Hey BP community my name is Shane I am a licensed real estate professional down in Cheyenne, WY and I am new the the Bigger Pockets arena.
First reaction is overwhelmed with the amount of information there is to consume on this site. I have been bouncing around the site for the past few weeks and just now am mustering the courage to write an introduction post. I work in the industry and feel like I just stumbled upon a magical treasure chest of abundant resources. Any how.
I am 14 months removed from being a W2 employee and want to ensure that all the hard work I am putting forth is working even harder after money is earned. I am getting ready to close on my first investment property it is a 4 plex with 100% occupancy from long term tenants (avg 6 years per unit) set to close on 2/28/18. Rents have the potential to be raised $100 per unit and I am beyond excited to get this first domino to start falling.
My goal is to acquire atleast two other properties throughout the this coming year. I listened to both Cardone podcasts today and he has me really intrigued with Multi-Family projects. In all honesty every strategy gets me overwhelmed with excitement now its just which one do I want to experience first.
What do you think?
Good to see another Wyo investor here!
@Shane Potter welcome. There are actually a number of investors in Cheyenne. As well as a few long posts related to investing in Cheyenne. Use the search feature and put in your zip code and you'll find a few. There was/is a loose knit group of RE Investors who meet periodically. @Jeff F. has a long thread on a multifamily he purchased and is rehabing. @Corey Loghry does a bit of flipping. @Michelle Y. has been on the site a long time and owns some buy and holds in the area as well. There are a couple of other solid contributors from Wyoming. @Jerry W. is moderator on the site and is from Thermopolis. Also @Nathan G. is from the Cody area and has a property management company there.
Welcome, @Shane Potter ! I'm a REALTOR, property manager, and investor in Cody and will happily help out in any way I can. It sounds like you're already off to a great start!
@Shane Potter , Welcome to the site. Best of luck on your acquisition. Keep at it. Let us know if you want to chat about something.
welcome to BP. I'm also in Cheyenne.
Hi Shane, welcome. Very exciting that you have your first property under contract.
My partner, Shon, and I have been investing for about five years. We do about 40 flips and 8 buy and holds per year.
The REI has gained some momentum in the last several months. If you go to the Meet up App and search for Cheyenne you can join and receive alerts. The next meeting is a breakfast meeting which meets at 7am at The Egg on Feb 19. Their will be a guest speaker who is a local CPA specializing in real estate investing.
Please feel free to reach out if you have any questions or need anything.
Thank you all for the warm welcome.
It is great to see such a strong presence of successful people all within this surrounding area. I am ambitious and this site is stoking my fire.
@Corey Loghry I have seen some of the work you do around Cheyenne. I think what you are doing for our community is fantastic. My fiance and I toured Linden Ct. the other day at the Open House, my jaw was on the floor, amazing job! Also thank you for the invite to the meet up, what perfect timing as I was just mentioning the need for a good CPA real estate minded, I look forward to meeting you.
@Bill C.I am in Casper from time to time, and I see that they have a fairly active market on the hudhomestore If you come down for the meeting I look forward to meeting you. Or I will link up with you next time I am in Casper.
@Nathan G. I have lived in Wyoming my entire life and have yet to make it to Cody. I hear nothing but Amazing things and I know how the market is up there, touche. I am super encouraged by what you have going on, thanks Nathan.
@Jerry W. Does Themopolis still have the best 3 on 3 tournament basketball has ever seen? I use to play their as a kid, nothing like playing a little basketball and enjoying the Star Plunge hot springs!
Again thanks for the welcome!
@Shane Potter , we still have 3 on 3, but not as big as it once was. The hot springs are still very nice, and we are still very dependent on oil to be prosperous. The town has shrunk a bit, and there are more old folks now than young folks. No boom town here, and Gillette has been kicked in the gut so hard it will be a long time before it can look healthy if ever. Cheyenne is probably the most diverse town in WY especially as the state capital. Jackson now barely resembles being a WY town as the super rich have taken over. Casper has grown wildly over the last decade or 2, but has a slightly sprained ankle so it has slowed a bit. Time will tell how bad it will be hurt, it could be off and running in a year or two, hard to tell. Good luck, the legal environment for investing is extremely positive, the economy hits and misses here in Wyoming on a regular basis. Right now things are hard. No way to predict just when it will come back and how hard. Being patient and smart will still get you a good real estate portfolio.
@Shane Potter - Welcome to BP. Look forward to seeing you around the forums & Around town.
Here's our meetup info:
Hi all, I'm also in Cheyenne. I own and manage my own rentals, have done flips, have taken the Rich Dad / Elite Legacy training for investors, and I'm a licensed Real Estate Agent with #1 Properties. I'd love to connect with you all, and I'm happy to help you with whatever you need to make your real estate transactions successful.
Hello Cheyenne Investors!! I'm excited to know there are people in Wyoming, especially in Cheyenne where I live, that are doing what I hope to achieve one day. I am closing on my second home at the end of May and will live there while renting out my Saddle Ridge townhome and hopefully repeat this in a year. I am happy to know that I can talk about my plans without feeling like I am an idiot, as the people that I work with probably think I'm off my rocker for doing this.
I would love to know the name of the CPA that is mentioned here. I'm trying to get that "team" together! I love reading BP and know I have a lot to learn.
I'm also impressed with people who buy multifamily. That seems so out of reach to me. Love learning from you all and am trying to figure out how to make meet ups. I feel like I'm always at work.
Hi @Tina S.
Welcome - or at least, hello if you're not new. We have a meet up group and meet about once a month to talk real estate. Look for cheyenne real estate investors on meetup.com and you should be able to find one.
The CPA Is rob johnson, and most of the people in the group use him.
as for the people who say you are off your rocker. Dont listen to them - they are just afraid of something (likely failure) and want to hold you back.
Hi @Jeff F. ,
I just learned something new with the "@". Cool. Good to learn new things. Thanks so much for getting in touch and giving me some good info. I will look for the Cheyenne meet up and get to one of those meetings.
I am scared to have 2 mortgages, but know I have to do something to change my life. So I am selling off my stuff so I don't have to move a lot of junk that I don't even really use, so that when I move next time it will be easy.
Looking forward to meeting you at a meet up. Am intrigued with the whole multifamily investments
Welcome to BP! I'm at the opposite end in Cody but happy to help when able!
Welcome @Tina S. , be sure to look through the Education section above. it is loaded with great information. Be sure to set some key word alerts also, like Wyoming. Good luck to you.
hi @Tina S.
Done think of it as having 2 mortgages, think of it as buying cash flow.
For instance if you have to put 10% down on a 100k property, and you cashflow 150/mo, you've paid 10k up front for 150/mo as long as you can stand to collect it. Obviously it's not quite as simple as this, but it helps me.
Good way of looking at it.
Coming to this discussion late but I am so encouraged seeing all the activity. I have also joined the meetup group so hope to meet you all in August.
I have been trying to learn as much as I can, reading tons of books, listening to several podcasts, participating in webinars, taking classes and searching the BP site. Really there is no end to all there is to know about real estate investing.
So I an finally pulling the trigger. First property(3plex) in Cheyenne WY need LLC but live in CO
I am buying my first property, a 3plex (actually it is a house and a guest house but I want change it into an up/down duplex with a guest house)in Cheyenne.
I am interested in protecting the property with an llc or maybe a land trust or maybe both but I live in Colorado. Can someone heIp steer me in the right direction? Can I just have a foreign LLC in Wyoming or do I need to have an LLC in Colorado too? And what is the best way to get a registered agent since I don't live there? And last but not least could you recommend an attorney in Cheyenne with a bent toward real estate investors or have any advice on things I haven't mentioned?
Thanks so much
@Lani Archer , welcome to BP and Wyoming. It is very easy to form an LLC here. Go online to the Secretary of states site and with a credit card you can form an LLC in 10 minutes. You need to figure out will it be a 1 person LLC or will there be more? You need to talk to an accountant about the tax status you want, that is very important. There are many outfits who will act as a registered agent for you. I would pay the extra $75 or so to get a corporate book from Corpex or a similar place for your LLC. You also need to read up how they work, as if you don't treat them right they provide very little protection. You might consider a closed or family LLC that doesn't require annual minutes or meetings. If you have just one or 2 items you have questions about I can try to answer a few of them. I have had some crazy stuff happen lately so things have been a bit busy.
@Lani Archer I am also interested in how to structure my business going forward, as I know it will be important going forward. Although I haven't made my first deal yet (currently looking seriously in Fort Collins and Cheyenne), this is something I have thought about before. LLC seems like the natural choice. @Jerry W. can you recommend any forum posts, sections in the education portion of BP, or books on this stuff?
@Josh Cook thanks for posting. Fort Collins and Cheyenne are both great places to invest. There is a ton of information on BP about LLC's and entity formation (checkout the education section). I also read Start your Own Corporation by Garrett Sutton and found it very helpful. If you are available on 1/15/19 5:30pm Cheyenne Real Estate Investor Group has a meetup. Awesome group with very welcoming people you can find them at meetup.com. Best of luck on your first deal.
Sorry @Josh Cook , being an attorney I took classes on legal entities and have read court cases, so I don't usually read books on it now or follow forums that explain it. The big thing to understand is that it is considered a seperate legal person if you will. You can't just take money from it, you have to have it's own separate bank account, it has to document how it does things, etc. There are a lot of articles online, you might also look for legal education classes to attend, many are online, that help you understand how they work.
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