All Forum Posts by: Jonny Morris

Ha ha - agreed! We compliment each other well. I feel I have represented us very well so far :) Forgive me for the basic question but when your are 'running the numbers' - what are you looking for? I know you need a positive ROI...is there a formula somewhere I could start applying to some theoretical deals?

Thank you P.J - it is all filtering through and your reply definitely helped! I think that is the way to go and now I feel more confident in how I apply the HELOC strategy. Much appreciated!

We bought for about $363k. Put down 80k on the house to avoid mortgage insurance.

We have now put about 50k into developing an apartment above garage as our "1st property" rental which generates $1250 per month.  Recent city valuation puts house value about 60k+/- from what we bought at.

Question: I would like to use equity from our home to pursue a second investment. My wife sees this as a second mortgage and is nervous...

 Any advice, numbers or light anyone can shed on my scenario? I feel I am in a strong position and want to capitalize on current opportunities. 

We bought for about $363k. Put down 80k on the house to avoid mortgage insurance. We have now put about 50k into developing an apartment above garage as our "1st property" rental. The area is growing so I assume it will have risen accordingly with our developments. Recent city valuation puts house value about 60k+ from what we bought at. Question: I would like to use equity from our home to pursue a second investment. My wife sees this as a second mortgage. Any advice, numbers or light anyone can shed on my scenario?

We bought for about $363k. Put down 80k on the house to avoid mortgage insurance. We have now put about 50k into developing an apartment above garage as our "1st property" rental. The area is growing so I assume it will have risen accordingly with our developments. Recent city valuation puts house value about 60k+ from what we bought at. Question: I would like to use equity from our home to pursue a second investment. My wife sees this as a second mortgage. Any advice, numbers or light anyone can shed on my scenario?

Originally posted by @Mike Baker:

@Cody Sarrazin, and @John Morris 

There is a local Cashflow/ investors group in Bozeman. It's listed in the meetup app for he area. @Patrick McGowen, and @Regena Orzansky run it. 

Good group, and lots of cumulative info on the area.

Feel free to contact me as well if you have any other questions.

 Thank you Mike - been a very fruitful couple of days networking on this site. 

Appreciate your message!

Ahhhhhh - learning lots already. That seems like a great logic - I love that mentality. 

Thank you for your insights into the market...does that mean that a buy n hold just flat out wouldn't work? I wonder about some of the $50/60k "nicer trailer" housing options (with good tenant betting procedures) to fulfill the rule of 1%.

Thoughts anyone?

Originally posted by @Cody Sarrazin:

Hello @Jonny Morris,

I'm a member and resident in Bozeman, but I have very little experience in real estate. If I were in your position, though, I would get as much info on the market as possible and try to determine what you want to do with your first deal-fix and flip, buy and hold, FHA duplex for personal living in... I can tell you that there is an explosion of building lately. Mainly 2-3 bedroom condos and houses in the 350k-400k range. Rental properties are doing well since housing is high and the influx of college students. Rent averages about $525 per room. There's also the option of vacation rentals in this area.

Hope this helps.

@Cody Sarrazin

Much appreciated. Really helps to hear some hard numbers from the area. See what pops up in the future. 

Great to make contact.

Cheers,

Jonny

Dear all, 

I am curious. 

Moving from London to Bozeman, Montana I anticipate having the capital from the sale of my London, UK property in the next few months. I am excited to see how far that will go in terms of investments out here. 

My question is: what should my next steps be as a new investor to the area and the game? The nature of this seems to be finding deals before other local investors? I am unsure as to why other locals would assist with a deal? Would love to connect with some experienced people who have time/interest to share a few tips?

I have minimal experience with rentals - my property in London was not my residence and was a great investment/rental.