Economics of Rental Business in Wyoming?

[ejalfree]

We're considering moving to WY. We currently own and manage rentals and would like to continue doing so as that is our area of expertise. However, the economics have to make sense. Does anyone have any thoughts on the viability of buying a condo, several condos or even a small apartment complex from which to do rentals? What city would be best suited for this? What is the ethical and economic quality of the tenancy in WY (I know that's hard to generalize, but hey, you may have some thoughts). In certain states (California for instance) it is impossible to buy a condo, rent it out and make a profit because the condo price is so high (although that's changing) and lord have mercy if you need to evict the tenant! Any comments or thoughts would be appreciated!!

[MamaLiberty]

Welcome! I'm in Weston County, in the NE corner of the state.

Might be different in Cheyenne or Casper and that area, but around here you'd pretty much have to build apartments first. There are no such thing as "condos" in this area, far as I know. Some folks buy old trailers and fix them up to rent. I know a few people doing fair at that, but spaces to park them are as hard to find as hen's teeth mostly. If you bought land and put in a trailer park, you'd probably do well.

Rentals have always been hard to find here. The economy tends to go through booms and busts, with lots of people moving in when there's more work (many living in RVs), then leaving when the jobs dry up. Happens all the time. Rentals would sit empty at least part of the time in a bust period, which is probably one good reason there are not very many available any time.

Those who live in other areas might be able to give you better info. Come visit and see for yourself too!

[kunkmiester]

I'd look at doing the owning down in Laramie, with the college.  I don't know how the market looks, but there's a dearth of apartments in a student budget range advertised online.

[jubal]

   The only place I can think of in NE Wyo. would be in Gillette. They do have condo's. Of course the prices in Gillette may give you a little bit of sticker shock as it is square in the middle of the coal, gas and oil energy area.

[MANUMIT]

Just about any small town has one or two motels with perpetual "For Sale" signs...almost just wanting to talk up the opportunity and see if the deal would be better than running the operation.  Other smaller apartment rental units are out there BUT very little will be found on-line.

To mesh this with your "great views required"...sounds like probably a more touristy than production area...several options around good luck.

MANUMIT

[wyomiles]

I would like to follow up on what Manumit touched on. My family ran a camp ground just south of yellowstone park many years ago and it was a very good business. If you have the money you could look for something around one of the tourist areas.
I know someone who has/had a place in Cody for sale that is very historical and on one of the main roads in and out of Yellowstone.  http://billcodyranch.com/

Many of the towns in Wyoming have tourists year round and some areas may still need a few more rooms .