All Forum Posts by: Alex Mattson

@Alex Mattson I think if you want to move away then probably I'd just sell. If your area is fairly remote it may be hard to find reliable, affordable help to clean and manage the existing property plus cabin as a STR. I'm in a small but decently populated area and it's apparently a bit of a struggle to get good help to maintain STRs here, there's about 20,000 people in the area.

That way you'll get a fresh start moving forward and can decide on what type of REI you want to pursue. In a lot of areas a couple hundred thousand dollars if that's what you'll end up with can go along way towards down payments on different properties. Especially if you're able to do a low down payment house hack on one of them. It's not for everyone but definitely can be worth it for a years worth of living.

I have taken that into consideration. I know there is a local property management company that works with quite a few of the STRs in the area and deals with the cleaning. If I moved away, I might look into that. The population of the whole county is around 4,000 people so it definitely would be hard to find good help.

Yeah, I think a few hundred thousand would go along ways if we decide to go that route.

0 Votes

Missoula, Montana

Quote from @Abbey Humphreys:

I think the best move for you is to choose one or the other, not both- a property (cabin) that works with your lifestyle or a more "full send" investment property. Also, it's quite a bit simpler to get financing for a property that isn't rural and is also able to be utilized as a full-time rental.

Thank you. That's what I'm trying to figure out. I have some time to figure things out. I doubt I'd be moving by then end of the year if I decided to go that route.

1 Vote

Missoula, Montana

Quote from @Cynthia Miller:

I'd keep the property. Would you be able to qualify for a new loan on the multi? If so I'd do that rather than take out equity on the ranch.

There are loans that will use the income from the multi unit.

I haven't looked into it. I think I would be able to when I get to that point in time.

0 Votes

Missoula, Montana

I've been looking to get back into real estate investments. I've spent the last couple months listening to podcasts, watching YouTube videos on investing, and reading books from Rich Dad, Poor Dad to Rental Property Investing to The Book on Investing in Real Estate with No (and Low) Money Down to Tax-Free Wealth. I live in Mineral County, Montana on 38 acres that border Forest Service. There are quite a few short term rentals in this area, including a luxury STR property right down the road. I was thinking of building a small cabin or something out in the back of my property for STR. I think that a STR would do decent considering the location. I'm also planning to move out of here though and have been trying to figure out what to do. The properties that have been selling in my area have been sold for a 150% to 400% more than what they were bought for or were worth 5+ years ago. I've been considering selling if I could get what I wanted out of it, but I've also thought about pulling out a couple hundred thousand in equity to use to buy a multi-family property or two and then renting out the house while also having a STR on the property. What would all of you advise? I'm all ears. Thank you.

0 Votes

Missoula, Montana

All Forum Posts by: Alex Mattson

Alex Mattson has started 1 posts and replied 4 times.

Post: Looking for advice on what route to take

Post: Looking for advice on what route to take

Post: Looking for advice on what route to take

Post: Looking for advice on what route to take