Friday, September 14, 2018

Are Rental Properties Right For You?

Top Reasons that People Buy Homes to Rent Out to Others
When people think of opportunities in Wyoming, they probably imagine wide open spaces and cattle ranching. Fewer people understand that there is much potential in the local real estate markets around the state. For someone looking to generate passive streams of income, Wyoming might be a great market to purchase property in. Whether you are considering buying residential units in an urban area or large ranches to rent out to farmers, there are several good reasons why people invest in rental properties.
Renting Property Is a Stable Source of Income
No matter what else happens with the economy and how things change, people will always need houses. That means that investing in properties that you intend to let out to other people is often a smart business decision. The most important considerations are ensuring that the amount of rent you can charge offsets your monthly expenses in owning and maintaining the property and that you don't buy a house with an inflated price. Single unit houses and multifamily dwellings are both solid investments, as our rental farm properties. Depending on what kind of work you want to do and where you live, the possibilities are practically endless. While the prices and demand may change from year to year, the overall need for rental housing will not go away.
The More Work You Do Yourself, the More Profit You Can Make
With many jobs, doing extra work doesn't mean you make more money. Thankfully, working as a landlord is not one of those jobs. One of the best ways to quickly turn a profit by purchasing properties to rent is to buy a distressed property and fix it up. Most people don't want to live in a slum, but many people will apply for a newly renovated apartment. More importantly, by making repairs, you increase the overall property value of your rental, which could mean that you may sell it for a profit in the future. 
Handling applications and dealing with tenant issues may be stressful, but managing all of those aspects of your rental business on your own means that you don't have to pay a superintendent or property manager to handle it for you. If you have the skills required to make basic repairs when something goes wrong, that can save you even more money. 
Over time, your tenants will help you pay off the mortgage on your rental properties. They will also provide you with an ongoing stream of income that requires minimal effort on your part. You can reinvest that profit and purchase more properties or use it to fund your lifestyle. Since renting has become increasingly popular, working as a landlord is increasingly attractive to modern professionals. There are many reasons why, but the freedom and potential profit that come from being your own boss are certainly high on the list!

Tuesday, February 20, 2018

Real Estate Market Data 2018

As we move into 2018, all indications are that real estate will have a good year in Cody, WY.  Not unlike last year, which saw robust sales and homes in the higher price ranges selling.

Our market definitely tends to be conservative, and that's a good thing.  Slower appreciation works well when markets slow down.  We tend to be in the 5% annual appreciation range.  Buy and hold is a great strategy here.

I've included a chart that shows sales this year compared to sales in 2017.  What's immediately noticeable is the total dollar volume.  Same number of sales but volume this year is over $2,000,000.00 more.

If you're interested in learning more about our market, call me.  307-899-5393.  Please leave a message.

Monday, January 29, 2018

Can Real Estate Make You Wealthy???

So Whose Tried Airbnd?

This website has taken off!  I've tried Flipkey and VRBO but it seems they are a thing of the past and everyone's talking Airbnb.

I've searched on this site for places to stay and they seem to have a huge inventory of rentals.  I'm also considering hosting a couple of places in downtown Cody.  

I'm looking for pro's and con's.  If you've had either a good or bad experience please share here.

Tuesday, November 28, 2017

What's On Your Bucket List?

It's funny how long some things have hung around on my bucket list.  Am I the only one?  Just curious, no one wants to be alone while procrastinating.

There are things that are on that list that I'm looking forward to, and then, there's Toastmasters.  For me this is an "overcome the fear" item on my list, therefore, I'm not rushing into anything.

Actually, A group of us started a Toastmasters back in 2005, and I think that year is right.  The club lasted for several years and then fizzled out.  No excuses other than we did not keep recruiting new members and that is part of the successful club process.

I will say that during that time, I found my voice.  And now I'm fairly certain there are those that wish I hadn't.  I'm not there yet though.  I would love to give a speech flawlessly, you know, like you see on TED Talks.  So, I need to make time to get involved with the new club in Cody, Yellowstone Toastmasters.

I've been following their meeting times and agendas and need to ditch the excuses and just show up.  Ideally, anyone reading this post should show up too if you're interested.  The club is open to all.

If you're not familiar with Toastmasters follow this link... Become A Leader .

You'll find all the information for Yellowstone Toastmasters on Facebook.  You can follow them there.  I'm pretty sure you'll be glad you did.

Develop the skills that will give you a voice!  It's empowering.

Wednesday, November 1, 2017

Since when did I become a football fan??? 

It's a question I've been asking myself.  I enjoyed football in the 70's and 80's.  I lost interest when the players starting making enormous salaries and "showboating".  And, I'm still not a big fan of the NFL.

I am however interested in College Football.  Maybe because the players haven't been tainted yet.  And I'm particularly interested in Wyoming Cowboy Football.  Maybe because my daughter is a Freshman in Laramie.  I find myself there frequently (although I seriously dislike the drive and wish I had my pilots license).  

I'll be there again this weekend, in the bleachers, in the cold, cheering the Pokes on.  The teams that play in the Mountain West Conference deserve our support.  It's not easy for any of us in this weather.  Go Pokes!

Monday, July 24, 2017

Yep...Rene is back with some timely, money-saving tips as you travel through our great state.

Heed your speed.

Don't be fooled by the wide open spaces around here.  It's easy to settle into your cruising groove, the pedal pushes down a little closer to the metal while your speedometer inches upward.  Then, right out of nowhere a little town pops up - accompanied by a rapid drop in the speed limit - and if you're not paying attention you will get pegged.

You may not see a soul in places like Powder River or Moneta, but when they say slow down, you probably oughta because hiding behind that huge sagebrush could be your new favorite law enforcement officer checking in on your ability to adapt quickly to small towns and their adjusted speed limits.

They reward those who are adept.

Plenty of small, Wyoming towns have what I refer to as "speed traps".  They deny this is what they are but, when they notoriously lurk at the outskirts of town on a road with no one on it between two signs placed (maybe) 100 yards apart - one reads 35 mph and the other 70 mph - and suddenly you see flashing lights in your rear view mirror - feels a lot like a speed trap.

Granted, I've been around long enough, and gotten enough speeding tickets in our sweet little po-dunk Wyoming towns, that I've learned it's not worth it to speed through places like Byron or Frannie.  You WILL get a ticket and frankly, I prefer to keep my cash.

One time I truly thought I had a legitimate argument for a particular circumstance (AKA:  excuse to speed).  I went through ALL the trouble of appearing, not only once, but twice in the little makeshift courtroom, attempting to defend myself only to learn I'm a lousy lawyer and ended up having to pay the ticket in full.

With age comes wisdom though - life is fast enough.  No need to excessively speed through it...and risk a costly ticket.  Might as well take your time and enjoy the scenery.  After all, it's beautiful country and you'll get there - eventually.

Tuesday, May 9, 2017

                             Does Spring Exist in Wyoming????

We've all done it - thought that Winter was over only to be blatantly reminded, once again, it's entirely too early for such nonsense around here.

We catch glimpses of Spring during the waning days of Winter and find ourselves saying, "Oh yay!  Winter is finally over!"  We eagerly flock outdoors to bask in the warm sunshine feeling the long-absent heat on our skin.  Birds begin chirping and busily flitting about.  Buds are bursting, green is sprouting and Spring - by allintents and purposes - has sprung.

We change gears and head outside to take advantage of the glorious change in weather, relishing in the sun's rays and the promise of a new season.

And just when you think Spring has arrived - BOOM!  Winter fights back - with a vengeance - reminding us of what Spring is REALLY like in Wyoming.  

Suddenly that warm sunshine you felt on your bare skin yesterday is but a glorious memory reserved for yet another time.

Wet, cold storms roll in.  Temperatures drop and snow flurries fall.  Doors and windows shut and the heat goes back on.  Roads close.  Hats and gloves reappear.  Moisture falls from the sky in huge, glorious white flakes or torrential downpours interspersed with little pelting ice balls, for your weather entertainment.

PSYCHE!!!  No Spring for you Wyoming!  Not yet at least.

Old man Winter isn't finished.  He threatens every so often to hibernate for a few months, then rears his blustery head again, back and forth like that until finally he is weakened by the power of renewed life, pushed aside by Mother Nature to await his next reign.  Spring has won.

By then though, it's usually Summer.

And Summer is a great time to look at property in Cody.  Find out all you need to know here...
Cody Real Estate.