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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 everyone
I'm in Casper as well. I saw that there isn't too much talk going on in this thread but figured i'd jump in and introduce myself.
I haven't invested in any way yet but look forward to learning more and more while connecting with people.
Hello, 307 world -
I am based in Laramie and focus on long-term buy and hold single or multi-family. Wondering if any of you are doing renovations this winter/spring and could help out a newbie with some tips and pearls? It is usually a great time of year to find some deals but as a rookie investor, I am worried about getting into a renovation where the weather could cause a major hiccup and be out of my control. Obviously exterior work is out of the question - when would you renovate the exterior? Leases here typically revolve around the University semesters begin/end. Would love to hear your thoughts on when the best time would be to renovate and then seek tenants would be. Thanks in advance!
Hello Wyoming, I'm in the Rock Springs area. Working on my rental portfolio. I own a duplex and I'm currently working on flipping a house. I'm about half way through the flip. I hope I can connect with more of you from wyoming.
Hello everyone,
While I don't live in Wyoming any more, my investments are there. I have taken a two year break from Bigger Pockets but I am glad to be back.
I hope to reconnect with several of you Wyoming folk when I am up there this summer.
Welcome!
Hey @Cheryl Packham, welcome back. What a surprise hehe. Good to hear from the rest of you. @Robert White, I was born in Rock Springs, and still have a lot of family there. Good luck. it has large boom bust cycles there. Buy smart to weather both of them. @Alexander Knowles, the only time to work on the exterior in Laramie, where I owned and went to college at was when the wind wasn't blowing, but then the wind always blew hehe. Seriously the best time is summer. The demand is way down, and you really need to be ready by at least july as everyone will be rented up before August. I am madly busy, but if any of you come through Thermopolis please stop and say hi. I would be glad to give my 2 cents on real estate issues, but cannot guarantee how good it will be. I have been doing it for over 20 years on a part time basis.
Hi all!
New to BP.
We are based in Casper and multi family is our focus. We have found 2 great deals lately a 4 plex and a duplex. I do have to say, I would not have these units without putting in the leg work and searching daily for deals, and having a great realtor on my side!
Looking forward to chatting with you all!
Anyone know of any meetups in the Casper area?
Hello my fellow Wyomingites! I have been listening to BP Podcast for some time now, but just recently joined the website. My husband and I live in Green River and invest in both Rock Springs and Green River. We mostly specialize in buying extremely run down properties and bringing them back to life. We have then lived in them, rented them and/or sold them. We just finished flipping a house that took us about 5 months to do (we do all the work ourselves on the side) and sold it for a price we were very happy with. We are now in the market for another project, either flip or rental with the hopes that within the next 5-10 years we can move into doing it full time. If anyone has any questions, advice or wants to chat more let me know. Looking forward to learning more and networking on BP!
@Alexander Knowles I know you posted a few months ago, but if you are still looking for some answers I may be able to help you. My husband and I worked on our very first house in Laramie. As with most places in Wyoming you need to schedule your exterior work to be done in warmer months. Another thing to consider in a college town where most leases start in August is you will more than likely want to be completely finished or at least on the very tail end of your project by the time your tenant moves in. What is it exactly that needs to be done to the property? If I can I will try to give you some further guidance with timelines etc. if you are still needing it.
@Todd Rector, welcome to BP and Wyoming investing. A good deal is a good deal, but keep in mind Casper is getting beat up at the moment. They overbuilt in multifamily and while you used to be able to rent in 2 hours of posting, now they are offering huge incentives. It is going to get worse. Be very conservative or plan to hold for at least 5 to 7 years. The Coronavirus is not what I would be worrying about, it is the price of oil. Casper lives and dies around oil.
@Jessica Maser, welcome to BP. I also try to buy distressed properties and fix them up, but I usually make them into rentals rather than flip them. I am slowly losing touch with my roots in your area, but but it has always had a lot of potential.
@Jessica Maser Welcome to BP! It's a great resource. I reside in Rock Springs and I just bought my first property here in Feb. Currently renting the upstairs out while I finish the basement. Planning on doing similar investing like you.
Hey everyone. I live and invest in the big horn basin. I have 6 doors, plus a flip. Have my eyes set on three more deals. Hoping two of three are closed by the end of summer.
Casper area has some good investments if you connect with the right people.
Hello everyone! I'm in Cheyenne, WY and looking to connect with investors/mentors as I am looking to try and wholesale my first property and eventually get into fix&flips. Any advice or help would be appreciated!
We have an investor groups that meet up monthly. Reach out to me and I’ll get you the info.
Originally posted by @Phillip Gonzales:Hello everyone! I'm in Cheyenne, WY and looking to connect with investors/mentors as I am looking to try and wholesale my first property and eventually get into fix&flips. Any advice or help would be appreciated!
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Broker Wyoming (#14308)
- https://www.coldwellbanker.com/agent/[email protected]
Hi All,
I am nearing an offer on my first multi-family deal in Riverton, WY. I am doing my best to be thorough in my property evaluation and approach this as a business rather than a hobby, but recognize I offer no personal experience in this arena. I live out of state (California), have a buy and hold long term strategy, and plan to go the property management company route. The property is an 8-plex built in 1961 in moderate condition, all 8 units are currently rented. It is not on the market to my advantage so I am doing my due diligence to see if this is a good cash flow investment opportunity. I would like to do the deal through an LLC. Here are some specs:
List Price: $425,000
Estimated Annual Income with a 10% Vacancy: $54,996
Annual Expenses (include 10% property management, gas/electric/water/sewer/trash, taxes, insurance, maintenance [$100 unit/month = $800/monthly]): $22,550
NOI: $32,446
Cap Rate 7.6% with opportunity to increase current rent rates as multiple units appear 25% below market rates
Any advice/feedback is greatly appreciated as I am doing this entirely via ambition, reading books, and listening to podcasts (biggerpockets and wheelbarrow profits). Especially interested in major pitfalls to be aware of and lending opportunities for rural areas. For those questioning why I would invest in WY, I have family in the area that connected me with this property and the prices are not even comparable to the sky-high prices in California. Thanks!
@Ryan Brown might be a bit late. If you went through with the deal, how did it go?
If not, I might be able to help get your brain thinking about items you haven't thought about. I grew up in Wyoming, now live in Texas. I should preface, I haven't looked at the Riverton market so your valuations could be spot on.
1) Riverton's economy is quite slow from what I remember. It does have a community college and the Native American reservation nearby has a casino. Otherwise not much compared to the rest of the state. I would be hesitant in thinking you could immediately increase rents by 25% and still have decent occupancy.
2) Riverton like much of Wyoming is quite difficult to get to in a reasonable amount of time. Especially year round. If you haven't already, finding a reliable property manager in Riverton may be tough. Having family in the area helps, but unless they are experienced you may want to avoid going down the road of having family run the property. IMO, I rather pay someone that I can easily fire if they are doing poor work, then ruin a family relationship.
3) If you are planning to do any renovations keep in mind that winters are long. Realistcally there are 3-4 months of decent weather without much issues. Then if you're lucky, 2 additional months.
Last thing to consider...As with anywhere in the world, there are deals in every market. The deals are just harder to find compared to others. Have you tried looking at other markets in Wyoming? There are a handful of places (Casper, Cheyenne, plus some others) that might be a little high on value but have the stability of established economies. I think you will have better luck finding reliable property management in the larger markets and quite possibly similar if not better long term returns.
@Ryan Brown, welcome to WYO investing. The first thing you had better look at is utilities. In MF utilities can make or break you. Often gas and water are in the landlords name. Utilities can take the profit out of a MF deal quickly. In addition you will have lawn maintenance in summer and snow removal in winter. Why don't you post your numbers for us to look at. By just posting your assumptions we cannot evaluate it. If you have done it already good luck. Let me know if you need something. I experimented and bought a unit in Riverton a few years ago.
Hi all,
We moved to Green River last year and after settling in are looking to invest in our first rental either here or in Rock Springs. I have been following Bigger Pockets for quite awhile, but used to move around a lot so have never really settled into an area long enough to feel comfortable investing.
I would love to meet up with any local investors to exchange ideas and learn more about what is and is not working for you around here!
@Hastin Boulger Hey Hastin, welcome to Sweetwater County! I recently bought my first home in Rock Springs and have been house hacking it while I finish the basement. I’m from Rock Springs and have loved living here my entire life. Working towards getting my real estate license next. Would love to chat sometime soon. There aren’t a lot of investors from the area that are on BP from what I’ve seen.
Welcome @Hastin Boulger and @Brayden Flack. Sweetwater county is a huge boom bust cycle place. Still it has had overall growth for many years. Trona mines, coal, power plants, railroad, ranching, oil and gas, and of course shipping and trucking companies on the interstate are just some of the economic drivers. There is a ton of area to build out there but little infrastructure. Good luck in your investing.
First off, thank you to @Cheryl Packham @Nathan Gesner@Jerry W. for creating this post and sharing great insights. I've wondering where to find other local Wyoming investors on BP!
Is anyone still finding 1% deals on market (monthly rent/purchase price) in other Wyoming areas? For about 3 years, we couldn't find them and now we have been finding an influx of them though in the past few months.
I've also spoke with a couple other folks on BP and they all say Laramie is too tough of a market to make numbers work (in terms of cashflow) with 1-4 unit rental properties in Laramie. I personally think they are overlooking a ton of value-add properties in Laramie (which isn't a bad thing as the competition is much lower). From what I've seen, Laramie is one of the strongest rental markets in the country and is just now scratching the surface of seeing some incredible appreciation growth. Just DM me and I can share the numbers we are seeing. @Phillip Gonzales @Jessica Maser @Todd Rector @Erik Smith
Planning on moving to the Pinedale area very soon. Anybody in that area?
Hello all,
New to BP Pro, but have been a long time lurker. Im just finishing up school and moving to Gillette and am hopefully going to close on my second deal today or tomorrow. First deal was a househack in Laramie where I forced a little over 30% appreciation from a decent acquisition price and updating.
Hopefully going to acquire my second tomorrow and do a full gut and rehab as part of a live in BRRRR.
If there are any meetups in any towns within 2-4 hours Id love to come here you're knowledge.
As a side note, i notice a lot of optimism about people moving to WY (and am seeing it ), what are others thoughts? Concerns with changes in legislation that would eviscerate growth opportunities with a whole slew of new folks trying to bring there states policies here?
Cheers all.
@Tyler Hofer I live in neighboring Rock Springs (about an hour and a half away). Beautiful up there! I visit often for the Wind River mountain range. You’ll love it!