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.