All Forum Posts by: Jake Kraft

Hello all! I'll do my best to keep this short.. We own some acreage in sheridan wy, that is actually a bunch of blocks and lots grouped together (30 or so)  We purchased it from an estate 4 years ago.

Since we have owned it, and even prior to that, there have been 2 lots inside its perimeter owned by 2 different people. They do not reside in wy. We have never met them, nor have they ever visited or contacted us. Their lots are inside our fenced area, they would have to come down our driveway through the gate, and past the no trespass sign to get to their lots. 

This property has in the past been pasture for grazing, and we built a rental on one of the lots, in addition to planting trees and running irrigation. 

Since the covid boom, all the land around us has been developed, and become quite valuable. There's a shady realtor that has been buying and developing a lot of the lots here, and has been pressuring us to sell, which we do not plan to. Our concern is he will contact the owners of these 2 lots, buy them, and really have some leverage over us then.  

That leads to our question...I have an idea how adverse posession works, and believe ours would be a candidate. However, WY is a 10 year adverse protection state, and we have only owned it for 4. I have read about tacking, but cannot find a clear answer to if it would apply.  Does anyone have thoughts on our situation? Also, if anyone has a reference for a real estate attorney in the 82801 area, please message it to me.  

thanks all!

Nathan, you are correct, they are multiple lots so it would be more like a small subdivision, just with mobile homes. 

We currently don't have plans to sell any of it off, but you never know what the future holds, so that is something we will keep in mind. 

How is the market on your side of the mountain? Our influx has been mostly people moving from densely populated suburban areas. Are you seeing the same over there?

Good morning everybody! Its been a while since I've last posted. A lot has changed, we have purchased and sold several homes, and are in a good financial position to make our next move. Ill try to keep this short... We purchased a piece of property that is 30 some individual lots grouped together. The covenants are non-restrictive (we border the city, but are not in city limits. Development is moving in this direction quickly) We own this outright, no mortgage, and we do not live on it. City water, sewer, gas, and electric are all in place and run through the property. We are currently finishing up our first mobile home on it, a 1980's 2/2. It is turning out really cute, and should rent well. We installed this one because the property is otherwise a big expensive garden that we like hanging out at, and we wanted it to produce a little income. This place should rent for 850-900, and the rent market in our town is crazy hot. (sheridan, wyoming, if anybody is curious) 

We will have around $50,000 into this house all said (including taps, ill expand on that in a min) , and thats a complete remodel and done well. That said, its probably more expensive than we can source mobile homes for. I would say in the ball park of 20-25000 for a move in ready home. If we found a 3/2, it should rent for closer to 1000. 

I love these numbers, as a dumpy 3/2 that needs torn down is going for 250,000 right now and still rents for what we can rent these for. My wife (I'm the kite, shes the string that keeps me in reality) is on the fence about starting up this trailer court. Not that she thinks its trashy or anything, more that shes afraid we wouldnt attract quality tenants, and we have been very fortunate so far, tenant wise. 

My thoughts, and the #'s:

We have 6 or so lots that are level, and readily accessible to utilities that we could develop easily. 

Do them 1 at a time, and as the right houses are found.

spend 20-25000 on the house. 

Taps per lot are 15,000. We can excavate it and save a couple thousand so 15,000 is a pretty set cost.

another 2,000 to move and level it.

so lets say were in them another $50,000/home ready to roll after putting in a gravel driveway and whatever other things pop up.

What are your thoughts on this? What downsides am I missing? I understand the homes will not appreciate in value, but with lumber prices right now, were concerned with building anything anyway. There is a 10+ unit SFH subdivision currently going in literally right next door, that are selling for $300+, so our property is appreciating in value substantially with or without us building.

Well, so much for keeping this short. But I hope I gave enough detail. Please give me your thoughts! -Jake

No I didnt re stage. The house was completely empty and cleaned. I assumed a staged home brought better offers but in this case it didnt work out that way.

hey all

I hate a discussion left hanging, so heres an update...I finished moving out and we re-listed. I did let the threat of legal action hang for a few days but the buyer released the em and we moved on. Two offers came in within a few days and we accepted one for 187, 000..$6, 000 over asking with less closing costs. I may have to move a little pending appraisal, but its a better offer no matter how you look at it. So in the long short of it, you all were right. Re list and move on. Thanks all, my next post should be an investment property question once this one is closed. Thanks for the advice thus far

Jake Kraft

marie thanks for your thoughts. I should have mentioned in my first post that I work for the same company as the buyer, but at a different site. There has been unsubstantiated rumor of small layoffs in the company for over a year. That is what irks me most. Why waste both our time on a whim and then bail due to you knew way before even the offer stage. if I dont have a suit for specific performance, I will sell at an unstaged price and recoup my lesser damages from this buyer through collections. I am not a lawsuit-happy person. I have never even hired an attorney before this, let alone gone to court. the buyer thinks he can just walk after causing

$1000 is typical here, even $500 is common. It sold for $181,000. The market here Isnt the best right now..not bad, but not great. Perhaps rules and contracts differ here, buy you can sue and force a pre approved buyer to purchase after contingencies are removed under the specific performance clause in my contract. Same clause that can force a seller to sell if they change their mind. I was planning to afford a 3mo lease on an apt, and pocket a nice $54k after the sale. Now I have a mortgage, an apartment, both utilities, and everything in storage. If you think It doesnt deserve punishment, try on my shoes.

Thanks all for weighing in. Brian talking to the broker is a good idea, ill schedule some time friday. But at this point it looks like we are moving forward with legal action. I have spoken with my realtor several times and he is agrees that its the course to take. Thanks all

Well just an update..the contract leaves me with the option of specific performance if all contingencies are met. My realtor sent me all the signed documents and they are going to my attorney tomorrow. Ill keep you all posted.

I'll go through the contract this evening, although I waited until everything except closing was signed to move "just in case". the last week was my only chance to move before closing and re-staging is not much of an option since I sold most of my furniture. At the point were at I assumed the buyer was required to buy under signed contract, and nothing stopped the sale except for the buyer changing their mind.