All Forum Posts by: Keith Miller

@Travis Elliott They're mostly making the argument that the middle class in Missoula will be priced out, and only expensive homes will be left. 

Below is the link to the takeaways from the last meetup, which had John Strong as our speaker. Some really great info about how to protect your assets and ensure they aren't taken away in a lawsuit. Thanks so much John!

https://docs.google.com/docume...

We're pretty well aligned on criteria Dustin, I'm looking for class B and C apartment buildings that have
between 5-50 units. We seek at least a 10% cash on cash return once stabilized. We like to focus on apartment buildings that are run by mom-and-pop operations. Development potential is a bonus, either by scraping the building, or by building additional units.

We have a special Field Trip coming up on October 11th for anyone that wants to see a “Behind the Scenes” look at the process of finding an off-market multifamily, under market value. I bought a five-plex two weeks ago with a friend of mine, Brent Maier, for $650K, and the bank appraised it at $850K. It’s in East Missoula, and we’ll meet in the parking lot of the Reno Bar at 6 PM. Then, we’ll walk over to the five-plex, I’ll explain the process of how we found it off-market, the negotiation process, what we’re doing to the property, and process we’re going through to potentially tear it down and build a roughly 15 unit apartment building in the next few years, as the zoning is really incredible. This lot has zero setbacks, a four story height potential, unlimited units, only one parking spot per unit. We won't go inside the property, as the interior space is the resident's personal space, and I don't want to disrupt their home. After seeing the property, we’ll walk back to the Reno Bar and discuss more over beers.

Missoula, Billings, Helena, and Bozeman real estate investing clubs will join like Voltron to form the ultimate group. We will have a round robin of presentations to provide a summary of each market and recent deal completed in each market. Then there will be small breakout discussion groups to get to know people in other cities.

The benefits of making connections in other nearby communities with bullet points are the following:- Network with other like-minded investors and real estate professionals- Identify opportunities of what’s working for real estate investing throughout Montana- Discover housing and real estate trends across the state- Connection with others who can form teams, partner with and fund deal, boots on the ground and more with your statewide investing future.
Meeting date
Tue, 10/04/2022

Meeting time
6:00 PM - 8:00 PM

Meeting location: Virtual
Zoom Meeting Link: https://us02web.zoom.us/j/82340207548?pwd=dmNORXpCRUlDMFcxMHlYdmVtVmdFUT0
Or in zoom type Meeting ID: 823 4020 7548 and Passcode: 193886

Hello,

My partner and I, @Brent Maier, are looking to find and contact multifamily owners. The lists we pull are primarily LLCs, and Skip Genie, my go-to, does not skip trace LLCs. Does anyone have a service or company they'd recommend for this?

Much appreciated!

Our speaker this month is John Strong, who is a Financial Advisor at Edward Jones, as well as a investor both in Missoula and out of state. He will explain how to protect our assets from potential lawsuits, as well as the different types of business structures investors can use to maximize profits and minimize taxes and liability. This is the kind of crucial information too many investors put off until "next year", but is putting you at risk this year.

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.

Healthcare is the next largest industry after the University of Montana, Missoula has the only Level II Trauma Center in Western Montana. Tourism is a pretty major part of the economy, as Missoula is one of the gateway communities to Glacier, as well as a transit point between Yellowstone and Glacier. Lumber is still a part of the local economy, but a shrinking one. I'd also say remote workers are an increasing part of the local economy, I come into contact with a lot of them through renting my units. People love how Missoula has open space for recreating in pretty much every direction, so you're never more than a few minutes from a trailhead. 

Super interesting article from NYT, that focuses on the development of places like Missoula. The most interesting quote was: 

"According to the Frontier Institute, a Montana-based libertarian think tank, a city like Missoula, which is still more middle class and affordable than Bozeman, has exclusionary zoning — restrictions on town homes and multifamily units, minimum lot requirements — that make it difficult for young families and working-class newcomers to get a foothold in the city. That suggests that Missoula’s relative middle-class-ness won’t last: If I were a Silicon Valley or Seattle exile, I would already be looking there rather than Bozeman. If I were a property speculator, I’d be buying there right now."

https://www.nytimes.com/2022/07/27/opinion/yellowstone-mountain-west.html

To answer the questions above, I'm focused on apartments with more than five units from now on. I'll check out Hands Off Investor, as well as Grant Cardone! I am probably thinking too small with a fiveplex, as I really would like to scale into larger multifamilies in the long. I'm just focused on building a strong foundation of knowledge and execution of rehabbing and improving multifamily properties. My partner and I have not taken outside capital yet, and want to make sure we are well prepared before we do.