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Real estate moguls Stephanie Douglass and Kristina Modares advise Millennials and Gen Z to prioritize "houses before spouses," recommending people purchase property with friends in order to become homeowners.
After buying their first properties with friends, the duo set a goal to "break the barriers of traditional homeownership" by starting a real estate agency in 2019.
The twosome connected over their similar values on Instagram three years before getting into real estate, and according to The New York Post, the professional partners have invested over $3.3 million in properties purchased with friends that have helped build their real estate empire.
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Real estate moguls Stephanie Douglass and Kristina Modares teach Gen Z and Millennials how to become homeowners. (TikTok: @openhouseaustin)
Modares and Douglass say that they’ve collaborated together on deposits, achieved faster loan approvals and maximized their investments by renting out their homes.
Douglass, an Austin, Texas, native, told The New York Post, "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."
"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," Modares added.
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Real estate moguls Stephanie Douglass and Kristina Modares teach Gen Z and Millennials how to become homeowners. (TikTok: @openhouseaustin)
"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," Modares said. "We’re teaching people their first home can be an investment."
Douglass added, "I started out as an elementary school teacher, I taught math 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."
"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," Modares said.
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Real estate moguls Stephanie Douglass and Kristina Modares teach Gen Z and Millennials how to become homeowners. (TikTok: @openhouseaustin)
The female duo entered real estate after they found a lack of resources available for young women looking to become homeowners.
In 2018, Douglass purchased her first property in the Lone Star state for $305,000 with the help of friends and family. She then renovated the property and now generates $2,000 in revenue from rent alone, which covers more than the cost of her mortgage.
Modares’ first property was a San Antonio triplex purchased in 2017 for $130,000 and 20% down, equally split with a friend. The property was sold with a $70K profit less than two years ago.
"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," Douglass said.
The women now take to social media to share everything they’ve learned about investing in real estate.
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