Buy & Hold wisdom for Great Falls, MT

[Corey Stubbs]

I have been in construction and property management for almost my whole life and now I'm investing in properties for myself. We've accomplished several flips and now we are tackling our first BRRRR project to start our B&H's that we plan to continue growing in the Great Falls, MT area. I'm no stranger to real estate investing or the problems that come from having tenants, but I'm seeing the tenant problems from the position of a PROPERTY MANANGER. What are some things you have learned being a LANDLORD in this area? What are the challenges you faced and how did you overcome them? I am currently a recruiter for the Montana Air National Guard and as such I love telling my story and hearing the stories of others as I continue building my network. Thanks for checking in and I hope you have a great day!

[Kendal Lamb]

@Corey Stubbs I agree with @Josh VanSetten screening is the most important. As a landlord, we show all available units. While my husband takes the potential tenants through the property I sneak out and peek inside their car windows. If their vehicle is a mess then I know they will most likely be a messier person. With that being said there are times my car can get messy even though I am a very clean and orderly person. 

We use Rentredi to ensure rent is paid by a certain time, and if it isn't there is an automatic late charge. This takes away tension when you have to tell your tenant they are late and you will be charging a late fee. We are very upfront with our tenants and lay down the expectations. (sometimes they don't read the lease and it's good to get information across verbally.)

We have had very good tenants just by doing these small things. They are respectful and understand that this is a business for us.

As far as Great Falls I would recommend doing some research on section 8 tenants and learning more about it. Maybe even get in contact with a property manager in Great Falls and ask them some questions. There is quite a bit of section 8 housing in Great Falls. The more you are educated with section 8 the more you will understand that it's not that bad.