All Forum Posts by: Keith Miller

Hello,

I'm running an RE meetup in Missoula Montana, and am looking to invite private lenders and hard money lenders so we have have that aspect of the RE community represented. I'm having a hard time finding them, when I do Google searches, all I find is national home buyers, which isn't what I'm looking for. 

Does anyone have any recommendations for how to find people like this?

Much appreciated!

Keith

Hey Tara,

I just saw this post, hopefully you can make our Missoula Meetup on June 15th, Attorney Kevin Jones is speaking and is specifically going to focus on the different types of seller financing and how to navigate them, and answering questions afterwards, so it's spot on for you. Hope to see you then!

If anyone is finding this thread, meetups are back! We're meeting every third Tuesday of the month at the Highlander at 6:00. Our inaugural meetup went really well, we had 22 people show up and had some great conversations about the current market. Shout out to Matt Mellott who was nice enough to present, and shared some really interesting data about the current Missoula market and what's coming down the pipeline. Our next meeting will be June 15th at 6:00 at the Highlander. Our speaker is Kevin Jones, who has been practicing in Montana since 1992. He leads Jones & Associates, who specialize in real estate transactions. Please let me know if you have any specific topics you'd like him to cover, hope to see you there!

We had 22 people show up for our first meetup, and Matt Mellott did a great of giving us hard data on the state of the Missoula Market. We'll be meeting every third Tuesday of the month at the Highlander in Missoula at 6:00 for anyone interested, our next meetup is June 15th. Hope to see you there!

If anyone is finding this thread, meetups are back! We're meeting every third Tuesday of the month at the Highlander at 6:00. Our inaugural meetup went really well, we had 22 people show up and had some great conversations about the current market. Shout out to Matt Mellott who was nice enough to present, and shared some really interesting data about the current Missoula market and what's coming down the pipeline. Our next meeting will be June 15th at 6:00 at the Highlander. Our speaker is Kevin Jones, who has been practicing in Montana since 1992. He leads Jones & Associates, who specialize in real estate transactions. Please let me know if you have any specific topics you'd like him to cover, hope to see you there!

Thanks Kendal! If you or anyone else are interested in a Missoula Meetup, we're having them every third Tuesday of the month at 6:00 at the Highlander in Missoula. I hope to make it up to your meetup soon!

Our inaugural meetup went really well, we had 22 people show up and had some great conversations about the current market. Shout out to Matt Mellott who was nice enough to present, and shared some really interesting data about the current Missoula market and what's coming down the pipeline. Our next meeting will be June 15th at 6:00 at the Highlander. Our speaker is Kevin Jones, who has been practicing in Montana since 1992. He leads Jones & Associates, who specialize in real estate transactions. Please let me know if you have any specific topics you'd like him to cover, hope to see you there!

Hey Nathaniel,

I'd definitely stick to renting over Airbnb. I'm in the middle of getting both a construction loan for some backyard townhouses, and a refinance of my primary residence, and banks FAR prefer stable rent income. I have two Airbnb units and a rental, and it depends on the bank, but I usually get far more credit for my income from the rentals than the Airbnbs, even though I make more cash from the Airbnbs. I'll probably be transitioning towards more rentals in the next year so I can scale faster, and for the same community reasons Daniel mentioned above. 

But Daniel nailed it when he said to just reach out to lenders and ask them. Banks are busy, but you can always just call them up and get a loan officer on the phone to ask them their lending policies directly. 

Hope to see you on 5/18 at 6 pm at the Highlander for the real estate meetup, we can chat more then!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $326,000
Cash invested: $100,000

Converted the detached 2 car garage into an ADU, doing most of the work myself. Soon afterwards, we moved to our next house, and am currently renting the main house. We were running the ADU as a Airbnb and making great money cashflow. The whole property currently cash flows an average of over $1,000 per month. We put 20% down on the house, and paid for the ADU improvements in cash, so we used to have have a lot of equity tied up.

What made you interested in investing in this type of deal?

The ability to convert the garage into an ADU was the main thing that attracted me.

How did you find this deal and how did you negotiate it?

MLS.

How did you finance this deal?

20% down conventional mortgage. Since the ADU was completed, I got a $70K HELOC on the property, and am going to use that money for the down payment on the backyard duplex I'll be starting soon.

How did you add value to the deal?

I converted the garage into an ADU. In addition, I framed, drywalled, painted, and added in a egress window for an additional bedroom downstairs to turn it from a 3-2 into a 4-2. Since then, we've taken out the wall between the kitchen and living room, added in a fence in the backyard, landscaping the whole yard, and are in the middle of tiling the bathroom.

What was the outcome?

We have gotten $1900 for the main house when it was a rental, and the ADU is doing super well on Airbnb, we just got a booking for the month of August for $2950.

Lessons learned? Challenges?

It can be tough to get water to the garage if the water line is on the other side of the house.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My agent was Gina McDonald and I'd highly recommend her.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $326,000
Cash invested: $100,000

Converted the detached 2 car garage into an ADU, doing most of the work myself. Soon afterwards, we moved to our next house, and am currently renting the main house. We were running the ADU as a Airbnb and making great money cashflow. The whole property currently cash flows an average of over $1,000 per month. We put 20% down on the house, and paid for the ADU improvements in cash, so we used to have have a lot of equity tied up.

What made you interested in investing in this type of deal?

The garage offered a great way to add value to this property, as I knew I could convert it into an ADU. There was also a lot of value to add to the interior of the house.

How did you find this deal and how did you negotiate it?

MLS.

How did you finance this deal?

Conventional 20% down mortgage.

How did you add value to the deal?

Converted the garage, doing the framing, windows, insulation, painting, roofing, and a lot of other miscellaneous jobs myself. I was the GC for the project. I also framed, drywalled, and painted a new bedroom downstairs, which has a new egress window as well.

What was the outcome?

We initially rented it out for $1,900 per month, but actually moved back into it recently, because we just love it. The ADU is doing extremely well on Airbnb, people love that it's a standalone little house. I got a $70K HELOC on the property, and am going to use that money for the down payment on the backyard duplex I'll be starting soon. The house appraised for $400K last year, and has certainly appreciated more since then.

Lessons learned? Challenges?

Bringing in water from the opposite side of the property took a lot of time and cash to complete, and some of the ADU regulations were more restrictive than I anticipated, although many of those have since been relaxed.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Gina McDonald was my agent, I'd highly recommend her.