All Forum Posts by: Keith Miller

Hi Aubrie,

I actually called around to most local banks and credit unions a few months ago, and the table below is what I found for HELOCs on both primary residences, and the lower part is for rental properties. Most will do them, so I'd go for it! It's just expensive to do a cash-out refinance right now, if your mortgage is more than 6 months old. My advice would be to skip the refi and apply for one of the HELOCs below. I ended up getting a MECU Home Equity Loan and had a great experience, let me know if you would like recommendations for who specifically to talk to at each bank. 

Good luck!

Our speaker this month is KC Hart. KC is a broker with Keller Williams and has 25 years experience. Also, a native Missoulian whose great grandfather almost qualifies as one of the founders of the town:) He has done his own small infill developments and helped many clients so will share those strategies. Also, he works with many entities including the city and county on affordable/workforce housing issues and would like feedback from the investor group on their specific thoughts regarding the current housing issues. KC fully recognizes the "small" private investors/developers can have a huge role in helping with the housing crisis.

Big thanks to Andrew Hagemeier from last month.

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.

Hey Daniel!

As far as Missoula Lawyers that focus on real estate, I'd recommend Kevin Jones, he is highly recommended from a lot of local investors, feel free to use my name to introduce yourself. Mike Bybee was also recommended by a buddy of mine, and I know that Jenna Lyons at Wagner & Lyons, PLLC is also Real Estate focused, but I haven't worked with her yet.

Best of luck man!

Wow, this house seems like it was a real project! Nice job getting it across the finish line. I didn't realize that these auction sites were used very much here in Montana. 10 months is pretty good in my book, it's a real challenge to get subs lined up down here in Missoula, and I'm guessing it's even worse up in Whitefish.

Great work!

@Joel Nelson The reason I picked Missoula is that it's my current location, and I was also born and raised here. As far as other Montana locations that I'd suggest checking out, Philipsburg/Anaconda are nice because you've got Georgetown Lake visitors in the Summer, and Discovery Ski Area visitors in the winter. But overall, it's not like there are many "pockets of affordability". There's just so much demand that some people are willing to commute 1-2 hours to a job in Missoula/Bozeman/Billings. The market increases are slowing a bit though, so there may be some relief on the horizon. 

I personally think it's a good place for an Airbnb, the problem is finding a reasonably priced property right now. I would be careful not to underestimate the challenge of setting up an Airbnb and running it from MN. It's challenging enough to run a short term rental, it's far more of a hospitality business than a passive income stream. Unless you have experience doing it already, I'd make sure you have a solid cleaner and repairman, and also backups of each. You'll need local support that can swing by there quickly to do small repairs and silly things like showing people how to use a remote, or turn on the heat. For context, I have experience running three Airbnbs in Missoula, and have friends with Airbnbs on Flathead. They have personally told me that this summer they're getting a lot less bookings than 2021. Not enough that they're losing money, but there's an influx of Airbnbs coming online so demand is softening a bit. 

These are the takeaways from our last meetup, where David Kessler from Clearwater Credit Union presented. It will give you a good overview of the commercial loan process, and specifically the criteria banks like Clearwater use. Hope you find them useful!

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

The increase in building costs and labor is having a real effect on the cost of new homes, and the rental rates for build-for-rent housing. I'm really seeing it in my conversations with contractors in Missoula and my building costs. 
https://eyeonhousing.org/2022/...

Our speaker this month is David Kesler. He is a Commercial Loan Officer with years of experience working with investors. He will speak to us about small multifamily properties, and pull back the curtains on the application and underwriting process. He will also cover the common issues investors face getting approved for commercial loans and how to overcome them, and what he is seeing in the current 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.

It's a great process to go through, you should share yours with me when you're done!