All Forum Posts by: Keith Miller

Wow, this house seems like it was a real project! Nice job getting it across the finish line. I didn't realize that these auction sites were used very much here in Montana. 10 months is pretty good in my book, it's a real challenge to get subs lined up down here in Missoula, and I'm guessing it's even worse up in Whitefish.

Great work!

@Joel Nelson The reason I picked Missoula is that it's my current location, and I was also born and raised here. As far as other Montana locations that I'd suggest checking out, Philipsburg/Anaconda are nice because you've got Georgetown Lake visitors in the Summer, and Discovery Ski Area visitors in the winter. But overall, it's not like there are many "pockets of affordability". There's just so much demand that some people are willing to commute 1-2 hours to a job in Missoula/Bozeman/Billings. The market increases are slowing a bit though, so there may be some relief on the horizon. 

I personally think it's a good place for an Airbnb, the problem is finding a reasonably priced property right now. I would be careful not to underestimate the challenge of setting up an Airbnb and running it from MN. It's challenging enough to run a short term rental, it's far more of a hospitality business than a passive income stream. Unless you have experience doing it already, I'd make sure you have a solid cleaner and repairman, and also backups of each. You'll need local support that can swing by there quickly to do small repairs and silly things like showing people how to use a remote, or turn on the heat. For context, I have experience running three Airbnbs in Missoula, and have friends with Airbnbs on Flathead. They have personally told me that this summer they're getting a lot less bookings than 2021. Not enough that they're losing money, but there's an influx of Airbnbs coming online so demand is softening a bit. 

These are the takeaways from our last meetup, where David Kessler from Clearwater Credit Union presented. It will give you a good overview of the commercial loan process, and specifically the criteria banks like Clearwater use. Hope you find them useful!

https://docs.google.com/docume...

The increase in building costs and labor is having a real effect on the cost of new homes, and the rental rates for build-for-rent housing. I'm really seeing it in my conversations with contractors in Missoula and my building costs. 
https://eyeonhousing.org/2022/...

Our speaker this month is David Kesler. He is a Commercial Loan Officer with years of experience working with investors. He will speak to us about small multifamily properties, and pull back the curtains on the application and underwriting process. He will also cover the common issues investors face getting approved for commercial loans and how to overcome them, and what he is seeing in the current market.

The Missoula Real Estate Meetup has three main goals:

1. Learn more about the Missoula Market

2. Make authentic connections

3. Share strategies and information

As always, there will be no selling of any products or services, and it's always free to attend.

It's a great process to go through, you should share yours with me when you're done!

Not a silly question at all, it's far sillier to not ask the question in the first place. 

To try and be helpful, these are the hard money lenders I know personally in Montana, feel free to use my name as a reference.

Juniper Capital- Leslie Laird is my contact there

Pacific Mortgage Center- Becky is my contact there

Pat McGowen- Runs the Bozeman Investor Club

Good luck, let me know if there's anything else I can do to help!

In my opinion, this trend will significantly influence the Missoula Market in the long-term. Especially the last sentence in the article.
https://www.cbsnews.com/news/r...

Field trip on Wednesday 3/30, for anyone interested, I'm finishing up two backyard townhouses at 1940 Dixon Ave. A bank-ordered appraisal just came in at $695K, and the build price was only $340K. I'm pretty ecstatic about how the whole project came out. I'll explain how the project went, where we ended up with costs, and what I learned through the process. I'll be bringing a six pack and we will start at 7:15 on Wednesday, 3/30. Depending on numbers and how many people show up, we may relocate across Brooks to the Great Burn Brewery, because the larger of the two townhouses will be occupied with a tenant by then, we'll be in the smaller of the two units.

To find it, please park at the KFC at 3306 Brooks St, then walk the half block to 1940 Dixon Ave, then you can walk to the right of the original house to the backyard. Then, we'll meet in the first of the two townhouses, please just take off your shoes before entering.