DeepSummary
The episode begins with Dave Meyer and Henry Washington discussing the idea of living together with friends or family in a communal setting, often referred to as a compound or co-living situation. They introduce their guest, Phil Levin, who shares his own experience of living in a housing cluster with 19 friends and 5 kids under the age of 3.
Phil explains the concept of the "law of proximity," where surrounding oneself with positive influences and people can lead to a happier, healthier life. He outlines various forms of co-living arrangements, such as the "mini-hood" (living within a 10-minute walk radius), renting multiple units in an apartment building, or building an accessory dwelling unit (ADU) for friends or family.
Phil also discusses the benefits of co-living, including free childcare, spontaneous social interactions, and potential cost savings. He shares insights for real estate investors, developers, and agents on capitalizing on the growing demand for this type of housing, such as offering discounts for groups or representing entire friend groups in real estate transactions.
Key Episodes Takeaways
- Co-living or living in close proximity with friends and family can lead to a happier, healthier, and more supported lifestyle.
- There are various forms of co-living arrangements, such as the 'mini-hood,' renting multiple units in an apartment building, or building accessory dwelling units (ADUs).
- Benefits of co-living include free childcare, spontaneous social interactions, potential cost savings, and stronger friendships.
- Remote work has increased the demand for co-living arrangements, as people have more freedom to choose where they live and can prioritize proximity to friends and family.
- Real estate investors, developers, and agents can capitalize on the growing demand for co-living by adapting properties for this purpose, offering discounts for groups, and representing entire friend groups in transactions.
- The 'law of proximity' suggests that surrounding oneself with positive influences and people can have a significant impact on one's well-being and happiness.
- Co-living arrangements can create opportunities for real estate agents to earn higher commissions by representing entire friend groups or families.
- Designing properties specifically for co-living, such as creating shared outdoor spaces or connecting units, can appeal to those seeking this lifestyle.
Top Episodes Quotes
- “Think about the duplex that right now is set up for two strangers. It's like, if you flip that, how can you set up? So it's actually a fit for two people that know each other as opposed to two people that don't know each other.“ by Phil Levin
- “So essentially, this one lead, which is like me and my wife for these agents, turned into $300,000 of commission for the buyer's agents. So you get to be the agent for the friend group, not just the agent for the person.“ by Phil Levin
- “Like, the ability to just to, like, sort of, like, walk outside and just, like, walk into your friend's house and, like, sit down and talk about. Have a beer, like, right on the spot, as opposed to playing the coordination game of, like, hey, when are you free? Next week? Oh, no. Good for me. How about two weeks? That thing that people do that sort of disintegrates friendships over time.“ by Phil Levin
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Episode Information
BiggerPockets Real Estate Podcast
BiggerPockets
5/29/24