Investing in rural markets
I am new and have been researching real estate investing and am very excited about starting. My question is: Can you put together a successful real estate business in a rural Montana area and what are best strategies? And also what would be the best markets in Montana? (We are thinking of relocating in Montana). Thank you for any and all input!
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I would make sure you know about what you are buying/selling. If you are selling farms, then you should know about soil quality, land use, etc. Also a thorough understanding of wells and septics is critical. Also a full understanding of easements, surveys etc is important. Things aren't as cut and dried in the country. Just because you see a farm road to a property doesn't mean there is an easement there. Fences, particularly old ones, don't always designate a property line. Understanding waterway regulations and flood plains can also be important if those are present.
Find out the cost to install power to a property. 25 years ago, a friend of mine was charged 10k per pole, next county over we were charged about 12k for half a mile of poles.
Understand the demographics of the area. If it is primarily tourism then lower cost housing if you are renting/selling to locals since tourism requires workers that are often lower paid. Affordable housing is often a huge problem for resort areas. Hubs worked for a resort as a kid and had to live about an hour away. Now that area is a tourism area and doesn't have affordable housing for the resort workers. I'm not sure where they are living. High end would be the STR which can be a money maker but make sure you know what those tourists are looking for.
Good luck. Montana is a beautiful state.