All Forum Posts by: Keith Miller

Did you talk to a commercial lender at a bank, or a mortgage broker? With your unique situation, I'd focus on talking to mortgage brokers, as they have a lot more flexibility since they can shop around your mortgage to different banks. I'd start with that, talk to Pat McGowen in Bozeman for a recommended mortgage broker, he runs the Bozeman Investing Meetup. 

Then you may be able to find a fixer upper between Bozeman and Big Sky that you could house hack with, I still think that's a slam dunk strategy, if you can find a house in your budget. 

Found this really interesting article on the increase in construction, showing that in the West, construction of single and multifamily is up almost 20% year over year (Link). To look more specifically at Missoula, CRE's 3rd quarter report showed that just under 1,200 permits have been issued in Missoula County, and that was at the end of September. We'll likely be closer to 1,500 by the end of the year if the trend continued since September (Link). 

When I've talked to a few property managers and developers, they've all uniformly said that it will be a drop in the bucket, since our total deficit of housing is over 2,400 units, and many of these permits will take years to build (Link). 

I'm just curious what everyone on here thinks. I'm still buying myself, I just bought a single family and have submitted my permit for a backyard ADU, but I'm wondering what everyone else is thinking.

Our speaker this month is Paul Burow. Paul is the General Manager of Professional Property Management, one of Missoula's largest property management companies. Paul has a long history managing construction, and has experience in very large construction projects. As a property manager, he has an excellent sense of the current state of the market, and can share information on data around vacancies, market rents, etc.

The Missoula Real Estate Meetup has three main goals:

1. Learn more about the Missoula Market

2. Make authentic connections

3. Share strategies and information

As always, there will be no selling of any products or services, and it's always free to attend.

We meet the third Tuesday of every month at the Highlander, at 6:00 PM.

Learn more at https://missoularealestatemeet...

Ton's of jobs here in Missoula Montana, and a great real estate community to join, come on down!

Great question, I'm not super informed about this specific situation, but I can recommend Kevin Jones as an affordable and highly knowledgeable real estate lawyer in Missoula, he'd definitely be able to answer this for you. Sorry I couldn't be more help!

Woops, I accidently pasted in our speaker from last month. This month, we have Jared Kuehn from First Security Bank. NOTE- The 14th is the second Tuesday of December, not the third when we usually meet.

Jared is a commercial lender with First Security Bank, and knows the ins and outs of securing loans. He will share common issues investors run into, and identify successful strategies in this unique market.

Couldn't agree more man! I'm just about to submit a permit for a backyard ADU for a house I'm buying on Thursday, and I am not excited for the process of pushing it through the city. It takes forever and a requires way too much effort. Unless you call frequently, it just sits on people's desks.

But I've heard the same as you, if you're trying to do any sort of actual development, you better have a LOT of patience. A subdivision taking years seems like the standard. 

I just wanted to start a thread specifically for Investors in Missoula Montana. 

I'll start by sharing this really interesting article on the fundamentals of the Montana housing market, and why we're seeing the spike in prices. 

https://montanafreepress.org/2...

Our speaker this month is Leslie Laird, the Vice President at Juniper Capital. Juniper Capital is a lender in Missoula that offers a variety of different loans, including hard money. She is experienced in lending and will offer us a unique perspective on the current state of the lending industry.

The Missoula Real Estate Meetup has three main goals:

1. Learn more about the Missoula Market

2. Make authentic connections

3. Share strategies and information

As always, there will be no selling of any products or services, and it's always free to attend.

Feel free to bring any guests, see you there!

Sweet dude, I appreciate you laying all the numbers out, that's super helpful. What were some of the things you learned from buying this house and the rehab?

Also, you wrote two different purchase prices for the house, are those two numbers the price you bought it at, and what its worth today?