Bozeman Livingston, Montana Too High Priced?

Question

I was thinking about purchasing a 4 flex in Livingston MT. I am from California (Bay Area).  It would be my first time purchasing such a large complex. I already own 2 SFR in Bay Area.  Can anyone guide me here? Any books you would recommend, videos, information on purchasing multi family residences. I am excited and scared at the same time!  Thoughts, suggestions, comments?  Thank you all!  Gayle

Todd Dexheimer · Answer

I would suggest investing in a larger city, unless you have family/friends there or are able to establish an excellent team. Even in cities over 200k in size management/repairs can be challenging.

Books: "Multi-family Millions" and "Emerging Real Estate Markets" by David Lindahl and

"ABC's of Real Estate Investing" and "Advanced ABCs of Real Estate Investing" Ken McElroy

Also, subscribe to podcasts, including BP and listen to those.

Alan Brown · Answer

@Gayle Eisner, @Joshua D. is so right!  Having a rock solid team in place, especially property manager, is critical to long distance investing... do you have someone there that has experience with property managers?  I was going to use one of the larger ones in Livingston, but was turned off by the way she handled the business.  I've passed by great deals in a number of towns/cities because there was no evidence of any kind of decent management.  I did buy 12 units in KAnsas City, felt really good about the PM that was recommended to me, and they turned out to be pathetic.  I'm not even that picky, believe it or not:  I would just like them to get a unit rented in less than 4 months!!

Best suggestion I could give would be to start listening to every BP podcast, especially those that relate to long distance investing.  I'm sure there's a book suggested somewhere in there!

Gayle Eisner · Answer

How would I find a decent PM in Livingston? Thanks! Gayle

Joshua D. · Answer

@Gayle Eisner

Why Livingston, mt???

We live near there and have done quite well in the last 5 years, but i would be careful investing outa state in a small town. Plumbers could take 3 days to get to your place if you have an issue. Management could be a PAIN, and renters can be tricky.  Do you have family in the area?

All our properties are a 20 min drive and it works well for us. Not saying you should not buy it, but i just want to offer a word of caution.

What are the numbers on this deal?

Bozeman Livingston, Montana Too High Priced?

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