My name is Stephen and I am, like most, greatly interested in investing in real estate. I have been using Bigger Pockets for a short time now, as this is my first post. I am in my first year as a Licensed Real Estate agent and live just outside a resort town with Glacier National Park only a couple miles away. As I've seen else where in the nation, the area I live in is booming and the market is very hot and very expensive. As I look around I am not sure how and where to invest with these conditions, or should I invest at all at this time. I sure do appreciate anyone's advice and help as I begin this journey.
Real Estate Agent · Evergreen, CO · Member since 2015 · 126 posts · 73 votes
7y
Hi Stephen,
I just noticed your post and see that no one has responded to it yet. I hope that hasn't deterred you from continuing your interest in real estate investment. It's kind of a broad question, but I will try to tackle it. As noted in many of the BP podcasts, while your market may be expensive, there are often markets close to yours that offer opportunities at a more "affordable" price. Affordability is obviously a relative term so you need to figure out what that means for you.
There are many ways to start. e.g. If you don't have a family or are open to delayed gratification, you could purchase a house hack and rent out rooms to others who will help pay your mortgage. Or buy a multifamily outside your preferred area, but in an area that works for your life and also provides investment opportunity. You could also look out of state or to other portions of MT and just make sure you factor in a property management fee when analysis properties. Net net, there is always a way to make a deal work, it just depends on how bad you want it.
"If you aren't taking action to achieve your goal, you don't really want it." I heard this quote the other day and I think it speaks volumes.
So again, I don't know your financial situation, but there are many creative ways to solve this if you really want it. Now if your question is in relation to the market conditions and if they will continue to grow etc. That's the million dollar question. But one that doesn't really matter if you buy right. What I mean by this is buying a property that offers enough room in equity, cash flow, etc. to the point that you can still be positioned correctly regardless of market fluctuations. This sometimes means it might take longer to find a deal, but they are possible to find.
I'm guessing you live outside Whitefish somewhere given your reference to being outside a resort town. I actually own a property in Whitefish and yes it's a tough marketing. Property values are high compared to the potential rents. But again, as previously mentioned, there are other options especially if you look outside of Whitefish.
Real Estate Investor · Plumas county, CA · Member since 2011 · 150 posts · 88 votes
7y
Im originally from Kalispell and bought my first investment property there in 1974...for a whopping 6k! A few years later bought a house on a double lot in Whitefish for 23,500. Out of curiosity I looked the Whitefish house up , its worth over ten times what I paid for it, and the extra lot was sold off to pay for my college education way back then. If I were starting over up there I would look into a duplex, live one side, rent the other. Best of luck to you! Sure is a beautiful place!