All Forum Posts by: Dave Peterson

Definitely.  They are also moving up to Wellington. Cheyenne also limits the number of new houses allowed to be built. The oil and coal industry are doing well too. All these factors keeps house prices a bit higher than other Wyoming cities.

I totally get the nervousness, but as wiser people than me have pointed out, get a good deal and don't worry about predicting the future. Make sure your deals have enough wiggle room to account for variations in the market.  I think we're at the top of the housing cycle and are due a correction soon, but that doesn't mean great deals aren't out there now, it just means they are harder to find.

Feel free to ask any questions here! Cheyenne also has a meetup that you can find on meetup.com feel free to join there and ask questions.

I'm a little confused, but it sounds like financing is your main question. Financing can come from a bank or private lender or both. How much you will need depend on the cost of the property and the rehab. Flipping houses a is different financing plan than a traditional 30yr mortgage so keeping money in the bank for a certain time period really has nothing to do with it. On a flip, your local bank will need your plan, plus usually 30% of the loan. Private money will just make the terms with you. My advice would be to invest a couple bucks in the excellent book with the super long title. BiggerPockets Presents... The book on investing in Real Estate with no and low money down real life strategies for investing in real estate using other peoples money. by Brandon Turner.

Great advise. Thank you!

@Brian Eastman

It is just the loan I'm looking for at the moment. But lets assume my business grows to the point where I do want a solo 401k for all the advantages, what would I look for in a 'qualified professional'?  Someone close to where I live, available by phone, experience in the industry, lists pricing online? Those are the type of things I'm asking about.

I have a little nest egg in my traditional 401K that I have through working a W2. I now would like to lend money to myself to be a down payment on a flip. I've read up and think that a Solo self-directed 401k would be the best way to go for this purpose (up to 50k loan) to myself.

But there are a lot of companies out there that sell DIY kit with documents and forms.  Should I look for a local CPA to set this up for me, a document farm and work it out myself, or something else.

Because I'm hoping for a budget option, perhaps I could find a document farm that would provide support if I had questions during and after initial set up. I'm willing to call around to a handful of providers to vet them, but how would I know if I've found a good one?

Thanks

I'm a wholesaler in Laramie, Wyoming. 82071, 82072,  82073. I have several deals in the works and I'm looking for investors who want to buy. I have multi-family near university rentals and a several single family homes. Also if there are meetups in Laramie, I'd like to know when they are so I can network with investors and real estate agents and financiers in the area.

Looking for Mobile Home investors in Cheyenne, Wyoming. 82007, 82001. I'm a wholesaler/investor and I'm getting quite a few mobile home leads. Do you invest in mobile homes in the Cheyenne area? I'm interested in wholesaling properties outright, or possibly partnering on deals. PM me if you're interested. Thanks

@Bill S. Thanks.