How to Avoid Foreclosure with Furnished Apartment Rentals
If you have made it this far without being foreclosed, it would be a shame to succumb to it this late in the day. If you’re caught up in that downward spiral, there is hope even if it doesn’t seem like it. If you have a nice furnished apartment in a decent area of town, there might be no reason to give it up.
Ever thought of renting it out? Not to students, or to people that might trash your home, but to corporate clients who will respect it as much as you. The corporate rental market is still alive, even if the rest of the property market isn’t. Renting your apartment to a corporate client can keep you solvent, as long as you have somewhere else to stay while the property is rented.
Herman Suarez of Cherry Creek, Denver did just that last year.
“I lost my accountancy job in 2010, which made making payments difficult. I had savings to keep me afloat for a while, but it wasn’t going to last forever. I lived alone, so had no other income to fall back on and couldn’t sell the apartment for anything near what I owed.
“A buddy of mine suggested renting it out to keep the payments up. That meant staying with my mom in Aurora, but it also meant I could keep on the right side of foreclosure. My place was in the right part of town, near the business district, conference areas and main metro route. It had plenty to do around it, bars restaurants clubs and malls. It was why I chose it in the first place. I could walk to work from there, which meant someone else could too.
“I approached a corporate lettings agent who handled the details. I had to redecorate and get some sundries in, but my furniture was all new. Some paperwork, insurance and contracts later we were ready to go.”
If you live in a nice part of town and own a property that a corporate client may want to lease, this could be your story too. Corporate rentals are on the up as many companies find hotel rooms too claustrophobic and too expensive. In organizations where people have to travel around, businesses are always looking for more, for less.
That’s where corporate housing comes in. It offers much more for considerably less. If you have a furnished apartment or small family home, this could be a way to avoid foreclosure and keep your home. Herman’s story isn’t an unusual one. Many people around the country are finding innovative ways of making payments to avoid the banks.
Herman concludes, “One year later, I still have my apartment even though I don’t have a job. I’m staying with my mom, which is a challenge after so long alone, but we are surviving. It’s a case of making it through and coming out the other side stronger than when you went in.
“I was lucky enough to have a nice furnished apartment to rent to companies, but I’m sure renting out your home is possible wherever you live.”