All Forum Posts by: Jesse B.

Nicely put, @Jerry W.  I'm not sure Gillette will ever recover, and I am a 20 year mining professional.  My biggest concerns from this downturn is the loss of state revenue.  I love living in Wyoming, but one of the draws is no state income tax and very low property taxes.  I am concerned this may change and we will lose businesses, future business opportunities, and less funding towards new schools.  Something just feels ugly about this bust.  

Hi Jeff!  Sounds like you are off to a great start!  If it's the property im thinking of, it should be a nice project.  I will be looking forward to seeing the results!

I'm not sure of your exact situation, but I purchased a few places while living in Australia. I did have a team in place and was familiar with the areas. Aside from not always getting the exact scope of work completed I wanted, the most difficult thing was dealing with the consulate for anything needing a notary. They require appointments, always are off schedule, and charge a ridiculous amount for a stamp and signature. If you are not ready to purchase anything, in 6 months time you should be able to familiarize yourself with a market enough to make informed decisions when you return.

Have you considered AirBNB if it is an option in your area? Probably much easier to manage with more upside potential.

I know there has been some discussion of what it might look like with the drop of the price of oil.  I also know there are several of us on the site who live or have lived in these areas and have first hand experience.  

Currently here in Western Australia we are in the middle of a crash in iron ore prices.  I thought this snippet in the paper said it all! Since the 2012 peak, average weekly rent in Port Headland has dropped from $2544 to $1133, with avg sale price dropping from $1.2m to $775k, and there is no bottom in site yet.  And this is arguably not the hardest hit town.  Good to take advantage of the high rents and rapid appreciation when we can in these areas, but it's a scary game!

That's fantastic Bill!  Did the purchaser tell you what they planned to do with it?  I drove by, it was a tough lot as well.    

Assuming you mean Cheyenne, Wy, there are several if you google Cheyenne Property Management.  PM me if you want to hear who I use and about them.  In general with the market there they would have to be really bad to not perform.

The smaller towns are at more risk for a big bust.  I have been thru it before in Wyoming and it's not a lot of fun.  The booms are though!  I used to hunt a lot in western North Dakota and would say they could be in trouble.  I would guess Houston, San Antonio, Dallas, and Northern Co have enough going for them that while they may see a slowdown or drop aren't going to see the severe busts.  I don't know enough about Oklahoma to comment.  

The most interesting thing I remember seeing in a down cycle is how people refuse to lower prices and instead properties sit and sit.  When I moved to Rock Springs in 99 there were hundreds of properties for sale and no one would budge on price.  I bought a place for 89 put a ton of work into it, sold it in 2002 for 82 and the new owners sold it in 2004 for 192 when there were less than 2 homes listed at any time.  Small towns just have no ability to absorb demand.  I am very cognizant to watching the booms!

I would love to find an upscale all 1 unit place that was easy walking to everything and had good access to public transit.  

Does anyone have a quick resource for finding the relative insurance premiums between different states/locations?  Basically I want to use a halfway realistic number for running my initial screens on a new market.  Cheers