Navigating Homeownership Together: How Three Friends Co-Bought a Property in Tampa

Young Friends Turn Dreams into Reality: Co-Buying a Home in Tampa

In a bold move that reflects the changing landscape of homeownership, three friends from Long Island, New York, have successfully co-purchased a home in Tampa, Florida. Cole Flynn, 26, Stefan Gollisz, 25, and Scott McKinnon, 25, have turned their shared vision into a reality, demonstrating that teamwork can make homeownership attainable, even in today’s challenging market.

From Friends to Co-Owners

The trio, who met in high school and bonded over sports, all pursued degrees in economics and finance. Their shared educational background equipped them with a solid understanding of financial markets, but it was their friendship that laid the foundation for their ambitious real estate venture.

“We knew we were a strong group of friends and worked well as a team,” Flynn explained. “So we figured that if we bought a property and committed to doing what was needed, we could eventually walk away with a highly appreciated asset.”

In August 2023, they closed on a three-bedroom, three-bathroom condominium for $357,500, with a mortgage rate of 7.625%. The monthly payment, including principal and interest, amounts to $1,898. To navigate the complexities of co-buying, they formed an LLC, which allowed them to secure a loan more easily.

Making Homeownership Possible

The decision to co-purchase was driven by financial necessity. “Individually, none of us had the money to buy a property on our own,” Gollisz admitted. By splitting the down payment of approximately $90,000 three ways, they made homeownership feasible.

After working for two years and living at home to save money, the friends pooled their resources to make the purchase. “Still, we each didn’t have $90,000 lying around, so splitting the down payment made it possible,” Flynn noted.

Navigating the Homebuying Process

Despite their financial expertise, the friends faced challenges in the homebuying process. “We didn’t understand the homebuying process,” Flynn said. “I didn’t know how to find a lender or form an LLC.” They turned to Nestment, a platform that helped them research real estate markets and connect with agents, ultimately leading them to their Tampa home.

Facing Challenges with Optimism

While the journey hasn’t been without its hurdles, the trio remains optimistic. They’ve experienced some financial shortfalls, with months where rent fell short by $200. However, they view these challenges as opportunities for growth. “Operating at a slight loss has had its tax benefits, so it hasn’t been a complete setback,” Flynn explained.

The home’s location near the University of South Florida provides dual exposure, making it an attractive option for long-term rentals. “If the real estate market in Tampa tightens, renting to college students could be a reliable fallback,” Gollisz added.

A Blueprint for Future Investments

As they manage their property, the friends have divided responsibilities to ensure smooth operations. Scott handles tenant relationships, Stefan manages mortgage payments, and Flynn oversees maintenance. They track expenses meticulously, ensuring transparency and accountability.

Looking ahead, the trio is eager to expand their real estate portfolio. “The idea is to roll over equity from the home into another investment property,” Flynn said. “We’re very excited about the property’s future.”

Building Bonds Through Business

Beyond financial gains, the experience has strengthened their friendship. “I think our friendship actually grew more by being business partners,” Gollisz reflected. “It feels less scary and more achievable with friends.”

As they continue to build equity and navigate the complexities of homeownership, Flynn, Gollisz, and McKinnon exemplify how collaboration and trust can turn dreams into reality, paving the way for a new generation of homeowners.