Creative FinancingMaya Roney
Struggling to pay your mortgage? Try making your home work for you. That’s what Los Angeles-based publicist Darren Shuster did— by turning his house into an advertisement.
Shuster found a corporate sponsor— Swedish VoIP company Rebtel.com—that was willing to pay him $75,000 to turn his home into “the world’s first telecom-sponsored home in America.” Logos will be placed around the house and it will be painted company colors.
“It took me a year to get the company into the idea, and I was just trying to use my creativity to pay the mortgage,” Shuster says. He bought the home from his father last year with an 80/20 loan, one that allows the buyer to take out a first loan for 80% of the purchase price and another (the “piggyback”) for 20%, with no money down. Shuster’s monthly payment is about $4,000. “The 75k will go toward my mortgage payment and has made a big difference already,” he says.