Austin, TX
Texas women say ‘houses before spouses’ after buying properties together; real estate expert weighs in
In a wide-ranging interview on ‘Cavuto: Coast to Coast,’ The Corcoran Group founder and ‘Shark Tank’ star Barbara Corcoran addresses market trends and challenges in real estate.
Two friends are taking on the challenge many young adults have faced — purchasing their first home — and attempting to squash the struggle.
Kristina Modares and Stephanie Douglass are co-founders of Open House in Austin, Texas. They work to help people purchase their first home — with friends.
The pair, who originally met through social media in 2016, said they started purchasing homes together years ago in an effort to make ends meet and build equity, they told SWNS.
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“People are shocked about buying with friends, but I think in the next five years it will be normal,” Modares predicted.
Douglass said she started her career as an elementary school teacher. She purchased her first property, a $305,000 home in Austin, Texas, with a friend in 2018 after she was turned down for a loan.
Two friends said they bought their first house together (not pictured) as an investment — and didn’t feel the need to wait until they had spouses to begin purchasing property. (iStock / iStock)
Today, after renovating and renting out the property, she said she nets $2,000 a month from the rent.
Modares purchased her first property, a $130,000 triplex in San Antonio, Texas, with a friend in 2017 after putting a 20% deposit down and splitting the rest equally.
The pair then sold their property over a year ago for $200,000.
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“If you partner with someone, it’s the easiest way to get in and get started,” Modares told SWNS after revealing that she was living on $20,000 a year when she first moved to Austin in her early 20s.
After meeting through Instagram, the pair, now in their mid-30s, became friends and bought their first property together in 2018 — a $240,000 commercial space.
Kristina Modares, left, and Stephanie Douglass, right, met over social media and became fast friends after realizing their views on purchasing homes at a young age were aligned. (Open House Austin / Fox News)
In 2019, the two started a real estate business to help others purchase their first home in an unconventional way as well.
Since then, Douglass and Modares have purchased another home with a third friend for $155,000; a lake house with a third friend with a purchase price of $475,000; and a house with three other people costing $775,000, per SWNS.
“For women in their 20s, it’s common to hear, ‘I’m waiting until I get married to buy a house.’”
With multiple properties tied to their name, the pair said they didn’t feel the need to wait to purchase a home until they found a spouse — something they said is still often heard today.
“For women in their 20s, it’s common to hear, ‘I’m waiting until I get married to buy a house,’” Douglass said.
The pair started their own company to help young adults purchase homes in Austin, Texas. (Open House Austin / Fox News)
“Our mission,” said Douglass, “is to remove those barriers and make it feel possible for women to own homes before they’re partnered — to look at it as more of an investment.”
Together, the pair told Fox News Digital they now own over 20 properties together, each with shared mortgages.
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When asked if they’ve ever run into any disagreements or issues while owning properties together, Douglass said that most of their experiences have been “positive and fruitful.”
Still, they advised anyone else who might be looking to purchase a property with a friend to be cautious.
“You definitely want to be sure that the friends you’re partnering with are responsible and clear communicators,” Douglass noted.
Today, the pair said they’ve helped over 100 people a year purchase homes — and within the last year, 30% of those purchases were done with friends. (Open House Austin / Fox News)
She added, “Credit score is a factor, and so is financial position, cash reserves and buying power. All of this needs to be out on the table before an operating agreement is signed, and especially before a property is bought together.”
Important considerations
Rogers Healy, owner and CEO of Rogers Healy and Associates Real Estate based in Dallas, Texas, told FOX Business that although “the idea of co-owning a home with individuals outside your family or spouse may seem like an enticing offer,” he recommends considering three scenarios.
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First, he said it’s important to understand that purchasing a home with others may mean that you could be financially vulnerable.
“Varied financial circumstances, spending habits and unforeseen expenses may strain relationships and jeopardize the stability of the investment,” he said.
Purchasing a home with others may mean that you could be financially vulnerable, said one real estate professional.
Additionally, he said, “Without clear contractual terms, disagreements over property management, expenses or future decisions may escalate into legal conflicts, leading to further costs.”
He also noted that “conflicting preferences regarding property usage, maintenance or investment strategies can result in conflict and decision-making.”
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Modares said she is seeing more and more buyers purchase homes with friends.
“People are realizing that buying with a friend is possible and is actually not that different from buying with a romantic partner or family member,” she said.
Two women started a real estate business on the basis of “houses before spouses.” It’s an effort to teach young people how to purchase homes without a romantic partner or spouse — but maybe with a friend. (Open House Austin/iStock / iStock)
She added, “Just because you’re not married doesn’t mean you have to wait to buy a house!”
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Since the start of Open House in 2019, Douglass said the pair have helped roughly 100 people purchase homes each year — and about 30% of them were purchased with friends in the past year.
For more Lifestyle articles, visit www.foxbusiness.com/lifestyle.
Austin, TX
Central Texas aquifers could see slight boost after week of rainfall
AUSTIN, Texas – This week’s rainfall across Central Texas could help to bring a much-needed boost to the region’s aquifers, which have been operating at dangerously low levels.
The backstory:
On Tuesday, the Austin area saw over an inch of rain while Georgetown received close to six inches, as the San Gabriel River rose over six feet throughout the day.
But the heavy downpour was a welcome sight for Shay Hlavaty, the communications and outreach manager at the Barton Springs Edwards Aquifer Conservation District.
Created by the state of Texas in 1987, the District oversees segments of the Edwards and Trinity Aquifers, stretching from South Austin to southern San Marcos.
In total, the portions of the aquifers they oversee provide water to around 100,000 people.
“Groundwater is a significant water source, you know. It’s kind of the unsung hero of Texas,” says Hlavaty.
But over the last few years, the region’s groundwater levels have been in decline.
“Since January 2022, we are missing over a year’s worth of rainfall. So, in the Austin area, we get about 32 to 34 inches a year. And so over that time, we have, you know, a 30-plus inch deficit,” says Hlavaty.
Since October, the District has been under a stage three exceptional drought. Those conditions are determined by two indicators: spring flow at Barton Springs and groundwater levels at the Lovelady Monitor Well.
If either of these locations drops below a drought threshold, the District could declare a more intense drought stage.
By the numbers:
Some of the latest data shows that Barton Springs isn’t performing as it needs to support the ongoing growth of the region.
“To put it into reference, the average since about 1978 at Barton springs is 60 CFS. That’s cubic feet per second. And one cubic foot is about the size of a beach ball, an average beach ball. So, 60 beach balls of water coming out every second from Barton Springs. Before this rainfall, we were closer to 12 CFS, so only 12 beach balls coming out every second, so that’s less than a quarter of average,” says Hlavaty.
That same data also shows that the Lovelady Well is 453.8 feet above mean sea level. That’s only 5 inches above the Stage 4 Emergency Response Threshold.
“This isn’t something that’s going to go away. Even if we busted this drought and get out of it, the next drought is going to be around the corner,” says Hlavaty.
Dig deeper:
But this week’s rain did provide a small boost, helping to prevent the district from potentially falling into a deeper stage of drought.
“So, we’re still in that stage three exceptional level, and this rainfall will help us stay out of that stage four emergency,” Hlavaty told FOX 7. “It’ll help stabilize, if not increase groundwater levels and spring flow.”
The total rainfall for the Austin area in April so far is 4.14 inches, well above the typical total average for the month, which is 2.42 inches. But that sort of above precipitation must continue if there is to be any chance of drought levels decreasing.
“We really need to have above average rainfall for months, if not years, to bust this drought,” says Hlavaty.
What you can do:
As May approaches, which typically brings the most rainfall throughout the year, Hlavaty urges people to cut back on water use when they can, especially watering their lawns, which can consume large amounts of drinking water.
And as Central Texas continues to see a boom in population, combined with hotter than average temperatures for February and March, conservation is as important as ever.
“It’s important to remember that a little bit of rain here, a little bit of rain there, isn’t going to best the drought. So, we all have to do our role to help conserve resources in the meantime,” says Hlavaty.
The Source: Information from interviews conducted by FOX 7 Austin’s Marco Bitonel
Austin, TX
Judge Albright, who oversaw patent litigation boom in Texas, to resign
Austin, TX
Appeals court rules Texas can require public schools to display Ten Commandments in class
DALLAS (AP) — Texas can require the Ten Commandments to be displayed in public school classrooms, a U.S. appeals court ruled Tuesday in a victory for conservatives who have long sought to incorporate more religion into schools.
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It sets up a potential clash at the U.S. Supreme Court over the issue in the future.
The 5th Circuit Court of Appeals said in the decision that the law did not violate the First Amendment, which protects religious freedom and prevents the government from establishing a religion.
Texas Attorney General Ken Paxton, a Republican, called the ruling “a major victory for Texas and our moral values.”
“The Ten Commandments have had a profound impact on our nation, and it’s important that students learn from them every single day,” Paxton said.
Organizations representing the families who challenged the law, including the American Civil Liberties Union, said in a statement that they were “extremely disappointed” by the decision.
“The court’s ruling goes against fundamental First Amendment principles and binding U.S. Supreme Court authority. The First Amendment safeguards the separation of church and state, and the freedom of families to choose how, when and if to provide their children with religious instruction. This decision tramples those rights,” the statement said.
The law is among the pushes by Republicans, including President Donald Trump, to incorporate religion into public schools. Critics say it violates the separation of church and state while backers argue that the Ten Commandments are historical and part of the foundation of U.S. law.
The ruling, which reverses a district court’s judgment, comes after the full court heard arguments in January in the Texas case and a similar case in Louisiana. The appeals court in February cleared the way for Louisiana’s law, requiring displays of the Ten Commandments in public school classrooms. The 5th Circuit Court of Appeals voted 12-6 to lift a block that a lower court first placed on the law in 2024.
Texas law took effect on Sept. 1, marking the largest attempt in the nation to hang the Ten Commandments in public schools. About two dozen school districts had been barred from posting them after federal judges issued injunctions in two cases against the law but went up in many classrooms across the state as districts paid to have the posters printed themselves or accepted donations.
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