Billings flips tend to be older ranches in the Heights, early 1900s homes in the North Elevation and South Side, and dated split-levels on the West End. The calendar matters as much as the budget: winter slows exterior work, and spring brings the most buyers.
In short: LendingStreet funds fix and flip loans on 1-8 unit investor rehabs in Billings and Yellowstone County, from $150,000 to $5M+, covering up to 90% of cost and up to 100% of rehab on some programs. Loans are short-term and interest-only and can close in as little as 10 days. Exit by selling or by refinancing into a DSCR loan if the property works better as a rental.
The Heights has the largest supply of flippable homes: 1960s to 1980s ranches and split-levels with original kitchens and baths, priced for first-time buyers and young families once updated. The North Elevation, near downtown and the college campuses, has older two-story homes that can sell well when renovated with care. The South Side offers the lowest entry prices, with more condition variation and a smaller buyer pool for high-end finishes.
On the West End, flips are usually lighter cosmetic projects on 1990s and 2000s homes, where buyers expect move-in condition and margins come from speed rather than deep discounts.
Laurel and Lockwood offer lower purchase prices, but the resale pool is smaller and more price-sensitive. Pull renovated sales from the same town rather than borrowing Billings comps.
Montana weather and older construction shape the scope. Price these items with local contractor bids:
Add a contingency of 10% to 15%, more on pre-1950 homes near downtown. Many older Billings basements need waterproofing or egress work that only becomes clear once finishes come out.
This example is illustrative and not a quote. An investor buys a dated split-level in the Heights for $195,000 with a $70,000 rehab budget and an after-repair value of $335,000. The loan covers 85% of the purchase, $165,750, plus 100% of the rehab, $235,750 in total, about 89% of cost.
Estimated interest-only payments are about $2,063 a month at the full balance, or about $12,377 over a 6-month hold. Selling costs are estimated as 6.5% of the sale price, and other holding and closing costs as $8,000. Montana has no transfer tax, so there is no transfer tax line on either the purchase or the sale.
| Item | Amount |
|---|---|
| Purchase price | $195,000 |
| Rehab budget | $70,000 |
| Total loan | $235,750 |
| Interest over 6 months (estimated) | $12,377 |
| Selling costs (estimated) | $21,775 |
| Other holding and closing costs | $8,000 |
| Transfer tax | None in Montana |
| After-repair value | $335,000 |
| Estimated profit before income tax | $27,848 |
| Approximate cash in at closing | $37,250 |
Exterior work such as roofing, siding, concrete and landscaping is hard to do well in a Billings winter. A flip bought in October may have to wait until spring for the roof, which adds months of interest. Many experienced local flippers buy in late winter, finish exteriors in spring and list in late spring or early summer, when buyer activity peaks.
Interior-heavy rehabs can work through the winter, but budget for heating a vacant house and protecting pipes.
Spring also brings more competition from other renovated listings. Pricing a finished home correctly from the first day on market usually matters more than squeezing out the last dollar.
Montana's lack of a transfer tax is a real advantage for flippers, since a short hold does not get taxed on both ends. You will still pay title insurance, recording fees, escrow fees and agent commissions. Because Montana is a nondisclosure state, ARV estimates depend on MLS data and agent knowledge, so work with an agent who tracks renovated sales in your target neighborhood.
Some buyers will ask for a roof inspection or a hail damage report, especially after a storm season. A newer roof with documentation can make the home easier to sell and insure.
Inside city limits, permits come from the City of Billings building division; outside the city, Yellowstone County or the town has jurisdiction. Roofing, mechanical, electrical and plumbing work usually need permits. Rehab funds are released through draws after our inspector confirms completed work, so keep cash to cover each phase until the draw arrives.
Older homes near downtown may sit in areas with design or zoning requirements for exterior changes. Check before you plan additions, garages or major exterior work.
If listings stall, a renovated Heights or North Elevation home can be leased and refinanced into a DSCR loan. Because Billings rents are moderate relative to prices, the DSCR refinance may need lower leverage than the flip loan, so check the rent before you rely on that exit. Duplexes give the strongest rental backup.
Before you buy, write down the rent the finished home would bring and test it against a DSCR loan at 70% to 75% of the expected value. If that backup works, the deal has protection if the resale market cools.
Investors with several completed flips usually get closer to program maximums. First-time flippers should choose a moderate scope in a neighborhood with frequent renovated sales and work with an experienced local contractor. Keep a list of past projects with dates, costs and sale prices.
Send the address, purchase price, rehab scope, ARV support and your experience. Our investor loans are business-purpose loans on non-owner-occupied property. Call (877) 298-1001 or use the form below.
Up to 90% of total cost and up to 100% of rehab on some programs, depending on experience, the property and ARV.
No. Montana has no real estate transfer tax, so there is none on the purchase or the sale.
In as little as 10 days when title and insurance are ready. Have entity documents and insurance ready, and ask the title company to start right away.
Interior work can continue, but exterior work often waits for spring. Budget the extra months of interest.
Through draws after inspections confirm completed work. Keep enough cash to cover each phase until the draw is funded.
Through MLS data and appraiser files. An agent who tracks renovated sales helps.
You can refinance into a DSCR loan once it is leased, if the rent supports the payment.
Yes, across Yellowstone County and Montana. Laurel and Lockwood resale comps should come from those towns, not from Billings.
2-3 competing quotes from 30+ capital sources. No credit pull. No commitment.
By clicking, you provide express written consent to be contacted by LendingStreet (NMLS #1734316) via SMS, phone, or email, possibly using automated technology, regarding your loan inquiry. Reply STOP to opt out. Consent is not required to obtain services. See our Privacy Policy and Terms.