Kinda Newbie Living in Wyoming

19 Replies

Hi. I'm Kristen. My husband and I have 1 rental property in Laramie, WY (college town), own our primary home, and are interested in buying rentals in other markets. We'd love to learn about buying with other people's money, low or no cost real estate purchases, financing options, etc. and how to find properties.  We also property manage a few local homes for our friends (for payment, of course).  Areas we are interested in looking include: Park City and Salt Lake greater area, perhaps Steamboat, CO or Fort Collins, CO (however CO has super high prices right now thanks to marijuana!), or elsewhere!

Kristen, welcome to BiggerPockets. There aren't a lot of Wyomingites on here but myself and @Jerry W. are pretty active. I manage around 275 rentals in the Cody area and currently own an office, two single-family homes, and an 11-plex. Let me know if there's anything I can do to help out.

Hi @Kristen R. ,

That's an interesting list of locations you are looking at.  What type of property are you looking for; vacation home and short term rental or a long term rental with appreciation?  Why are you looking outside of Cheyenne or Laramie? 

Welcome @Kristen R.

My wife and I are new as well. We are in northern Colorado but just started looking in the Laramie area. We are almost ready to put in a couple of offers as we really find there is great opportunity in Laramie. We have informally interviewed the local population (mostly students) and there is a resounding response for a need for good rental properties.  We would love to make some connections!

Kristen,

I'm doing the exact opposite and am curious why you are looking at more expensive areas? My wife and I live in Denver and own a rental in Brighton. We are currently buying a 4plex in Cheyenne because we had a hard tine making our area work. We also are looking at Laramie for our next one. Just curious the thought process as it may help me in my own investing.

@Kristen R.

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Wishing you the best!

Welcome Kristen! My husband and I are also Wyoming newbies. We're up by Casper. My brother in law is a real estate agent in Salt Lake and I'll warn you prices are very high down there right now. He says it is a total sellers market right now with horses bringing $10k-$20k OVER asking price. People are getting in bidding wars to purchase down there. My husband and I have considered looking into investing in Laramie as we will have kids going to college in the next few years and figured what better way to house them than an investment property. (We were thinking duplex or four plex so they could live in one unit and rent out the rest.) Curious as to why you aren't interested in investing in your local market? 

having been a former prosecutor in the area, I do not care for the majority of "renters" looking to rent places in Cheyenne, and haven't had the best experiences around here. And the list of places we do have narrowed down (more specifically Utah) is an area not too far from us but doesn't have the price hikes that we're seeing in CO, however, has steady growth.

Originally posted by @Rick Decker :

Hi @Kristen Rieman,

That's an interesting list of locations you are looking at.  What type of property are you looking for; vacation home and short term rental or a long term rental with appreciation?  Why are you looking outside of Cheyenne or Laramie? 

Originally posted by @Toni Annis :

Welcome Kristen! My husband and I are also Wyoming newbies. We're up by Casper. My brother in law is a real estate agent in Salt Lake and I'll warn you prices are very high down there right now. He says it is a total sellers market right now with horses bringing $10k-$20k OVER asking price. People are getting in bidding wars to purchase down there. My husband and I have considered looking into investing in Laramie as we will have kids going to college in the next few years and figured what better way to house them than an investment property. (We were thinking duplex or four plex so they could live in one unit and rent out the rest.) Curious as to why you aren't interested in investing in your local market? 

Toni,

We are CSU grads and just don't care for Laramie.  We've owned a townhouse there since 2005 and it has barely increased in value. We have decent rental income from it, however. It is a higher end rental property, we take pride in our places, and with that being said, it's hard to rent it out in a college town b/c of that.

Originally posted by @Rick Decker :

Hi @Kristen Rieman,

That's an interesting list of locations you are looking at.  What type of property are you looking for; vacation home and short term rental or a long term rental with appreciation?  Why are you looking outside of Cheyenne or Laramie? 

 @RickDecker I noticed I forgot to answer your question:

We are open, but preferably a long term rental.... we'd consider a vacation home to rent out, too, though.

@Kristen (sorry my tags aren't working on my phone). Good to know. Thank you for the local insight! Something we will definitely keep in mind when we get closer to considering there for investments! 

@Tony Pietras , I was thinking the same thing.

@Kristen R. I love the towns that you're interested in. Just curious about strategy. Most out-of-towners that buy in Steamboat are purchasing vacation homes and renting as a STR to offset expenses, so you would be competing with people who's numbers don't have to add up. On the other hand, the rental market is in high demand and locals are having a hard time finding housing. This would be good for you, as you will have low vacancy for LTR. Just know that you will be looking more for appreciation rather then cash flow. This would be the same for Park City.

Check out Outside Magazines article on mountain town housing:

https://www.outsideonline.com/2198726/did-airbnb-k...

If you're ever in the area, shoot me a message and we can grab a cup of coffee. 

Hi Kristen. Welcome to BP!

I currently live in the Salt Lake City area and have invested in Park City quite a bit too. PC can be great for mid to high-end flips but very tough for Cash-flow rentals and low down, seller-financed properties.

OPM (other peoples money) means different things for different people. I use hard money for big flip projects but it still requires 50-100K of my own cash to get decent terms (like 1% orig and 11%APR.)

I see wholesaler deals at least once per week that offer seller-financing and also include a little equity but they require a quick closing and 25-50K down. That down payment pays the wholesaler and the seller. You then take over payments (search "sub 2" financing) and you can lease the property to make the difference between the current mortgage and the monthly rent. 

If you want low or no down, seller-finance deals, you are probably looking for negative equity sellers that just need to get out of the property. Cashflow and equity will be slim to none, but long-term appreciation may make it worthwhile. Networking with wholesalers is the key to finding these deals. They run across negative equity sellers often and can send these leads to you (for a fee of course.) I can get you some names in the SLC area if you PM me.

Hope that helps... and have fun!

Originally posted by @Frederick Kirk Wendel :

@Kristen Rieman Hello.

first, your thread here has been helpful to me so thanks for that.

Second, have you decided what your looking for specifically? like the price, size, SFR or multi? I caught that you may not be targeting students at all.

 @Frederick Kirk Wendel

I do not necessarily want to NOT target students, it's just that with our current rental, which used to be our primary home a decade ago, it's so nice, that students don't want to pay for it unless grad students.

Kristin
Welcome! I'm in the Chicago area! Looking to network, brainstorm & grow my business! I just joined a great group of investors that are absolutely KILLING IT nationwide! Message me, let's make some $$! 
Steve

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