Airbnb is helping some Americans keep their dream of home ownership alive by allowing them get out of foreclosure.
With all the bad press around nightmare guests and squatters, this is something great about Airbnb that isn’t covered enough.
Airbnb is Helping Some Hosts Get Off and Stay Out of Foreclosure
During the peak of the housing crisis, with rampant foreclosure across the entire country, many homeowners struggled to find a way to keep their homes. Some discovered Airbnb and it changed their lives.
Many even lost their jobs during the downturn and were unable to make mortgage payments. But being able to rent out extra rooms or couch space on Airbnb gave these owners the extra income bump they needed to avoid foreclosure and keep their homes.
Read this Fortune story about Debra Giusti on how Airbnb allowed her to take care of her 91 year old mother while staying out of foreclosure.
Do you know anyone who avoided or got out of foreclosure because of Airbnb? Share below!
It’s been said the hardships you’ve encountered in the past will help you succeed in the future…I can’t tell you how tightly crossed my fingies are for truth in this statement as my sis and I soon take a leap of faith and try to open more of our property for community use through renting with Airbnb. Our journey is still in progress and we have a really long way to go, but we couldn’t feel more passionate about it.
My families 3 acre homestead sits quietly in the middle of suburban Redmond, Washington. Surrounded by evergreens and firs, the property is resort-like with its unique “whimsical” dwellings that make the estate feel magical. The property hosts buildings built and designed by my father, mother, sister, brother and myself – our treehouse is the most noteable dwelling and has been featured on Treehouse Masters. Our “Cobbage” (Cabin & Cottage hybrid) is rented through Airbnb and has saved my family from losing our property to foreclosure.
One of the hardest realizations my sister and I have dealt with after our Mother passed away abruptly in 2015 from stage 4 colon cancer, (besides heartbreak of course), was that parents keep secrets. Specifically secrets about finances to safeguard their kids from stress and worry… It’s much easier to pretend everything is alright then to have a frank conversation about the truth, even when your kids become adults… In January of 2016, my sister and I found out by a final notice posted on the front door, that our families property was on foreclosure – we had less than 3 hours to file for a mediation before our 3 acre homestead was given up for auction..the treehouse and all. After a long and challenging process, we halted the foreclosure and were able to renegotiate my parent’s mortgage. High Fives! Simply wonderful… but a negotiation isn’t a total win when your grief-ridden parent is living off of social security, trying to pick up the pieces with their teeny-tiny startup company, and have no retirement savings in sight. With those factors considered during the mediation, we were shocked when the negotiated mortgage value was presented to us- It was still so far out of our reach. We had no idea that one year before my mother was diagnosed, my parents put their mortgage on a fast-track, paying 7k/month on a shorter contract (our father’s business was doing well during that time and had promise for a successful future). After her diagnosis, my father sort of lost it- He stopped working and frantically put all of his attention towards trying to cure her cancer, find new therapies, diets – anything that could help her go into remission. She past away a year later and our family was devastated. My mother was in charge of handling the finances and we never had insight in to what those finances looked like…
When you experience a tragic loss, your body and mind autopilot into survival mode. Grief sits heavy in your core and simple tasks become difficult – you’re vulnerable. For our Dad, everything became difficult. There truly isn’t much advice anyone can give to prepare you for parenting your parent when they no longer are capable of adulting themselves and having responsibilities. All of a sudden, in the heat of your own pre-30 crisis, you find yourself parenting a giant man-baby, who you once came to with all of your problems…. and BAM you are now THE responsible adult. There isn’t a simple way to deal with this (unless you’re made of money). You just have to dive in, freak out and deal with it the best way you can- with love in your heart and a home you can rent on Airbnb. <3
When something bad happens, you have three choices- you can let it define you, let it destroy you, or you can let it strengthen you. My sister and I (our brother passed away in 2004 from a TBI) decided that this hardship wasn't going to take more away from us. If we could keep the property, we could keep my brother and mother's spirits alive – We were going to fight every threat and everyone who wanted to take it away from us. We sold as many tangible assets as we could to make the monthly payments for my dad as he started picking up his own pieces with his company. Thankfully, the success of renting our cobbage on Airbnb, blessed us with the ability to make every monthly payment and pay my fathers electricity bill.
Except for this month….. We have had no renters, and do not have any bookings the rest of the month. My sister and I are frantically trying to promote our Cobbage, sharing on social media platforms, at work and trying to create as much awareness as possible in hopes that we can rent the rest of the month out to make the $3,787 mortgage payment.
If thre are any other platforms. suggestions you may have to help us promote our place, please let me know. This is the link to our Airbnb (https://www.airbnb.com/rooms/4475574)