All Forum Posts by: Ayana Miller

Hi @Liam McGoldrick! 

I have a rooming house (going on 4 years) that I have run into the same issue with in the past. I historically got the majority of my leads from Facebook Marketplace and Cozy.co. However, no matter my best efforts to be transparent about the shared kitchen, baths, and laundry, people still didn't always get it. 

Most recently, Facebook and apartments.com (I involuntarily migrated to apartments.com from cozy.co) no longer allow listings for rooming houses/shared housing. I just got off the phone with a rep today and they mentioned that they won't list these types of properties. And I'm a former FB employee who has made some noise in ex-FB product feedback groups about the marketplace issue with no success. 

So now I'm forced to double down on other marketing strategies. I came to BP to see if others had tips/platforms for marketing to this audience and found your post! I'll be following to see if others have good ideas too. 

Here's what I've used for alternative marketing to this clientele: 

- Give current tenants a discount for referrals (Very successful and also helps minimize conflicts)

- Room for rent sign in the window (Semi-successful)

- Craigslist (Semi-successful)

Welcome to the BP family! My husband (@Renard Miller and I are Hampton Roads investors and serial entrepreneurs. If you're ever interested in RE deals on the "other side of the water" (Williamsburg, Hampton, Yorktown, Newport News, Gloucester), we'd be happy to chat. 

Any updates @Will Carbonell? I'm curious to hear how things went! I'm an investor in Hampton Roads. I've invested primarily in buy and hold multi-families. Happy to chat any time, @Trenell Brown. 

Thanks, @Joe G.! Your insights definitely help. 

I like the idea of finding out exactly what the seller’s motivations are so that you’re able to assist creatively. 

Thanks so much, @Elizabeth Klingseisen! This is great insight. 

The current owner is looking to retire, so your prediction is accurate.  We have a few proposals for owner financing at varying pay off dates, down payments, and interest rates, so hopefully we’ll hear back soon! 

Hi BP! 

I am a real estate investor (multiple buy and hold multi-families) venturing into a new deal type: owner-financing! 

My team is looking at a five unit property with an asking price of $266,000. We would like to present 3-5 owner-financing choices/alternatives for him to select from. 

Does anyone have experience coming up with choices that vary along term, interest rate, purchase price, percentage down, etc.? Any other variables we should consider? Each of these variables seem fairly flexible, so we are just trying to make sure our offer is in line with seller-financing norms. 

For reference, the total rental income is ~$3500 and we are fairly flexible in how much we can put down, though less is obviously better for leverage. 

Any thoughts on how best to structure the alternatives? 

Nice Inspects is my go-to inspection company in Hampton Roads. 

 Hi Jimmy! 

We’ll let you know as soon as we get critical mass for interest in another event. Thanks for asking! 

Hi @Lola Ajilore! I just sent you a connection request. I’ll make sure to share details about our next meet-up. Thanks so much for your interest!

Love your story, @Frank Chin! I think it's a great example and I agree that the bank will likely want to see proof of funds. Credit cards typically don't qualify as proof. 

@John J.

@John J., some other sources to consider for proof of funds are: 

1. Gift from friends or family

2. Any stocks/bonds/CDs/money market funds that can be easily liquidated

3. 401k funds (you can borrow up to 50% or $50k) if you're currently under an employee-sponsored plan