Bozeman, MT Market Questions

8 Replies

Hi all - 

Does anyone invest in Bozeman, MT that has some tips on the market? Our daughter plans to attend college there, so we're in the process of determining if it makes sense to purchase some type of property (preferably small multi-family). I'm from MT originally but don't know a ton about Bozeman. General information on experiences (positive or negative), locations to avoid, good contractors, property managers etc. would all be helpful.

Thanks!

Jean 

Hi Jean, I live in Bozeman and invest in the Midwest if that tells you anything. With that said, I am aiming for cash flow not appreciation. 

Prices in Bozeman keeping up with California. It's an extremely hot Market making it hard to find properties at a discount and if you do it'll cost you a fortune to get rehabbed because the contractors are so busy they can cherry-pick what jobs they want to do.

 I do love Bozeman, and maybe a great place to invest for a higher level of investor than I am.

I do have a couple handyman type people that I can recommend if you get to that point. I did have a rental here in town for a couple years but cannot recommend a property management company.

All the best, Dustin

My son loves Bozeman, but just moved away because he realized, even with a degree, he will never be able to afford a home there, or even an apartment, and be able to live comfortably. He was renting a crappy, small bedroom with a shared bathroom in a run down house and paying $600/month. He was ecstatic when he found a different, slightly less awful room, with a bathroom he didn't have to share, for $400. It is insane.

Hi,

I own a triplex five blocks from the college and three from Main Street. We’ve remodeled the lower two units, but there is deferred maintenance with the siding and some windows, and the top unit could still be remodeled and have its rental rate raised . 

We have other projects we need to direct our attention to, and so we recently put the property on the market. It would be a great place for a student to live and practice managing, and the investment would save you money versus having your son rent while he goes to MSU. 

Non-Bozeman people might be a little shocked at the price, but it’s very reasonable to the area. Would love to see someone with a BiggerPockets background air this on!

https://b1iw.app.link/ew09oEn51W

Updated almost 2 years ago

Oh, I just re-read your original post and realized your son is already graduated from school. This is a tough place to get into a home, but if he is willing to have roommates, or even Airbnb extra bedrooms, there are condos/apartments available in the $250k-300k range that could make financial sense. I have several family members here who are utilizing those income streams.

Hi Meghan - We'll take a look! This sounds like the general set-up we're considering. Our daughter just graduated from high school and plans to attend MSU in 2020. The original acceptance was for this fall. However, she's now moving in-state first to work and get residency since we weren't interested in co-signing on an out-of-state loan that she probably wouldn't pay-off until she's 80 ;)

Originally posted by @Ellen McKinley :

My son loves Bozeman, but just moved away because he realized, even with a degree, he will never be able to afford a home there, or even an apartment, and be able to live comfortably. He was renting a crappy, small bedroom with a shared bathroom in a run down house and paying $600/month. He was ecstatic when he found a different, slightly less awful room, with a bathroom he didn't have to share, for $400. It is insane.

We're feeling it Ellen! Thanks for the input :)

Originally posted by @Sara Whiteley :

I guess it all depends on perspective.  I am moving from Washington, DC so all of these prices sound amazingly reasonable!!

 Haha! I’m living in CA and I heard Bozeman was on a trend up so it’s not a major shocker on my end either :)