Buying a rental in the Gallatin Valley is the start. Profit comes from buying the right home, getting it rent-ready, leasing it well and managing it carefully year after year. Here’s a step-by-step guide for investors.
This is general information, not investment or tax advice.
1. Run the numbers before you buy
- Income: realistic rent based on current comparables, not the seller’s estimate.
- Expenses: mortgage, property taxes, insurance, HOA dues, utilities you’ll pay, maintenance reserves, lawn and snow, management fees and vacancy.
- Cash flow: monthly income minus all expenses.
- Return: compare annual cash flow with the cash you put in.
Base the rent on current comparable homes nearby. Once you own the home, our free rental analysis gives you a rent range from local comparables.
2. Choose the home and location
Think about what residents in your price range look for: condition, layout, parking, storage, yard and access to work and services. Check HOA rules on leasing, and the city’s rules if you’re considering a short-term rental, which is a separate business with its own requirements.
We manage long-term rentals in Bozeman, Belgrade, Livingston, Gallatin Gateway, Manhattan and Three Forks.
3. Get it rent-ready
- Make repairs and handle safety items: smoke and CO detectors, handrails, GFCIs.
- Choose durable finishes that are easy to clean.
- Service the furnace and water heater, and winterize as needed.
- Photograph the finished home.
4. Lease it well
Price from data, market widely with fair-housing-compliant wording, screen every applicant against written criteria, and use a lease written for Montana law. See our Montana tenant screening guide.
5. Manage for the long run
- Preventive maintenance, season by season (see our checklist)
- Prompt repairs and clear communication with residents
- Annual inspections and rent reviews
- Security deposits handled within Montana’s 10- and 30-day deadlines (MCA 70-25-202)
6. Review returns every year
Compare rent with the market, expenses with last year, and the home’s net return with your goals. Your monthly statements and year-end 1099 make this easier.
7. Grow with a plan
Build reserves before adding homes. As your portfolio grows, decide whether the time you spend self-managing is still worth it. Owners with several doors can ask about portfolio pricing.
What our plans cost
Mountain Village Property Management offers three plans. Every fee is in writing in your agreement before you sign.
| Essentials | Signature | Summit | |
|---|---|---|---|
| Monthly management | 4.9% of rent + $69/mo | 6.9% of rent + $69/mo | 8.9% of rent + $69/mo |
| Leasing fee | 50% of one month’s rent | 50% of one month’s rent | 50% of one month’s rent |
| Lease renewal | 25% of one month’s rent | 25% of one month’s rent | 25% of one month’s rent |
| Set-up fee | $299 one-time | None | None |
| Maintenance coordination | $99 per work order | Included | Included |
| 24/7 emergency line for residents | $29/mo add-on | Included | Included |
Our management percentage pauses while a home is vacant; the $69 monthly admin fee continues. Third-party costs may include a coordination markup of up to 7.5% (3% on recurring bills), as set out in the agreement. Compare every plan detail and add-on price.
Frequently asked questions
I live out of state. Can I still own a Bozeman rental?
Yes. Many owners do. You’ll want a manager who handles leasing, maintenance and after-hours resident emergencies locally, and an owner portal so you can see everything from anywhere.
Do you manage short-term rentals?
We focus on long-term residential rentals.
Talk to a local Bozeman team
We manage long-term rentals in Bozeman, Belgrade, Livingston, Gallatin Gateway, Manhattan and Three Forks from our office on W Babcock St in Bozeman. We’re rated 5.0 on Google (16 reviews). Request a free rental analysis and we’ll walk you through what your home could rent for and which plan fits.