I started buying properties with family and friends in my 20s. I've bought 10 total, and one has made over $400k on Airbnb.

• Kristina Modares started co-buying properties with her friends and family in her 20s.
• She has co-bought 10 properties in the last decade and remains an owner of five.
• Modares said she's learned valuable lessons along the way about getting into business with friends.

This as-told-to essay is based on a conversation with Kristina Modares, 36, an Airbnb host. Modares is also the founder of Open House Education and a marketer at Joynt, a real estate platform designed to help people buy and own homes with family and friends. The conversation has been edited for length and clarity.

In 2015, I was 25 and living in Austin, renting a home downtown with a friend and hoping to buy one of my own. I'd just gotten my real estate license and didn't yet have the two years of income needed to qualify for a mortgage on my own.

When I told a friend about it, he said, "I'd buy a house with you." That conversation made me realize you don't have to buy alone — or wait for a romantic partner — to become a homeowner.

We didn't end up buying together in Austin, but we did purchase a commercial property in San Antonio. It was my first experience co-buying with a friend. At the time, I was young and naive and didn't think much about the complications that could come with co-buying. I was just excited to get into real estate.

That experience opened the door to something much bigger. Over the past 10 years, I've bought 10 homes through partnerships with friends and family. That includes a beach house I own with my sister that we rent on Airbnb, a retreat property with two business partners, and a small stake in another shared home that's rented.

Co-buying helped me become a first-time homebuyer — and eventually a multi-property homeowner — much sooner than I could have on my own.

My sister and I own an Airbnb rental in Florida

I was only 29 when my sister and I bought our second property together: a beach house in Santa Rosa Beach, Florida. It's one of my favorite properties.

We grew up vacationing in the area and had always dreamed of owning a home there. At the time, a beach house in that area felt like something only wealthy families could afford.

This was the seventh property I'd purchased, and by then I knew what kind of investment I liked to make: one I felt personally connected to and could use myself. It feels like home, and it's reassuring to know that if I want to go on vacation even during hard times, it's an option. It's also comforting to know I have my sister's support.

We bought the house sight unseen. It was one of the cheapest options we could find in the area, and it needed a lot of work. It's a roughly 1,500-square-foot home with three bedrooms and three bathrooms. We bought it for a little over $400,000, and today it's worth around $700,000.

We split the purchase evenly. To help fund it, we each contributed around $70,000 toward the purchase and renovation of the home — money we had earned from a house in Austin we had bought together.

We saw the home as a good investment because of its location and long-term earning potential. It backs up to a state park, so it feels private, but it's still only about an eight-minute walk to the beach.

We started renting it on Airbnb in late 2021 and have earned about $420,387 so far. We're less focused on the monthly income than on the home's long-term value and eventual sale.

Because the home has been profitable, I haven't had to put in any more of my own money. We have either reinvested the money into the property or used the money we've earned to cover expenses when we're in town, like going out to dinner.

Successful co-buying requires clear structure, lawyers, and trust

I hear people say all the time, "I don't have anyone to co-buy with." Part of that, I think, is that we often don't talk to friends and family about money. We're taught not to — it's taboo. But if you want to co-buy, you have to be willing to have those conversations.

Finding someone to buy with is only the first step. There's a lot to consider, whether you're buying with a friend, family member, or romantic partner. Can this person talk openly about money? Are they good at having honest conversations, or do you feel like you have to walk on eggshells around them?

If it feels hard to bring up something uncomfortable, that may be a sign they're not the right person to buy with.

Over time, I've seen firsthand what works in a co-buying partnership, what doesn't, and how those relationships can evolve — both financially and personally.

The best way to make a partnership work is to create structure. In my first few co-buys, I didn't use operating agreements or hire my own lawyers. Would I do that today? Absolutely not.

With the last couple of properties I co-bought, I finally hired a lawyer to draft an operating agreement. If I were buying again, I'd probably go through a co-buying company like Joynt, which creates operating agreements to guide co-buyers through the process.

Getting into real estate changed my life

Looking back, there are a few things I would have done differently with some of my partnerships, especially having more serious conversations early on about responsibilities and what could go wrong. You never know when something in the house will break, when you'll need to replace a couch, or when another unexpected expense will come up.

It's also important to discuss what happens if someone wants to sell their stake. I've only had to deal with that once, and it was unexpected. Luckily, we were able to talk it through and come up with a solution.

Before co-buying, I knew nothing about real estate or homeownership. But over the years, I've learned a lot, and my journey has taught me how to collaborate and has developed skills I never imagined I'd have, like talking to contractors with ease.

I'm older now, and I can't take on as much financial risk, so I'm no longer trying to accumulate a bunch of properties. But having those experiences in my 20s shaped my life. They taught me that traditional ways of doing things aren't always the right fit for everyone.

Axel Springer, Insider Inc.'s parent company, is an investor in Airbnb.