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Cody Community Blog One person's perspective on living in Cody Wyoming.

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Are Rental Properties The Right Fit 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!

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Technology And Real Estate

Technology Is Changing The Way We Buy Homes

Here in Cody, the median listing price for homes is $319,000. Home sales have also been generally higher in 2018 than they were in 2017. This information is not only open to the public, but it is also easily accessible. With technology involved in the home buying process of today, potential buyers can locate listings easily, view properties from the comfort of their own home,  and significantly reduce the time it takes to complete the home buying process.

Finding and Viewing Homes

The first step in the home buying process is finding a home you love. Before the incorporation of technology into real estate, flyers and newspaper ads were some of the most common ways to find available homes, while driving to them in person was the only way to view them. Online apps and websites have made it extremely simple to find all the available properties in the Cody area at the touch of a button. This convenience allows buyers to narrow down all their prospectives without having to waste their time. Also, with the wide open spaces and natural beauty of the area, visiting multiple homes in a day can be a daunting task. Virtual reality software has been developed to allow buyers to view a home whenever they please, as opposed to just physically. This allows the buyer to see the property an infinite amount of times which pushes the sales along quicker, as the buyer is surer of the property.

Get The Best Prices

In the past, information regarding properties and their pricing were held by those who owned or were selling the property. With the accessibility of today's information, middle-class home buyers can be just as informed as those in the industry. Not only has technology offered up an even playing field, but it gives buyers the means to compare brokers and mortgages. Online applications for pre-approved mortgages, as well as competitive comparisons, speed up the home-buying process for all parties. This accessibility also gives buyers the opportunity to get fair prices and land in the best possible financial situation for you.

Technology Makes Home Buying Easier

Technology is meant to be a way to make life more efficient. In the housing industry, technology allows buyers to find and visit all the properties that interest them from their phone on their couch. This convenience saves time, money and effort. Technology also gives buyers access to all the information about a home, as well as the best prices and deals for mortgages and real estate agents. Your next purchase in Cody could all be done from your fingertips, a norm of home buying in 2018.