Billboard house helps homeowner beat foreclosure
2/20/2012
Ivan Radford
Photo credit: Brainiacs
from Mars
Property conversions are commonplace, from loft extensions and
conservatories to even adapted churches and former offices, but one Californian
homeowner transformed his house into something else entirely: a billboard.
Scott Hostetler, who has lived in Buena Park for 18 years, applied
for a scheme with advertising company Brainiacs from Mars
last year. In exchange for the payment of the monthly mortgage, he would paint
his family's house bright green and orange and display the firm's logo above
the front door.
The odds of being chosen were slim but last month, Scott heard
back from the Brainiacs - and told his family the unexpected news. Now, the
Hostetler's $2,000 mortgage will be paid for a minimum of three months as they
use the extra money to pay outstanding bills and replace the family car.
While the reaction from neighbours was mixed, Romeo Mendoza, CEO
of Brainiacs of Mars, is pleased with the response. "We're here to help the
homeowners," Mendoza told AOL, insisting that the programme could support many
US residents struggling to avoid foreclosure.
The
Hostetler's house before the new paint job
Photo credit: AOL
Real Estate
The company is already planning another 100 billboard-homes across
the country, depending on where zoning laws prohibit advertising on
residences. And the scheme won't be
short of properties: 38,000 people applied for the paint job alongside The
Hostetlers, according to AOL
Real Estate, as people prove determined to maximise any potential income
from their property.
The demand for profitable real estate is high in other countries
too. Homes in the UK may not be dipped in neon paint, but investors are equally
keen to capitalise on the UK's high rental rates, with a surge in buy-to-let interest
reported by mortgage companies.
Buy-to-let activity rose at
the end of 2011, Paragon Mortgages told Property
Talk Live, with the sector now accounting for 23.3 per cent of the
company's business. The report follows a survey from lettings agency Upad,
which found that 70 per cent of landlords are more confident about the UK
buy-to-let market in January than they were at the end of last year.
Asking 592 landlords whether they were more or less confident
about the buy-to-let market in January compared to the previous month, a total
of 411 respondents highlighted rising tenant demand, high rents and reduced
housing stock as the main reasons for boosting their confidence in the market.
James Davis, CEO of online lettings agent Upad comments:
"By conducting this Private Rental Sector Health Check we
gain great insight into the optimism of landlords in 2012. Indeed, more and
more people are choosing to rent as they struggle to get on the property ladder
and with and estimated double-digit increase in the number of people who will
choose to become ‘professional tenants' this year, landlord confidence in 2012
is on the up."
Brainiacs from Mars are making a big splash in America, but as
investors flock to find money in UK rental property, the buy-to-let market
doesn't need a brush to paint a bright picture for 2012.
Bristling with excitement for a new property?
Brush over our listings of overseas houses and apartments and other buy-to-let property:
http://investment.themovechannel.com/property/buy_to_let/