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Unique Rental Method [Raising Money]

Here is an interesting method of raising money in this uncertain time. I got this off The Online Citizen from Gilbert Goh’s post.

To raise cash, a friend of mine took the drastic step to rent out his 2-bedroom private apartment for around $2,500 during that down period and moved his whole family of four to stay with his in-law in a HDB 3-room flat. The rental amount was sufficient to repay the monthly bank mortgage with some spare change. It was a drastic step and it worked for him. His family was less stressed and life went on as normal as before. If you have have family members who are willing to let you stay with them for decent rental, such a step seems feasible and could provide you a stable monthly financial return to help you tide things over the mid term.

What is interesting is that my former project manager Dino told me about his experience where his mother-in-law and brother-in-law family all squeeze into his 5 room flat. thats almost 9 people in total if i remember correctly lol. The reasons may be partially monetary, but it shows that it can be done.

Other considerations:

  • A loss of privacy. Dun take a genius to figure out what 9 people in a 1200 square feet place can do to that.
  • Conflicts. It takes alot of understanding and patience by all parties to make it work.
  • More free time. Believe it or not, my pm used to find it difficult to have more time to spend alone with the wifey. Now, they have enough people to take care of the kids.
  • Mummy’s cooking! Healthy cheap home cook meals. Not much can beat that during tough times.

Would you do this?


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Friday 12th of December 2008

Hi Drizzt

The owner of my neighbouring unit is doing that. They live in a rented HDB but they rent out their condo, pocketing the difference.

It can be done but you have to put up with the hassle of less privacy or staying in a location that is not your preferred choice!

Be well and prosper.

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