Three friends, one mortgage: How a group of Gen Zers bought a home together before turning 25

This as-told-to essay is based on a conversation with Cole Flynn, 26, and Stefan Gollisz, 25, who co-bought a home in Tampa, Florida, with their friend Scott McKinnon, 25, in 2023. The conversations have been edited for length and clarity.

Cole Flynn: Stefan, Scott, and I went to the same high school. Scott was a year younger, but we played sports with him, and after graduating, we stayed close throughout college.

Stefan Gollisz: We all studied economics and finance in college and have a pretty good understanding of the stock market.

Flynn: Scott is a consultant at Deloitte. Stefan and I work at a wealth management firm in Long Island, New York. We mainly advise clients on asset allocation, portfolio management, and financial planning. Sometimes I work with clients who are too heavily concentrated in certain assets, which isn’t ideal from a risk management perspective. Many of them will end up diversifying their assets by investing in various types of real estate.

Gollisz: We each had some money in the stock market, but also decided we wanted to get into real estate. However, individually, none of us had the money to purchase a property on our own. That’s why the idea of co-purchasing a home looked appealing to us.

Flynn: We knew we were a strong group of friends and worked well as a team. So we figured that if we bought a property and committed to doing what was needed, over the next 15 to 30 years, we could eventually walk away with a highly appreciated asset.

Co-buying made homeownership possible

Flynn: We closed on a home in Tampa for $357,500 in August 2023, with a mortgage rate of 7.625% and a monthly payment — including principal and interest — of $1,898.

We formed an LLC to make the purchase since securing a traditional loan as co-buyers is more difficult. During the process, a lender advised us to make a 25% down payment. We split it three ways, which came out to about $30,000 each.

At the time of purchase, I was 24 and Stefan and Scott were 23.

Gollisz: After college, we worked for about two years and lived at home, which helped us afford the down payment. We also had investments in the stock market.

Flynn: Still, we each didn’t have $90,000 lying around, so splitting the down payment made it possible. It’s the kind of thing you can really only do when co-buying.

Going into this, we didn’t understand the homebuying process. I didn’t know how to find a lender, form an LLC, or find an agent in an area so far away, like Tampa.

We ended up working with Nestment. We used their software to research up-and-coming real estate markets throughout the country. Once we zoned in on Tampa, they introduced us to the agent who showed us properties over FaceTime. They also helped us form an LLC and connected us with lenders.

We’ve taken some losses, but we’re optimistic

Flynn: The home is a three-bedroom, three-bathroom condominium located in a private gated community with shared amenities like a gym and pool, near the University of South Florida campus.

The location gives us dual exposure; it’s close to the city and near a college campus. If the real estate market in Tampa tightens, renting to college students could be a reliable fallback.

Gollisz: We all have full-time jobs and don’t want the hassle of managing an Airbnb every weekend or hiring a property manager. So, we decided that long-term rentals were better suited for the home.

Flynn: While Stefan and I still live in an apartment in Long Island, Scott is temporarily living in the house. He got married in 2024, and he and his wife are paying rent as they wait to buy their own home. After they move out, we will continue to manage and rent out to tenants.

Gollisz: Between November 2023 and November 2024, a group of military-affiliated students rented the entire home, paying $2,100 a month.

Flynn: Some months, rent was about $200 short, so the three of us had to chip in a few hundred dollars over the year. Operating at a slight loss has had its tax benefits, so it hasn’t been a complete setback. Plus, we expect to see appreciation in the Tampa market.

Once interest rates come down, the plan is to refinance. That should help us have a positive monthly cash flow.

Overall, we’re optimistic and confident. Real estate is a long-term commitment — we have a 30-year mortgage, so we’re staying focused on the big picture.

As co-owners, important to have a plan and stay organized

Flynn: We have a separate bank account under the LLC, which is linked in our apps. This keeps things organized and allows us to monitor the business whenever we need to.

We’ve also divided up all the responsibilities for the property. Scott handles the tenant relationships, which include dealing with complaints and rental payments. Stefan is in charge of paying the mortgage to the lender. My job is managing maintenance.

We track all home-related expenses in a spreadsheet and settle payments every few months.

For example, if I put down a couple of hundred bucks for fixing the faucet, or Scott — especially since he’s living there — does a home project, or Stefan pays for the internet for the quarter, we’ll say, “Hey, I paid or am owed a couple of hundred dollars” and we’ll make ends meet with everybody.

Gollisz: So far, our biggest expense for the home has been installing an entirely new air conditioning system, which cost about $7,000. We split the cost evenly.

We want to keep investing in real estate as a team

Flynn: I think the goal for all of us going in, and it still remains, is for this to be a side business that can help supplement our income and build up our net worth outside our 9-to-5 jobs.

We all understood that this is going to be a long-term relationship, and there has to be constant communication. We all trust each other to put our heads down and do the work when needed.

Gollisz: I do recommend co-buying with friends. Buying alone can be very daunting, especially when you’re young, but it definitely feels less scary and more achievable with friends.

I think our friendship actually grew more by being business partners. Even though Scott moved down South and we don’t see him as much, we keep in touch by talking about the property. And when he comes back to New York every couple of months, we get together and rehash.

We’re very excited about the property’s future. We’re continuing to build equity in it each month. The idea is to roll over equity from the home into another investment property — hopefully, we can do this together.

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