Any Multifamily investors in Montana?
I'm currently looking for multifamily properties in montana, thought I'd reach out to network. Not a common or big market but Montana is such a beautiful state. I lived in Missoula for 2 years and would love to own RE there.
@Eric Berkner, I don't know anyone that invests there, but I lived in MT for a brief stint as well and really love that state. I have never fully explored it but I'm guessing there are some opportunities in the bigger cities like Bozeman, Helena, Butte, Brookings and Missoula. I'm very interested to hear what you find out. Good luck.
I agree with your guy's love of this beautiful state, that's why I live in Missoula! I was born and raised in Missoula, and now invest here. I'm looking for multifamily to buy as well, and in the meantime I've been focused on infill development and building my own small multifamilies, I'm in the middle of building two backyard townhouses. I'd definitely be interested in chatting about the opportunities here and how to find and assess properties. Welcome to the community!
I lived in Helena for a bit. I travel to Missoula area hunting each spring. I have also been open to the idea of investing there! I have been looking myself.
Hey there @Eric Berkner!
I live and invest in Butte and I keep a close eye on other markets around me like Bozeman and Helena. Like pretty much everywhere in the country, we've seen a pretty massive run up in prices this last 18 months. Cap rates are terribly compressed because rents are generally pretty sticky and lag behind real estate prices. Inventory is still low and there is a lot of money floating around looking to buy investment properties. I talked to a real estate friend in Missoula a couple weeks ago and they are having the same issues there. I haven't purchased a property in almost a year. Its tough out there!
That said, Montana is a beautiful state with lots of opportunity. When I finish my current projects, I think I'll start dabbling in new construction small multifamily. It seems like the best way to actually have options about where you want to have your property. We'll see what this new year has in store!
I've heard that the Missoula market has a couple pretty decent PM companies. That could be an important factor for you if you aren't planning to move back and self manage.
Originally posted by @Russ O'Leary:Hey there @Eric Berkner!
I live and invest in Butte and I keep a close eye on other markets around me like Bozeman and Helena. Like pretty much everywhere in the country, we've seen a pretty massive run up in prices this last 18 months. Cap rates are terribly compressed because rents are generally pretty sticky and lag behind real estate prices. Inventory is still low and there is a lot of money floating around looking to buy investment properties. I talked to a real estate friend in Missoula a couple weeks ago and they are having the same issues there. I haven't purchased a property in almost a year. Its tough out there!
That said, Montana is a beautiful state with lots of opportunity. When I finish my current projects, I think I'll start dabbling in new construction small multifamily. It seems like the best way to actually have options about where you want to have your property. We'll see what this new year has in store!
I've heard that the Missoula market has a couple pretty decent PM companies. That could be an important factor for you if you aren't planning to move back and self manage.
Keep me in the loop if you do plan to do new construction there! One of my best friends owns a PM company in Missoula which would be ideal to use if/when I get a property landed there. Very competitive there now I agree.
Hey guys! I live in Helena, MT and invest in the surrounding areas. I currently have three single family houses on one lot that I'm looking to sell in Great Falls, MT. Great area and great rents. I have some other things I want to accomplish this year and these places are no longer fitting into my big picture. If your interested in more details on them I would be glad to share. Otherwise if your interested in finding out more information about the markets here in Montana, I would be glad to share whatever information I can with you. My wife is also a realtor here in the Helena area. So if you need and help from that aspect I would be more then happy to help out there as well.
I’d be interested to hear about those houses. I’m in Great Falls.
My partner and I are small multi family investors in Helena, MT and Sheridan, WY. We chose these locations due to convenience for self management and house hacking (local or where we have extensive networks) not because they were necessarily the most lucrative markets. A recent triplex purchase was razed by a fire, which has put a bit of a damper on our scale-up for now. Issue in Helena is the housing prices and rent have about outstripped the average buyer/renter (state employees). Still going strong but definitely something to keep an eye on.
We might end up selling the triplex after rebuild since we will have a lot of equity in it at that point. But I don't anticipate being done until late this year or early next year, and I'm not sure it is worth not listing on MLS in this hot market.
Hi Eric, I am a real estate agent/investor/new construction builder in Southwest Montana and have had great luck with my investments around the state so far. Some areas are growing rapidly and some are declining. Missoula is a great area and has a constant stream of renters with UofM and Missoula College! Cap rates are very low in Bozeman, Missoula, Helena, Whitefish, and Kalispell.
-Amber
Hey Eric! I live in Columbia Falls, MT (about 2 hours away from Missoula) and I also invest in real estate here. I live about 15min away from Glacier National Park so my short term rental does amazing. Prices are insane but there is a desperate need for housing here. I have 2 long term rentals and 1 short term, and planning to start a triplex build on a lot I have paid off in September. My husband and I also own and operate a construction company so we have a huge advantage. But, from what we have found out, it's much cheaper to build than to buy currently! I wish you the best of luck but its tough out there. But, if your able to snag something, you can't lose on the market up here!
@Mercedes Wiebelhaus I've found the same thing Mercedes! As costly as it is to build right now, it's still a lot cheaper than buying the same property. The tricky part is finding the land for a multifamily, that's what I would love to find. I'm starting a wholesaling company in the next two weeks to try and find off-market deals, and the long-term goal is to find land and build a large multifamily.
It very much is! Finding land with no zoning and covenants has been tricky for me too! But I finally found 7 acres with 3 rentals already on it for $570k im trying to get a dscr loan for. Its a non traditional property so its been a little tricky, but it has a frame house on foundation thats like 1200sqft , and 2 mobile homes bringing in over $2800/month all together and rents are severely under market value.
Not everyones cup of tea but the potential the land has with 7 acres no zoning and no covenants is exciting to me! Its also secluded but yet so close to town.
i wish you luck on the rest of your endeavors!
I'll just chime in here. My wife and I are investors in the Flathead Valley and we are always looking to build our network.
At the moment we're looking for investment partners to make a few larger projects happen.
As far as multifamily goes, I agree with @Keith Miller and @Mercedes Wiebelhaus on the difficulty of finding suitable land. There have been multiple large multi-family projects in the last year or so, but smaller multi-family is still difficult to find.
We are looking at developing a lot we own into a 3-unit rental in the next year or so.
Hey Jonathon! I am also an investor in flathead valley! Im curious to know how many units you own and what you’re getting for rent around here.
Take care!
I’d love to meet up and collab sometime!
I sent you a connection request here. Feel free to reach out.
Hello all! I am a Realtor and Property manager in Billings Montana. I am looking to start investing myself and would love the opportunity to learn from others who have more experience than myself! If any you are interested in the market here in Billings feel free to reach out!
Quote from @Wyatt Wiese:
Hello all! I am a Realtor and Property manager in Billings Montana. I am looking to start investing myself and would love the opportunity to learn from others who have more experience than myself! If any you are interested in the market here in Billings feel free to reach out!
I'm currently doing my first BRRRR in Billings! Great market with a ton of opportunity.
Keep your eyes peeled on Crexi and Loopnet! My best friend's Dad is a commercial investor who just acquired a really nice mulitfamily property, with its own onsite management and all in the Fortine area which is NW... sounded like he paid more than he wanted for it, but a great long term hold. Seems beautiful up there, have never been! Multifamily is a definite goal for myself as well! Good luck to you! I will ask him and see if they know of any multifamily up in that area.
I live in Eureka, however I service Lincoln and Flathead County. Even though inventory is low there is always a deal to be found. My husband and I have some LTR's in Kalispell that are doing great! Investing in Montana is such a good idea right now, because it is one of the many markets where if you can find the right deal you make great cash flow and the appreciation is fantastic. Win Win for sure. Billings and Missoula are also great markets. If you are looking to invest in the Flathead or Lincoln County I'd be happy to chat. If you are looking to invest in other Counties, I have some amazing contacts I could set you up with.
Quote from @Jeremy Eide:
I'm currently doing my first BRRRR in Billings! Great market with a ton of opportunity.
That's awesome to hear! What area of town? I'm curious to see how well it does. Keep us posted!