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Hello Wyoming
Just saw the new local sub forum and thought I would get Wyoming kicked off! I look forward to other Wyomingites contributions!
Hey @Cheryl Packham, how are things in Cheyenne. Please say hi to @Account Closed for me there. She is very kind about listening to me talk about my hairbrained buying ideas. I wish I had a bigger market to work in. My little town has limited opportunities and I worry about having all my eggs in one basket, especially with oil prices still low.
hey Jerry, great to here from you. I will say hi for you to Michelle next time I see her. Hope you find some more baskets soon. What are you looking for? I will keep an eye out.
Hello from Gillette, fellow Wyomingites. @Jerry W. I too am looking for a bigger market to find deals in (and one that isn't so dependent on energy at this point, although I did alright through the boom cycle). Hope we get some more Wyoming folk involved in conversation in here that'd be good.
The problem is that Wyoming is an energy dependent state. There a re a few areas like Jackson, Cheyenne, and to a lesser extent Rawlins that are not having their economies driven by oil, gas, or coal. I would ideally like to start acquiring some 4 plexes or smaller apartment buildings. The prices are sky high in places like Casper and Cheyenne, and if we get a recession in our local economy it might effect those markets as well driving down rental prices and values. While I want to grow my business it will take a pretty stellar deal to talk me into buying right now.
Saying hello to my Wyoming Investors. base camp for me is Casper.,!
@Cheryl Packham, a good deal to me comes in several packages, one is a deal that has owner financing for at least the 20% down payment, and cash flows right out of the gate. It needs to at least be at market value, but some equity is preferred. Another is the distressed house that needs only a few repairs and again will cash flow with only a few thousand in work, it must have have some decent equity. The final kind of houses are the dirt cheap houses I call therapy houses. They are in my home town and I have a list of things to work on. These usually require a year or 2 of work to get ready to rent. They must be in my hometown hehe.
Sorry about the repetition. Have been getting up at 5 am lately and trying to stay awake so I don't wake up until 6 or 7 am. My 2 biggest obstacles to expanding my portfolio is money for down payment, and crews to get the clean up and remodeling done. Would love to get a great price on an apartment building or 4 plex, but its not meant to be. I am worried about possible drops in oil and coal prices.
Hello to @Thomas Bybee and @Jordan Venjohn!
@Jerry W., you've done more in your smaller town than I have in Cheyenne and Greeley combined, haha!! I love hearing about your deals, they are so creative!
@Cheryl Packham, hey you!
@Michelle y. I just saw your post. Hi back. We need to get together again soon!
Hello folks in Wyoming! My husband and I started a rental property company last year and are currently looking for investors to expand our portfolio. We have come across several deals to buy more rental properties but are low on funds. We found a deal with owner financing with down payment and monthly payments but need an investor to help with the down payment?
@Amanda Morrison you should get your pro membership and post this opportunity in the Marketplace tab. You would get more exposure with a posting there.
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Real Estate Agent Colorado (#IR044146)
- Reliant Real Estate, Inc.
I might as well post to show how fickle I am. Despite the bad economy I finally landed a 4 plex deal early this year. My initial offer was contingent on meeting appraisal which it did not do. I finally purchased the property with some owner financing of the down payment. It started off actually losing money, but now with a few rent increases it is holding its own. While I probably could increase rents on all of the units it would mean losing long term tenants on a fixed income. I will let it ride a few years and revisit rents then. I recently got an accepted offer on a very tiny house. While the purchase is close to market price I hope to be able to force appreciation through a few minor upgrades. I am looking at a third deal on a duplex, but my eyes are probably bigger than my stomach. While the deal would cash flow I lack the money for 20% down payment and lack the time to do the necessary repairs in a timely fashion. I hate to lose any deal but the plate can only be so big when you have a full time job that is not real estate. Hopefully some of you can share information on your recent purchases or deals.
thanks for the advice Bill S..... Will definitely look into it
I just bought my first property(well we close in one week). Will be looking for duplex/another deal in the future.
Hi everyone, we are in contract to buy a multiplex in Powell, WY. Hopefully everything goes well with the inspection so we can close and find the next one.
Hey Alex,
Welcome to BP and to Powell. That is a stronger market than my area.
Welcome to BP! I just saw that listing go under contract. Talk to you soon!
Looks like things have been pretty quite here in the Wyoming thread! I'm an investor and agent in Casper plus have done one deal in NV. We saw a decent surge in the spring but it leveled off and has slowed a little this fall. There is a surplus of flippers some experienced and several 1st or 2nd timers. As such we are seeing quite a few people paying too much and having trouble getting the price they want/need after renovations. Conversely, the rental market is strong and there are actually some pretty good buys in it.
What's everyone seeing in their markets around the state?
Hello Wyoming, I am based in Casper as well. I look forward to learning from and collaborating with y'all.
Welcome! Albon, the Cody area is appreciating but not cash flowing unless you find something off-market. Multi family doesn't appear often, is usually top dollar, and doesn't cash flow well. For example, a 4-plex will sell for $325,000 and bring $2,600 rent.
I'm actually looking at other states where cash flow is much stronger.
Hi Loren, look forward to collaborating as well!
Nathan, we aren't seeing much for multi-family other than the odd duplex. But single families are doing ok with a relatively low cost of entry. I've talked to some folks that are finding what sound like excellent cash flow options in other states.
Hey @Loren Odegard and @Albon Shaw, welcome to Wyoming BP, hehe. I see you are in Casper. I have been thinking about entering the Casper market for awhile. I like Park County and Cheyenne as well, but it may be too far to be practical to manage myself. While Casper has its boom and bust it also has the base jobs to come back, where my little town or say Gillette may never be what it was in the past. Keep my in mind if you see a nice house or a duplex or 4 plex that you don't want for yourself hehe. I would have liked to have added another rental this year (I have already added 2) but the hail storm in July has me doing nothing but roofs for awhile hehe. Give me a shout if you come through Thermopolis.