This Housing Trend Totally Sucks (Don't Do It)

If you’re thinking about buying a house with your BFFs, hold it right there. In this episode, find out the pros and cons of buying a home with friends, plus five things to know before becoming a homeowner.

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[KarenLavia]

I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?

[BridgetMiller-]

I'm in Michigan, and the housing market here over the past 7-8 years has been unprecedented. Houses that were purchased for $130K in 2015 are now going for $590K. These are tiny, poorly constructed 950-square-foot homes in quiet, mediocre neighborhoods. Meanwhile, nicer, average-sized homes in better neighborhoods that were over $300K a decade ago are now selling for $750K+. It's wild.

[Krueger]

I rented an apartment with my best friend for a year. Moving back out into separate apartments was how we salvaged that relationship. Sharing ownership of a house would have been a nightmare.

[beccalarson]

My brother-in-law (and my sister...his wife) was getting me excited about the prospect of buying a house together. That is until I realized he wanted to gain equity in the house while my husband and I essentially paid him to rent. 😒 That cured me from ever wanting to go in on a property!

[debbieholoquist]

Get the 30 year mortgage but calculate the payment to pay it off in 15 years. Pay that amount unless an emergency happens, then you can fall back on the regular monthly payment. Yes, the interest rate will be higher, but think of it as an insurance premium to allow you to keep you house even if you can no longer afford that higher 15 year mortgage payment.

[joe]

I think if you do this. You should be the one who purchases the house and then you rent to a friend. That's what I did, but I mainly did it cause my friend was in a hard place not so much because I needed it. It did help though.

[austinbar]

I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways?

[sharonwinson-mg]

Great video! For 2025, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.

[AutumnMoonlight]

One detail that can cause a problem for friends is deciding how your going to decorate the shared spaces in that house. And what repairs/renos are necessary and how much should be invested in them. My mother has a house with extra rooms so I suggested she offer one of her older sisters to move in and they could share the costs and have someone there for company and when either needed help. She thought it was a good option but my aunt declined because she thought she would be fine where she was. A couple of years later and my aunt is now in an awful facility one of her sons put her in.

[NegatveSpace]

If some marriages don't survive financial stress why would friendships?

[shirarylindurkek]

5:09 Thanks for that reference regarding the dishes....I seriously think there's no one who cares enough about cleanliness

[MDAdams]

home that costs no more than 25% of your income NOT in the USA In my state (NC) median homes are 374k median pay is 52, 700 The payment on a 15yr note is 3354/mo or 76% of income a 30 year is 2655 or 60% Even singlewide mobile homes on the dirt road are 125k and you can't get a mortgage on them

[artemaeus]

Planning on living w my 2 bffs when i retire. Dont have to worry about the job relocation aspect. They already live together and I stay with them when I'm in town (fairly often).

[philsmgb]

House deals like that are magic. The garbage magically gets taken out. The bills magically get paid. The laundry magically get done, folded and put away. And the refrigerator magically get refilled.

[leahsinclair]

Been there, done that. There were good times and bad times and in the end, it got pretty painful. We haven’t seen each other since the sale. I agree, don’t do it.

[monnethagueze]

George Kamel, thank you so much for always providing such valuable information. God bless you!
Dave pick the right person.

[CraigHalketti]

Thanks, George! The knowledge you share here is extremely unique. i must say you and trader Liecy have really helped on growing my finance.

[hejiranyc]

I once bought a house just to rent it cheaply to a friend’s mother. I did this for several years and I really made no money as a landlord. Then my friend basically said that his mom was going to move if I didn’t sell the house to her… for what I paid for it. Meanwhile the value more than doubled. Needless to say, I told this ungrateful barnacle where to go.

[huebothedog]

Friend wanted to buy a house together last year. I save 70+% of my income. And him? Well, spent all his savings living the high life because he found a girlfriend in another country. Now complains he doesn’t make enough money. Glad I didn’t get persuaded.

[stevenporter]

Agree 100% with George. But switching phone plans to afford a house? Seems like a poorly forced ad.