Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
Didn't realize I should do this when I first signed up and started posting but better late than never.
A little about myself. My wife and I own and manage 20 units in the Denver Metro Area. All are SFH to four-plex properties. I have a CO real estate license and my own real estate company (Reliant Real Estate, Inc). I also do property management for a few more units. We have flipped a few houses and a condo. We have been doing this for a little over 12 years.
My goal is for real estate to provide financial freedom so that we have more time to travel and enjoy our family.
We recently purchased a duplex in Southeastern Wyoming (Cheyenne) that we are in the process of renovating to rent.
We are looking at doing some flipping or wholesaling to generate some additional cash so we can continue to grow.
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
12y
Thanks for joining up and finally making an introduction, @Bill S. ! Make sure to link up with @Anson Young who runs our local Denver BP group, and be sure to stay active here in the community!
I'm a newbie in the Denver area, hoping to start my first flip in the next couple of months. You have quite the investing experience, maybe a good person to learn some things from?! :) Hope to meet you at some networking events!
Investor · Wichita Falls, TX · Member since 2010 · 3k+ posts · 603 votes
12y
Welcome @Bill S.! Thanks for officially introducing yourself. It's exciting to have a seasoned investor like yourself jump in here on the forums. Hope to see you around often!
Just curious, what piqued your interested about Cheyenne?
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
12y
@Mehran K. I'm from the area. Property is much cheaper than Denver and rents are not that much different. The area is growing a bit. It has a stable employment base with the state capital, the AF base and is attracting business. Also there is much less competition. I look around Denver and every corner has 3 bandit signs "I buy houses". My investment approach has turned from buying for kids college and retirement (appreciation) to buying for income stream to have more freedom. Seemed like SE Wyoming was a better option than going into the war zones in Denver to get cash flow.
Flipper/Rehabber · Golden, CO · Member since 2013 · 590 posts · 319 votes
12y
@Bill S. Good point with investing in Cheyenne, makes a lot of sense. Do you find it to be a headache having property out of your immediate area in case of problems or going back and forth for renovations, scouting houses, etc ?
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
12y
@Kyle Doney yes a major hurdle and headache. Can't say I have answers or that I'm even doing it well at all. Putting my head down and still plugging away. I'll wait to make the call after I get done with the one in process now.
Rental Property Investor · AZ · Member since 2013 · 213 posts · 50 votes
12y
Welcome @Bill S.! I live in Cheyenne and bought my second rental (SF) here about a year and a half ago and it's been going very well. You are right in that Cheyenne is growing a bit (finally! I have been here from SoCal a little over 10 years and still experience culture shock from time to time!). I believe the state itself is the second largest employer here with a large majority of state employees based in Cheyenne. The only thing I worry about is rumors of the AFB closing but apparently those rumors have circulated for years. Let me know if there is anything I can do to help.
Investor · Wichita Falls, TX · Member since 2010 · 3k+ posts · 603 votes
12y
@Bill S. Those are solid reasons, if I've ever seen any, to invest in a particular market! I live in Los Angeles and do my investing out-of-state for similar reasons. The fact that you know the area very well is a huge plus. That's awesome.
Rental Property Investor · Highlands Ranch, CO · Member since 2013 · 4 posts · 1 vote
12y
Hi @Bill S. Somehow I stumbled on this post and began to read. I was interested to hear how your deal ended up? What was your experience? And would you ever attempt again?
I myself live in the Denver Metro area and have noticed the same issues with the area and wondered about the Cheyenne market.
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
12y
@Josh Macdonald it has turned out to be a colossal failure. Too far away, the house is in terrible shape and contractors in Cheyenne are very busy. When I call for a quote I often get we'll be there in two weeks and then half don't show. Lots of those that do look at the house give some lame excuses and don't give me a bid. I don't think it's me because I've done this before but small markets are different. Craig's List is useless for finding people as well. I've never been so frustrated. Had seven contractors (called everyone in the yellow pages) look at it for re-plumbing. I got one quote and they didn't follow my directions about what I wanted. HVAC same story. Still sitting empty after a year and really not much closer to collecting rent.
Rental Property Investor · Highlands Ranch, CO · Member since 2013 · 4 posts · 1 vote
12y
Wow @Bill S. Not what I was expecting. I'm sure you have thought about this but any chance you could find someone in Denver/Ft. Collins area that might be willing to work up there/commute up there?
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
12y
@Josh Macdonald I did put an ad on the Ft Collins Craigslist and did get a couple replies. I didn't move fast enough and the contractor's got busy and decided they didn't want to do the work. My bro-inlaw is an architect in Cheyenne and he says all the contractors are busy with stuff related to the oil and gas. Prices are raising and this is kind of one of those little jobs that's not a lot of fun so it's hard to get stuff done.
On top of that, I haven't focused on it like I need to. I'll get it done, I just need to focus on it.
Denver, CO · Member since 2012 · 11 posts · 3 votes
11y
@Bill S. Just curious how the Cheyenne property turned out. I was thinking of expanding my horizons up North since the Denver market is out of control. Any luck ever getting this thing rented?