses.
Love that last story! Always for moving in with the family!
It makes sense for them because their immigrants. It’s a quick way to become stable and to help each other build equity. They are not here to become American or have American values they came with their own plan to take advantage of the opportunities and execute their personal goals. It’s an immigrant mindset.
not good
I would definitely recommend only doing this once a real conversation about family planning and career planning is done first and a written agreement for when people change or marriages and children happen, also talk about if someone passes how that will work ❤but good point on selling it and buying separate homes once you’ve gained equity ❤
Lived in Palo Alto. . .my roommate and I were Grad students, bought a 3-bd together, rented the extra room out. 10 years later, she bought me out, I relocated to Larkspur, bought and settled. Couldn't have done it without that first home experience.
Creative, necessary, but it speaks volumes about the state of the housing situation and how we must reform ownership. No more multi-house ownership or homes as an investment, 57 % are living with their parents since we can't afford moving out.
Smart. I should of done that with friends
These guys have a plan in place and if it is what I think it is, CBS should check in on them in 5 years. The people in the comments have no CLUE! Not even a shred.haha
I’m with Gayle. Vacations come to an end.
I mean, get a duplex if you can.
get a duplex with your probation officer
Buying a home is the worst expense you can make, the only ego driven buyers come from money and their family/parents put that money up
Kwame Nkrumah is such a dope name!❤
Get a prenup. Some counties do not allow unrelated people to live together.
Why is that? About some countries not allowing unrelated ppl to live together?
@@jdos5643 Multiple families move into a house and turn the den, living and dining rooms into bedrooms like a motel.
@@jeretso oh I see.
@@jeretso but you said unrelated ppl
I know 2 friends who bought a 3 unit home, one lived on the first and another on the third floor, they rented the second floor. And it worked out perfectly. But I can see this backfiring on some
My friend wants to do this with me VERY badly. He’s a cool guy, but he is not financially savvy, nor practical in general. He wants me to buy a house and he can pay me rent as I pay a decent portion on a down payment, then pay the mortgage or whatever.
But honestly, as ideal as it may seem, there are so many drawbacks to it, like utility/bill disputes, guests/people coming over, taxes, groceries, and the fights/arguments that may happen. I’m not keen on it, and frankly, the people who suggest living with each other in houses are probably oblivious to the potential legal and financial implications.
I could see this only if it's a duplex, or another kind of house thats been divided up into apartments.
Aren't most people best friends with their spouse? Not much different when a married couple buys a home together. It gets just as ugly when divorce comes knocking on your door. And with divorce rates as high as they are in this country, that's not a good sign. I did this 20 yrs ago with a friend, we sold and each made $50K in a year. It's more of a business than a friendship but we still remain friends to this day. Have a lawyer draw up a contract to protect both parties (kinda like a prenup but without the husband/wife drama)