I am currently looking in the Cheyenne, WY area for my first investment property (preferably a residential multifamily) . I am in the process of trying to acquire contacts in the area seeing that I have never lived there before. I wanted to get a few referrals for investor friendly agents specializing in new investors. Also, a list of contractors/handymen would be great as well. Any help that can be offered would be greatly appreciated!
Hi Luke, I wish I had better information for you, however Cheyenne is a tough place to invest in even if you are local. Contractors are booked out for months and real estate investor who are friendly to new investors are difficult to find. Chuck West at #1 properties specializes in investment properties and would be a good point of contact for you to buy a multi family property. Welcome and good look.
Updated almost 4 years ago
Revision* when I said real estate investor I meant to say real estate agents.
Thank you for the quick response! Not sure if you would have info on this, but how are the possible list of contractors looking in the surrounding areas (i.e Fort Collins)? Also, are there any real estate investment clubs/meetings in Cheyenne? Sorry for all the questions! I'm going to be stationed at FE Warren soon and thought i'd get a feel of the RE environment in Cheyenne before moving.
I am sure there are others who have more experience with the contractors in the area. I know that most are very busy with commercial large scale jobs, even in fort collins. They don't see to have time for little ole full scale remodels of single family residences so they bid them high, very high. However, that being said I would be interested in discussing further with you what you are trying to do and see if I have any ideas for you. I have hosted a few REI meetings here, but we do not have a set schedule. Now that fall is here, I do plan on having another get together but they are very informal and mostly just for networking. I know that Fort Collins has a well established REI meeting, however, I have not attended. I know that @Corey Loghry has been to the one down there, and perhaps would have so more insight on local contractors in the area.
Thank you for the info! I would definitely be interested in discussing with you my plans in REI. Any help/advice I can receive from seasoned investors is always welcomed. Please let me know if/when you will be setting up a REI meeting in Cheyenne and I'll be there!
Hey Luke, I just drive down to ICOR (Investment Community of the Rockies) meetings in Loveland or Denver. I don't think there are any great deal of veteran investors in Cheyenne...I've lived here for quite some time and never have heard of any investor groups. I'm new like you, but check out the ICOR website, I'll be going to the meeting on the 15th of this month in Loveland (about a 45 minute drive south of Cheyenne). Hit me up if you want to team up and go down there. That goes for you too, @Cheryl Packham .
@Luke Preslar Hey Luke. I am new to the game here in Fort Collins, but I am meeting with my agent Wednesday. I'll touch base with her to see if she has any investor friendly agent contacts in Cheyenne. I would also recommend connecting with @Stuart Birdsong to see if he has any connections in that area.
On a side note, what part of St. Louis are you in/from? I grew up in St. Charles and am working on a possible seller finance deal on a SFH there. Have you invested in the St. Louis or surrounding markets?
You are in a good place, it just takes a little time. I can give you a good agent that speaks "investorese " and a good property management company. The numbers worker better in Cheyenne than they do in Fort Collins or Greeley.
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Hey @Luke Preslar I would agree with @Cheryl Packham that finding someone to remodels and construction work can be a bit of a challenge. These guys really are booked out 1 year plus and they can pick and choose on what they want. The market seems to still be robust with fewer deals and high demand. I would envision things would still be strong through the winter as supply decreases but demand is still existing - and this is with most of the oil rigs stacked up... wait till the price of oil comes back next summer. We have looked at numerous houses and submitted lots of offers with little success. I'm not knocking any agents, but things seem to be getting a little sloppy as far as execution and follow through with these houses - given the great market and plenty of business. Also, Cheyenne has lots of unique areas and flavors of homes. I would recommend getting on the ground for a day or two when you do find an agent and learn the lay of the land.
Personally speaking, I find it hard to justify investments in a marketplace that is not transparent. As I understand it, WY is one of the few states that does not disclose historical purchase info.
Best of luck!
Hi @Luke Preslar and welcome to BP!
As everyone before me has mentioned, Cheyenne is a tough market even for us locals. Northern Colorado is even tougher.
However, for an investor friendly realtor, try Amy Smith at #1 Properties, she is investor friendly as she has flipped and bought rentals herself in Cheyenne and patiently worked with me for several months to find my own investment property.
For a contractor, try Dan Nichols with D&A Builders. He did rehab work on my rental in Cheyenne and worked with Amy Smith on her flip (which is how I found out about him). I imagine he is crazy busy along with all the other contractors here but worth a try.
Tell them both I sent you!
Great to hear! I played a few hockey games up in Saint Charles. I was born and raised in South County (Oakville/ Mehlville area)! I am pretty new at real estate investing so I haven't been able to look in the STL market. I have family and other contacts there so STL will definitely be another market for me to look into for future RE endeavors.
I'm not living in the area yet but will definitely be down with going to ICOR in the near future. I'm open to all the knowledge the real estate environment has to offer!
Being a new investor in the area, I am open to any and all advice/help you have to offer! I was originally looking in the Fort Collins area but it seems that it is much harder to get into that market comparatively to Cheyenne.
I highly recommend using social media to search for investor friendly agents! I love working with new investors and market heavily to this market in Denver on social media, especially Facebook and LinkedIn so that's where I'd start searching if I were looking. There are tons of FB groups for investors and you will no doubt be able to find local contacts there!
I hope this helps!
Welcome to Bigger Pockets.
Hi Luke, congratulations on your pending move to Cheyenne. My partner, Shon Dermody, and I are real estate investors doing business in Cheyenne, Laramie and Fort Collins. We are approaching 3 years in business and are on track to complete 26 rehabs this year. We aren't experts by any means and every property we renovate we learn from! But I can tell you what has worked for us: We developed a professional credibility packet that talked about who we were, our experiences, our goals and why working with us would be beneficial to a realtor. We took that packet to scheduled meetings with brokers of each real estate company in Cheyenne (#1 Properties, Coldwell Banker, Century 21, Frontier Properties, Re-Max). We intentionally went to the broker and asked for their input on what agents on their staff would be a good fit. They humored us at first! Initially we worked with agents from three brokerages to see what was a good fit for them and vice-versa. We were fortunate enough to find an amazing realtor and broker. I think what worked for us was demonstrating to them we were serious and there was benefit in working with us. These meetings took place when we were just on our 2nd rehab so we presented who we wanted to be, not necessarily who we were at the time. I think most realtors are worried that there is no benefit in working with investors, but we repeatedly stressed that we were repeat customers and there were major benefits in the relationship for them.
Finding properties takes a lot of work, but we would be glad to talk with you about what has worked for us if that would be helpful.
We have also found the contractor situation challenging We are interviewing folks all the time and focus on contractors and subs just starting out who were hungry and discuss the mutually beneficial relationship. We are usually working on 4-5 houses at a time, so what we can offer is steady work without having to go looking for jobs during the slower months of the year; that conversation won our current crew of 10 over.
Again, we are still learning every single day, but if there is anything we can do to help, we would be glad to talk or meet upon your arrival in Cheyenne. (P.S. We also attend the ICOR meetings in Fort Collins as well as the ones Cheryl Packham hosts in Cheyenne; every opportunity to be around like-minded people is great.)
Best of luck. Please let me know if there is anything we can do.
@Jyll Tooker Thank you for the advice! I will definitely start looking into the social networking arena and see if i can get any leads on an agent that way!
@Corey Loghry Thank you for the great post and your openness to help a new investor such as myself! I greatly appreciate all the help I can get and will take your advice to heart!
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