Buying a house with a couple friends

Member since 2025 · 4 posts · 1 vote

Hello! I am a first time home buying at age 19, a couple close friends and I are looking to buy a house together and HOUSE HACK. We are looking in Warrenton VA. Does anybody have any advice for me? Thanks!

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Chris SeveneyBusiness Member

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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes

Quote from @Trey Cullison:

Have you ever lived with these people before?? Reason I mention this is I as well as many friends have lived together (and did not own) and its very different when friends live together vs. not live together. So I would say if you have never lived with them I would not be buying a property together - too much can go wrong and what if one person wants out. What are you going to do and how you going to pay?

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Melissa JusticeBusiness Member
Rental Property Investor · Phoenix, AZ · Member since 2024 · 518 posts · 1k+ votes
1y
Hey @Trey Cullison,
That's awesome — buying your first home at 19 and planning to house hack is a smart move! Here's some advice specifically for your situation and area (Warrenton, VA):

1. Make Sure Everyone’s on the Same Page (Legally and Financially)
- If you're buying with friends, get everything in writing — ownership percentages, how costs and profits will be split, what happens if someone wants to sell, etc.
- Talk to a real estate attorney to draft a co-ownership agreement. It’ll protect your friendship and your finances.

2. Use an FHA Loan (if eligible)
- You can buy a multifamily property (up to 4 units) with just 3.5% down if you live in one of the units.
- It’s a common tool for house hackers starting out.

3. Know the Zoning and HOA Rules
- Warrenton and Fauquier County have zoning ordinances that can affect what you can and can’t do — especially around renting out rooms or short-term rentals.
- If the home is in an HOA, check the rules on renting — some restrict room rentals or require approval.

4. Get Preapproved Early
- Work with a lender who’s familiar with house hacking. You’ll want to include expected rental income to boost your purchasing power (some lenders allow this even on your first deal).

5. Think Long Term
- Look for a home that can adapt to your life over the next 3–5 years — something rentable, in a growing area, and near schools or employers.
- Even if it’s your “starter home,” try to buy with investor eyes: layout, rent potential, low maintenance costs.

Best of luck!
Melissa Justice
Investment Strategist at Rent to Retirement
[email protected]313-221-8718
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Trey Cullison
OP
Member since 2025 · 4 posts · 1 vote
1y
Thank you so much this is all great!
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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
1y
Quote from @Trey Cullison:

Hello! I am a first time home buying at age 19, a couple close friends and I are looking to buy a house together and HOUSE HACK. We are looking in Warrenton VA. Does anybody have any advice for me? Thanks!

Have you ever lived with these people before?? Reason I mention this is I as well as many friends have lived together (and did not own) and its very different when friends live together vs. not live together. So I would say if you have never lived with them I would not be buying a property together - too much can go wrong and what if one person wants out. What are you going to do and how you going to pay?
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Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
1y
Make sure you have a lawyer draw up a contract outlining how the agreement will work. Are you all splitting everything equally into 3 and doing the same for repairs and maintenance? How are you deciding what needs to be done and what happens if one of you wants to sell?
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Trey Cullison
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Member since 2025 · 4 posts · 1 vote
1y
I havnt lived with them for more than a week at a time, I have grown up with them since I was 5. We spend a lot of time together and have very similar views and beliefs. We are all going to split everything 3 ways. If one of us decides we want to sell, that will be a tough conversation. We all want what's best for each other and I think we can all work things out when things get hectic.
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Bill B.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
1y
As long as anyone that moves is willing to lose everything they put in to it. (Buying part of a home wi strangers is worth nothing. And I doubt you want to let them rent out their share to a stranger. So they won’t want to continue paying expenses.) same goes for any of them that get married, engaged, or even want to move in with partners. Can they move in to your shared house or do they have to move out and lose everything:
is their “equal” parking for everyone? (Garaged or not, have to move to get out or not.) Are the bedrooms equal? Will you hire someone to do every choir or assign them? What if they aren’t done?

I think you’re better off having on person do the buying and rent to the others. If you want to share some equity or refund some of their rent when they move out that’s a better option with less pitfalls. This is how I got started “house hacking” back in the early 90’s. I had 3 friends move in and pay the mortgage. I paid the utilities. Of course it was 4 young guys so things slid past us. And as mentioned above. Once I got engaged she put and end to it. :-) I’m sure glad we didn’t own 1/4th of the honey each.
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Rick Albert
Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
1y
Have VERY clear expectations and who's responsible for what and provide yet earn trust.
For example, if one person is responsible for finding tenants, then that's their job, stay out of it. If you are responsible for repairs, get them done in a timely manner. I've noticed when partnerships go south is when someone isn't doing their job or is doing their job poorly.
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Wale LawalBusiness Member
Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
1y
@Trey Cullison
Congrats on taking action so early—that's an incredible move at 19! House hacking with friends is a great strategy to lower your living costs and build equity, especially in a market like Warrenton, VA where demand for rentals is steady. Just make sure you all get clear on responsibilities, finances, and exit plans before you buy—ideally with something in writing. Also, look into FHA or conventional loans with low down payments if at least one of you plans to live in the property.
Good luck!
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- Trey Cullison
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  Member since 2025 · 4 posts · 1 vote
  1y
  @Wale Lawal thank you so much, we have already started getting a draft written for if something goes wrong or one of us wants out. We have been looking into FHA loans for a small down payment so that we have some money left over for rehab.
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Nicholas L.Pro Member
Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
1y
@Trey Cullison
yes - don't "buy together." even if you get along great, there's no reason to do so / no point. just house hack separately. and if you can't afford it yet, just save up until you can.
good luck
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Eric M.
Member since 2023 · 34 posts · 13 votes
1y
See if your state allows a first right of refusal to be written into your agreement with your friends so if one of you wants to sell first, the others have the right to buy them out. You may be able to specify a long timeline to give the remaining owners time to get their finances together.
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