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All Forum Posts by: Keith Miller

Keith Miller has started 93 posts and replied 205 times.

Post: July Meetup for the Missoula Real Estate Meetup

Keith Miller
Posted
  • Developer
  • Missoula MT
  • Posts 216
  • Votes 81

Our next Missoula Real Estate Meetup will be on July 16th, and our speaker is Connor McMahon from Sterling CRE. Connor has extensive experience as a Commercial Real Estate Agent, and Sterling CRE does an excellent job of gathering current data. He will share updated data on the Missoula market across all asset classes, with a particular focus on multifamily.

Hope to see you there!

The Missoula Real Estate Meetup has three main goals:1. Learn more about the Missoula Market2. Make authentic connections3. 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. We usually have 30-40 attendees.

Post: property management in Missoula, MT

Keith Miller
Posted
  • Developer
  • Missoula MT
  • Posts 216
  • Votes 81

I run the meetup in Missoula and would recommend Professional Property Management, or Plum, they're two of the best from my experience. 

Post: June Meetup- Jared Kuehn

Keith Miller
Posted
  • Developer
  • Missoula MT
  • Posts 216
  • Votes 81

Our speaker this month is Jared Kuehn. 

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

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. We usually have 30-40 attendees.


Post: May Meetup- Missoula Real Estate Meetup

Keith Miller
Posted
  • Developer
  • Missoula MT
  • Posts 216
  • Votes 81

Our speaker this month is Sarah Kassem. Sarah is a coastal and river engineer with over 10 years of experience in flooding analysis and mapping. She will be discussing flood hazard and climate change considerations for real estate investing and development, give an overview of the FEMA flood insurance program and how to access and read flood maps. She will also go over flooding issues specific to Missoula and talk about things to look for when assessing flood risk at your property.

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. We usually have 30-40 attendees.

Post: How would you structure lot sales commissions for a subdivision?

Keith Miller
Posted
  • Developer
  • Missoula MT
  • Posts 216
  • Votes 81

Thanks for all of the advice and feedback, I really appreciate it! I'll talk to you soon 

@Chris Gray

Post: Missoula Real Estate Meetup- March- Josh Plum

Keith Miller
Posted
  • Developer
  • Missoula MT
  • Posts 216
  • Votes 81

Our next Missoula Real Estate Meetup will be on April 16th, at the Highlander at 6 PM. Our speaker is Tyler Gernant, who is the Missoula County Clerk & Recorder/Treasurer. Tyler will be sharing his insight on property taxes and how to challenge them if you would like to. In addition, he has extensive information on the development pipeline in Missoula County, and will share what is coming in the near future.

Hope to see you there!

Notes from our last speaker, Josh Plum, are below.

We have a new sponsor for the Missoula Real Estate Meetup, Burnich Cabinets! Burnich Cabinets sources from national cabinet manufacturers to meet project budget and finish requirements. They also have a range of countertops from post-form laminate to custom tops. They've installed cabinets for projects ranging from high-end custom single-family to 600 units. Feel free to visit our showroom at 200 Raser Dr.

https://www.burnich.com/
Burnich Business Card Logo
Josh Plum Presentation Notes- 3/23/2024 Notes taken by Keith Miller, all mistakes or omissions are my fault alone.
  • Started Plum Property Management in 2009, now has a team of 23.
  • Was part of the MOR data team for the Annual Housing Report, which tracks 3,000 rentals. Working on doubling that number for next year.
  • They collected data and reported on trends for the entirety of 2023, which are below:
    • Vacancy spiked to 7.5-8% at the end of the year, from a lot of new units hitting the market.
    • 4% is the current vacancy rate, but it’s actually 2% if you take away the new units that recently hit the market.
    • Most new units are 1-2 bedrooms.
    • The demand is highest for 2 bedroom units.
    • For single family homes, there was a 15% reduction in homes for rent. There were a lot of “Accidental Landlords” from the COVID years that either sold the homes or moved back into them.
    • It’s hard to find tenants for single family homes during the winter, that’s historically normal.
    • There are very few developers actively developing single family homes for sale in the Missoula Valley. The subdivision timeline is just too long, three years is about the minimum timeline, which dissuades developers.
    • There was a 0.95% vacancy rate in January.
    • 65% of applications were for two bedroom units.
    • Average rent for single family homes: One Bedroom: $1,189, Two Bedroom: $1,550, Three bedroom: $2,049, Four Bedroom: $2,478.
    • Average rent for Multifmaily: Two Bedroom: 1,446. For more statistics, check the MOR annual report here.
  • Landlords: Make sure you have a written policy for screening renters. HUD requires screenings to be standardized. Kitchen table screenings should be a thing of the past, there are too many chances for bias to creep into the decision.
  • Evictions- It’s usually beneficial to the landlord to pay cash for keys, rather than go through with an eviction.
  • The cost of maintaining older properties is rising. Many investors are selling them and building new units.
  • April is usually when there is a local spike in inventory.
  • For more statistics on the Missoula Housing Market, check the MOR annual report here.

Post: Missoula Real Estate Meetup- March- Josh Plum

Keith Miller
Posted
  • Developer
  • Missoula MT
  • Posts 216
  • Votes 81

Our speaker this month is Josh Plum. He is a Broker and owner of Point 6 Real Estate, as well as a co-owner of Plum Property Management, one of Missoula's largest property management companies. As both a Broker and a property manager, he has an excellent sense of the current state of the market. He also puts together the annual Housing Report for MOR and will be sharing the report's information on current vacancies, market rents, etc., in Missoula County.

As always, we're at the Highlander Brewery, 6 PM, on 3/19. 

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. We usually have 30-40 attendees.


Post: How would you structure lot sales commissions for a subdivision?

Keith Miller
Posted
  • Developer
  • Missoula MT
  • Posts 216
  • Votes 81

I've got a question that I'm hoping you weigh in on. I'm a realtor here in Missoula, and I'm planning a large subdivision project with a partner of mine in nearby town, we'd be selling roughly 200 homes. I am an agent, but a relatively new one, and so I'm hoping you can help me think this through and offer some advice. 

With each home selling for around $250K, the selling commissions add up to $1.25 million (at 2.5%). That's a pretty sizable chunk of money, so my partner and I are trying to think through the best way to structure the selling process, and I'm wondering what you'd do in my shoes. We've considered the two options:

1. Bringing the sales "In-House" into our company, and I would earn the commission. Then, I'd hire a full-time salesperson to be on the ground, who we'd ideally pay a commission to.

2. We sign with a local broker, and negotiate a smaller commission.

Do you have any recommendations for which option to choose? Just looking for advice here, any thoughts are greatly appreciated!

Post: New member introduction

Keith Miller
Posted
  • Developer
  • Missoula MT
  • Posts 216
  • Votes 81

Well we're still in the early stages, but we're hoping to build workforce housing to address the lack of reasonably priced new homes. Still haven't locked the land up yet though, so we'll see!

Post: New member introduction

Keith Miller
Posted
  • Developer
  • Missoula MT
  • Posts 216
  • Votes 81

Welcome Trish! I'm a big fan of PBurg, working on a land development there actually. You've got a great home turf!