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Business Insider
6 days ago
- Business
- Business Insider
Three friends, one mortgage: How a group of Gen Zers bought a home together before turning 25
This as-told-to essay is based on a conversation with Cole Flynn, 26, and Stefan Gollisz, 25, who co-bought a home in Tampa, Florida, with their friend Scott McKinnon, 25, in 2023. The conversations have been edited for length and clarity. Cole Flynn: Stefan, Scott, and I went to the same high school. Scott was a year younger, but we played sports with him, and after graduating, we stayed close throughout college. Stefan Gollisz: We all studied economics and finance in college and have a pretty good understanding of the stock market. Flynn: Scott is a consultant at Deloitte. Stefan and I work at a wealth management firm in Long Island, New York. We mainly advise clients on asset allocation, portfolio management, and financial planning. Sometimes I work with clients who are too heavily concentrated in certain assets, which isn't ideal from a risk management perspective. Many of them will end up diversifying their assets by investing in various types of real estate. Gollisz: We each had some money in the stock market, but also decided we wanted to get into real estate. However, individually, none of us had the money to purchase a property on our own. That's why the idea of co-purchasing a home looked appealing to us. Flynn: We knew we were a strong group of friends and worked well as a team. So we figured that if we bought a property and committed to doing what was needed, over the next 15 to 30 years, we could eventually walk away with a highly appreciated asset. Co-buying made homeownership possible Flynn: We closed on a home in Tampa for $357,500 in August 2023, with a mortgage rate of 7.625% and a monthly payment — including principal and interest — of $1,898. We formed an LLC to make the purchase since securing a traditional loan as co-buyers is more difficult. During the process, a lender advised us to make a 25% down payment. We split it three ways, which came out to about $30,000 each. At the time of purchase, I was 24 and Stefan and Scott were 23. Gollisz: After college, we worked for about two years and lived at home, which helped us afford the down payment. We also had investments in the stock market. Flynn: Still, we each didn't have $90,000 lying around, so splitting the down payment made it possible. It's the kind of thing you can really only do when co-buying. Going into this, we didn't understand the homebuying process. I didn't know how to find a lender, form an LLC, or find an agent in an area so far away, like Tampa. We ended up working with Nestment. We used their software to research up-and-coming real estate markets throughout the country. Once we zoned in on Tampa, they introduced us to the agent who showed us properties over FaceTime. They also helped us form an LLC and connected us with lenders. We've taken some losses, but we're optimistic Flynn: The home is a three-bedroom, three-bathroom condominium located in a private gated community with shared amenities like a gym and pool, near the University of South Florida campus. The location gives us dual exposure; it's close to the city and near a college campus. If the real estate market in Tampa tightens, renting to college students could be a reliable fallback. Gollisz: We all have full-time jobs and don't want the hassle of managing an Airbnb every weekend or hiring a property manager. So, we decided that long-term rentals were better suited for the home. Flynn: While Stefan and I still live in an apartment in Long Island, Scott is temporarily living in the house. He got married in 2024, and he and his wife are paying rent as they wait to buy their own home. After they move out, we will continue to manage and rent out to tenants. Gollisz: Between November 2023 and November 2024, a group of military-affiliated students rented the entire home, paying $2,100 a month. Flynn: Some months, rent was about $200 short, so the three of us had to chip in a few hundred dollars over the year. Operating at a slight loss has had its tax benefits, so it hasn't been a complete setback. Plus, we expect to see appreciation in the Tampa market. Once interest rates come down, the plan is to refinance. That should help us have a positive monthly cash flow. Overall, we're optimistic and confident. Real estate is a long-term commitment — we have a 30-year mortgage, so we're staying focused on the big picture. As co-owners, important to have a plan and stay organized Flynn: We have a separate bank account under the LLC, which is linked in our apps. This keeps things organized and allows us to monitor the business whenever we need to. We've also divided up all the responsibilities for the property. Scott handles the tenant relationships, which include dealing with complaints and rental payments. Stefan is in charge of paying the mortgage to the lender. My job is managing maintenance. We track all home-related expenses in a spreadsheet and settle payments every few months. For example, if I put down a couple of hundred bucks for fixing the faucet, or Scott — especially since he's living there — does a home project, or Stefan pays for the internet for the quarter, we'll say, "Hey, I paid or am owed a couple of hundred dollars" and we'll make ends meet with everybody. Gollisz: So far, our biggest expense for the home has been installing an entirely new air conditioning system, which cost about $7,000. We split the cost evenly. We want to keep investing in real estate as a team Flynn: I think the goal for all of us going in, and it still remains, is for this to be a side business that can help supplement our income and build up our net worth outside our 9-to-5 jobs. We all understood that this is going to be a long-term relationship, and there has to be constant communication. We all trust each other to put our heads down and do the work when needed. Gollisz: I do recommend co-buying with friends. Buying alone can be very daunting, especially when you're young, but it definitely feels less scary and more achievable with friends. I think our friendship actually grew more by being business partners. Even though Scott moved down South and we don't see him as much, we keep in touch by talking about the property. And when he comes back to New York every couple of months, we get together and rehash. We're very excited about the property's future. We're continuing to build equity in it each month. The idea is to roll over equity from the home into another investment property — hopefully, we can do this together.
Yahoo
23-07-2025
- Business
- Yahoo
I'm a café owner who bought our whole building. Renting out the top floors on Airbnb made me over $100,000 to support my business.
Isreal Adeyanju co-owns Kọ Café, a West African coffee shop in New Jersey. In 2023, when the building housing the café went up for sale, he and his friend bought it together. They turned the building's apartments into Airbnbs, charging guests between $140 and $175 per day. This as-told-to essay is based on a conversation with Isreal Adeyanju, 32, a coffee shop owner and Airbnb host in Jersey City, New Jersey. In 2023, Adeyanju and his friend Samuel Osei-Afriyie, both partial owners of Kọ Café, purchased the building where they had been leasing space for the coffee shop. They partnered with Nestment, a real estate company, to help facilitate the purchase. Adeyanju, an entrepreneur, now works as a consultant with the company. The conversations have been edited for length and clarity. I'm a partial owner of Kọ Café, a name derived from Yoruba that means "to build." We're a West African coffee shop in New Jersey selling everything from basic coffee, tea, and smoothies to sandwiches, samosas, and Nigerian meat pies. The business launched in 2023 with five founders: me, my brother, my cousin, and two of my friends. At first, we leased the café space as tenants for $1,400 a month. However, we learned that the 3,600-square-foot building, which has two residential apartments above, was going to be listed on the market. My friend Sam — also a co-owner of the café — and I decided to put an offer on the property. Sam and I depleted our funds when we renovated the café, so we initially planned to raise funds to finance the purchase. At first, we connected with a Black venture capital group. A deal didn't work out, but one of the firm's partners connected us to a real estate company called Nestment. Nestment acted as our co-buying support team during the buying process. They helped us find the right investors and connected us with lenders. The company also ended up co-investing in the building. Sam and I made an offer of $740,000 for the property, which was accepted. We own 85% of the building, while investors, including Nestment, own the remaining 15%. (Nestment also received a portion of the commission from the seller's agent.) To finance the purchase, we secured a debt service coverage ratio (DSCR) loan with a principal of $555,000, and our monthly mortgage payment is $5,900. Our Airbnb income helps cover the mortgage We've been renting out the residential units above the café since 2024. They're both three-bedroom, two-bathroom apartments, each about 1,200 square feet. In the beginning, we offered short-term rentals, but have since pivoted to mid-term stays. We've found them to be more financially successful and better aligned with the evolving Airbnb regulations in our area. Our rentals typically last 28 days to a month and cost between $140 and $175 per day on average. To date, we have earned more than $100,000 in Airbnb rental income, which we've used to supplement our mortgage. We've welcomed a wide range of guests — from college students and digital nomads to groups of co-workers. However, the majority of our guests tend to be families, often in the area to either visit their children at college or help them settle in as they begin their studies. Our guests get discounts at our café, so the building operates almost like a bed and breakfast. It's cool for them to be able to grab breakfast and lunch downstairs. You need trust to co-buy with a friend When buying a property with a friend, I think the first and most important thing is trust. It was critical for us — especially in the beginning — because a lot of capital was being pooled into a shared account. The next important thing was understanding each other's individual goals. Sam and I both recognized that this was a key investment, not just for our future portfolios, but also to ensure the long-term security of our café. We also had to have a plan for covering expenses over time. When we bought the property, we opened a zero-interest credit card, which I highly recommend to anyone buying a home. We put most of our initial renovation costs on that card and have continued to use it for maintenance expenses as well. As time goes on, we rely on our reserves to cover ongoing costs, so we haven't had to pay out of pocket for any expenses. Having a plan for rental management is important, too. In the beginning, we decided to split the responsibilities for managing the rentals. However, about six months in, I took on most of the management, as my schedule is more flexible. To simplify the process, we use a lot of apps and AI tools, though we also use the built-in features on Airbnb, such as automated responses, which have helped us minimize much of the back-and-forth communication between guests. Real estate investing feels less overwhelming with a co-buyer This building is the largest asset that I own, although I do own five properties altogether. Buying the building has opened up a new season for me — one where I want to do more cooperative deals, maybe with friends who want to invest or who have capital but are hesitant to invest on their own. I do think that it feels better when you're investing in real estate with somebody else. You're willing to take on more of a risk because you know that if something goes wrong, somebody is going to be there with you. Beyond my real estate portfolio, owning the building has significantly benefited the café. We don't have to worry about our rent doubling, which is a common concern for many small businesses. Having ownership has also been a huge advantage because it gives us more control over what happens here. We organize a variety of events, from open mic nights and podcasts to workshops on career advice, real estate, and technology. Our vision for the café and the building was to create a space that could bring people together, and we've done just that. Axel Springer, Insider Inc.'s parent company, is an investor in Airbnb. Read the original article on Business Insider Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
22-07-2025
- Business
- Business Insider
I'm a café owner who bought our whole building. Renting out the top floors on Airbnb made me over $100,000 to support my business.
This as-told-to essay is based on a conversation with Isreal Adeyanju, 32, a coffee shop owner and Airbnb host in Jersey City, New Jersey. In 2023, Adeyanju and his friend Samuel Osei-Afriyie, both partial owners of Kọ Café, purchased the building where they had been leasing space for the coffee shop. They partnered with Nestment, a real estate company, to help facilitate the purchase. Adeyanju, an entrepreneur, now works as a consultant with the company. The conversations have been edited for length and clarity. I'm a partial owner of Kọ Café, a name derived from Yoruba that means "to build." We're a West African coffee shop in New Jersey selling everything from basic coffee, tea, and smoothies to sandwiches, samosas, and Nigerian meat pies. The business launched in 2023 with five founders: me, my brother, my cousin, and two of my friends. At first, we leased the café space as tenants for $1,400 a month. However, we learned that the 3,600-square-foot building, which has two residential apartments above, was going to be listed on the market. My friend Sam — also a co-owner of the café — and I decided to put an offer on the property. Sam and I depleted our funds when we renovated the café, so we initially planned to raise funds to finance the purchase. At first, we connected with a Black venture capital group. A deal didn't work out, but one of the firm's partners connected us to a real estate company called Nestment. Nestment acted as our co-buying support team during the buying process. They helped us find the right investors and connected us with lenders. The company also ended up co-investing in the building. Sam and I made an offer of $740,000 for the property, which was accepted. We own 85% of the building, while investors, including Nestment, own the remaining 15%. (Nestment also received a portion of the commission from the seller's agent.) To finance the purchase, we secured a debt service coverage ratio (DSCR) loan with a principal of $555,000, and our monthly mortgage payment is $5,900. Our Airbnb income helps cover the mortgage We've been renting out the residential units above the café since 2024. They're both three-bedroom, two-bathroom apartments, each about 1,200 square feet. In the beginning, we offered short-term rentals, but have since pivoted to mid-term stays. We've found them to be more financially successful and better aligned with the evolving Airbnb regulations in our area. Our rentals typically last 28 days to a month and cost between $140 and $175 per day on average. To date, we have earned more than $100,000 in Airbnb rental income, which we've used to supplement our mortgage. We've welcomed a wide range of guests — from college students and digital nomads to groups of co-workers. However, the majority of our guests tend to be families, often in the area to either visit their children at college or help them settle in as they begin their studies. Our guests get discounts at our café, so the building operates almost like a bed and breakfast. It's cool for them to be able to grab breakfast and lunch downstairs. You need trust to co-buy with a friend When buying a property with a friend, I think the first and most important thing is trust. It was critical for us — especially in the beginning — because a lot of capital was being pooled into a shared account. The next important thing was understanding each other's individual goals. Sam and I both recognized that this was a key investment, not just for our future portfolios, but also to ensure the long-term security of our café. We also had to have a plan for covering expenses over time. When we bought the property, we opened a zero-interest credit card, which I highly recommend to anyone buying a home. We put most of our initial renovation costs on that card and have continued to use it for maintenance expenses as well. As time goes on, we rely on our reserves to cover ongoing costs, so we haven't had to pay out of pocket for any expenses. Having a plan for rental management is important, too. In the beginning, we decided to split the responsibilities for managing the rentals. However, about six months in, I took on most of the management, as my schedule is more flexible. To simplify the process, we use a lot of apps and AI tools, though we also use the built-in features on Airbnb, such as automated responses, which have helped us minimize much of the back-and-forth communication between guests. This building is the largest asset that I own, although I do own five properties altogether. Buying the building has opened up a new season for me — one where I want to do more cooperative deals, maybe with friends who want to invest or who have capital but are hesitant to invest on their own. I do think that it feels better when you're investing in real estate with somebody else. You're willing to take on more of a risk because you know that if something goes wrong, somebody is going to be there with you. Beyond my real estate portfolio, owning the building has significantly benefited the café. We don't have to worry about our rent doubling, which is a common concern for many small businesses. Having ownership has also been a huge advantage because it gives us more control over what happens here. We organize a variety of events, from open mic nights and podcasts to workshops on career advice, real estate, and technology. Our vision for the café and the building was to create a space that could bring people together, and we've done just that.
Business Insider
12-07-2025
- 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.
