Latest news with #Nestment
Business Insider
4 days ago
- Business
- Business Insider
I bought a house with my best friend. We turned it into an Airbnb and have made more than $60,000 in 3 years.
Selena Lounds wanted to purchase a home but felt unsure about doing it on her own. She and her best friend teamed up to buy a house together in Hudson, New York. They turned the property into a short-term rental on Airbnb, typically charging $300 per night. This as-told-to essay is based on conversations with Selena Lounds, 47, an Airbnb host in Hudson, New York, about 120 miles from New York City. To better afford homeownership, Lounds bought a home with her best friend. The conversations have been edited for length and clarity. I was living in New York City and spending so much money on rent that owning a home didn't feel attainable. During the pandemic, I was stuck in my little apartment and eventually reached a point where I wanted to move. I had friends who had bought a home in upstate New York, and I thought, 'Maybe I could do that too.' But I was also a single woman, and I didn't know how to navigate the process on my own. The anxiety kicked in. I was scared to do it by myself and worried about making the wrong decision. Still, by then, I'd reached a point in my career where I finally had extra money to invest. I had a lot of concerns, though: Did I really want to leave the city? Would I be able to make new friends? Could I actually afford it, and was I ready to shift my life in such a big way? Luckily, a friend of mine, Wade, was looking for an investment property in 2021. We decided to join forces. We wanted an Airbnb-friendly home In early 2022, I was on LinkedIn when I saw a post from Niles Lichtenstein. He was talking about a new venture he was starting: Nestment, a real estate platform meant to help people co-buy homes. I was like, "Holy crap. That's what I'm trying to do." So I reached out. Nestment's biggest selling point was its app. It really helped us make sure we were choosing the right investment property in the right location. Wade and I knew we wanted to live in the Hudson Valley, but there were so many places to choose from. We also knew we wanted a weekend house that we could turn into an Airbnb because even though we had some savings, we couldn't afford to have a house just sitting there empty. In Nestment's app, we could drop in an address and see the potential earnings based on what other Airbnbs in the area were charging per night. It even estimated how much income we could generate annually and how much each home was likely to appreciate over the years. We were also able to add my real estate agent to our homebuying group in the app. Together, we curated a list of homes worth touring, saving us a lot of time. After about 10 months of looking for the right home, Wade and I purchased a 2,100-square-foot home for $565,000. It has three bedrooms and three bathrooms. We decided to treat the purchase like a business, so we opened an LLC and split the cost evenly. We've made thousands renting out the home This is our third summer owning the home. We've now had over 30 Airbnb guests — I'm a superhost. Our rate fluctuates, but our base rate is $300 a night. In 2023, we didn't open the Airbnb for guests until the end of May. At the time, we were working with a property management company that took 25% of our earnings, leaving us with $16,126. In 2024, we earned $35,702.40, and so far, in 2025, we've already earned $9,220. Whatever we earn, we put back into the house. For example, last year, we renovated the basement. We see the home as a long-term investment, especially since it will only continue to appreciate. I love the house. I'm kind of obsessed with it. It's my first child. The home is somewhat out of town, and it feels kind of remote, but there is a Walmart about seven minutes away, so it's the best of both worlds. It sits on almost two acres, and we have a little barn. The back of the property backs up against a field that usually has wild corn or beans growing. I've been gardening, and last year, I planted trees. I'm still working on getting a hot tub up here, too. Hudson is a super trendy area. It's an old town that has had a resurgence in the last 10 years. The downtown is really beautiful, with a lot of boutiques and shops. There are also many wedding venues in the area. There's an Amtrak station in town, which we considered when we were deciding where to buy our house. If we were going to Airbnb the home, we needed it to be easily accessible for people from the city, either New York City or Boston. We set up rules for co-owning the home It's not all roses and glitter when co-owning a home with a friend, but it's mostly good. I'm really proud of what we have done. Wade and I's agreement is that we can use the home for personal use, but we can't live there. We also have an agreement on maintaining the house. If we need to repair something that's under $500, we can do it without talking to one another. But if it requires more money, we need to have a conversation about it. I do most of the Airbnb tasks, like setting up automated messages for guests and checking them in. But we also have a great housekeeper and lawn guy. Having this place is amazing. I feel like I'm truly investing in myself, and so managing the home feels more impactful and special. And going through it with a friend, somebody I trust and know is equally invested, is equally awesome. Co-buying a home made me feel more confident This year, I bought my first home on my own: a four-bedroom, two-bath home with 1,600 square feet on a quarter of an acre. It's a little bit of a fixer-upper. Right now, I am painting it. I live on the other side of the Hudson River, in Saugerties. My home is in the village, and I love my neighborhood. Modern conveniences like coffee shops, bars, and restaurants are at my fingertips. Everything's really walkable. I'm also in a place where I can build a community and make friends. There's something different about telling people you own a home. They're like, "Oh, damn." I love it. From time to time, I still find myself looking at other places and comparing them to mine, thinking, "If I were to do this again" or "The next house would have this or that." For now, I think I've got my hands full with this one. But never say never.
Newsweek
22-04-2025
- Business
- Newsweek
Florida Homebuyers To Be Given Up to $25K To Purchase House—Do You Qualify?
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. First-time homebuyers in Florida are set to receive up to $25,000 toward their purchase under a new initiative launched by real estate education company Nestment in partnership with local brokerage The Keyes Company. Considering that the median sale price of a home in Florida was $412,200 in February, the latest data made available by Redfin, and mortgage rates are still lingering close to the 7 percent mark, the money could make the difference for many potential buyers between stepping on the property ladder or continuing dreaming of becoming homeowners. Why It Matters While many parts of the Sunshine State are experiencing a price correction after the explosive years that followed the start of the COVID-19 pandemic, housing costs are still rising in Florida. Home prices remain above pre-pandemic levels while homeowners association (HOA) fees and property insurance premiums are rising, as climate change makes natural disasters more frequent and more severe. These dynamics are making it especially difficult for young people and first-time buyers to become homeowners. According to Nestment, Florida ranks 21st among all states in terms of housing affordability and has among the lowest share of millennial home purchasers in the nation. Ryan Ratliff (left), real estate sales associate with Re/Max Advance Realty, shows Ryan Paredes (right) and Ariadna Paredes a home for sale on April 20, 2023, in Cutler Bay, Florida. Ryan Ratliff (left), real estate sales associate with Re/Max Advance Realty, shows Ryan Paredes (right) and Ariadna Paredes a home for sale on April 20, 2023, in Cutler Bay, To Know The program, called NestGen, has already been tested by Nestment at the national level and it is now expanding to Florida. Applications for the program are open until May 19 for homebuyers looking to purchase a property in the near future. Nestment says on its website that it cannot reveal the exact criteria used to choose participants but confirmed that it evaluates "a combination of factors including readiness to purchase, commitment to the program, and need." Chosen participants are required to take part in at least four out of five live meeting sessions with Nestment and Keyes experts and complete the weekly actions items between sessions. These take no more than 30 minutes to complete, the company said. Participants would then have the opportunity to receive up to $25,000 in the form of a rebate upon closing on their purchase. "The criteria for who receives assistance and how much they receive depends on their specific situation," Nestment says. To be eligible to receive the assistance, participants need to work with a vetted and trusted Nestment Partner Agent. Newsweek contacted Nestment for comment by email on Tuesday morning. What People Are Saying Niles Lichtenstein, CEO of Nestment, in a statement: "We've always believed in the power of homeownership to create generational wealth. In Florida, where affordability is a daily challenge, this partnership with Keyes brings buyers the support they need—across every piece of the puzzle, and every neighborhood in the state." Christina Pappas, president of The Keyes Company, in a statement: "Buying a home in Florida is more challenging than ever—especially for young and first-time buyers. NestGen creates a space where buyers don't have to figure it out alone, with partners who are dedicated to helping them get into a home that works for them to start building generational wealth. "With our team having helped people navigate Florida real estate for nearly a century, and Nestment mission-driven to unlock ownership for more folks, participants will get honest answers, expert insight, and a personal path forward." What Happens Next The program will officially kick off on May 21 and end on June 25. Participants will have to attend weekly lessons from Nestment and Keyes experts where they will learn about the homebuying process, including what they need to do to get a mortgage and how they should budget. The sessions will take place between 5:30 p.m. and 7 p.m. ET.
