"After years of spending thousands of dollars a month on rent, longtime New Yorker Selena Lounds figured it would be more cost-effective to buy a home. But she still had reservations. "I was scared to do it by myself and worried about making the wrong decision," Lounds told Business Insider. By 2021, she had reached a point in her career where she had the extra money to invest. But as a single woman, her biggest concern was taking on a big financial commitment alone."
"Fortunately, her friend Wade Jensen was also looking for an investment property around the same time. The pair decided to buy a home together. After months of house hunting, they formed an LLC and bought a 2,100-square-foot home in upstate New York in 2022 for $565,000, splitting the costs evenly. They turned the three-bedroom, three-bathroom property into an Airbnb, which has brought in a little over $90,000 in revenue since May 2023."
Selena Lounds, 46, partnered with her best friend Wade Jensen to buy a 2,100-square-foot home in upstate New York in 2022 for $565,000. They formed an LLC, split the down payment and mortgage, and converted the three-bedroom, three-bath property into an Airbnb. The rental generated a little over $90,000 in revenue since May 2023, and earnings are reinvested into the property. Co-ownership reduced individual financial risk, shared renovation and property-management duties, and made qualifying for a loan more manageable. Co-ownership also required compromises on major decisions and close coordination on expenses and long-term plans.
Read at Business Insider
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