962: How to Buy a Home (or Entire Neighborhood) With Your Friends and Family w/Phil Levin
962: How to Buy a Home (or Entire Neighborhood) With Your Friends and Family w/Phil Levin  
Podcast: BiggerPockets Real Estate Podcast
Published On: Wed May 29 2024
Description: Imagine living in a home where your next-door neighbors are your best friends or family members. We know you’ve thought about it before—starting a compound with all the people you love, everyone helps each other, watches each other’s kids, the community stays safe, and you barely have to drive! This is exactly what co-ownership homes, co-buying, and co-living can do for you! But getting a dozen or so people together to do a real estate deal can be a little tricky; that’s why we have Phil Levin, founder of Live Near Friends, on the show to help. Phil lives in his own housing “cluster” with nineteen (yes, nineteen) of his closest friends. He believes that being near your loved ones helps you live a happier, safer, and more contented lifestyle—and we agree! There are massive positives to living in a neighborhood with your friends. We’re talking free babysitters, consistent helping hands, less driving and more walking, and, of course, being able to see your best friends almost every day of the week. But practically, how does one start building a community like this? Phil walks through the different setups anyone can try to begin living with and around their friends and family, from co-buying with one or multiple others to starting a “minihood” and making your own part of the block, or building an ADU (accessory dwelling unit) for a close friend or two to live in. He even talks about the rising demand for this type of co-living and what developers and real estate agents can do to make serious profits from this growing trend.  In This Episode We Cover Co-ownership, co-living, and co-buying explained and how to live with your best friends  The massive benefits of living near family and friends (especially if you have kids!) The “law of proximity” and boosting your lifestyle by co-living with more happiness and less stress  Creating a “minihood” where you and your friends all live within walking distance How real estate developers can get a jump on this fast-growing co-ownership trend  And So Much More! (00:00) Intro (01:24) Compound Living  (04:00) How to Start Coliving  (07:15) Benefits to Living with Friends  (10:51) “Cobuying” with Friends/Family (16:39) Huge Demand for This Housing  Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-962 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices