Real Estate investors looking for cash flow and appreciation are flocking to Wyoming to build rental property portfolios. The Equality State is a current favorite of real estate investors for many factors. These include a strong and stable economy, low vacancy rates and a growing population. Easy Street Capital is proud to be a leading provider of loans for rental properties for real estate investors in Wyoming!
Loans for Investment Properties in Wyoming
When it comes to real estate investing in Wyoming, there are many markets and types of investment property loans to choose from. For investors that like to get their hands dirty, rehabbing run-down properties, hard money renovation loans are a perfect choice! These loans allow you to buy a property quickly and finance your rehab costs as well! Once you are done, you can either “flip” the property for a quick profit or pursue the BRRRR Strategy by renting it out and then refinancing into a long-term, low-rate DSCR loan!
Investors looking for an easy entry into the rental property market should consider DSCR loans, which offer great investment opportunities. The properties available for purchase through DSCR loans are turnkey, meaning that they require no additional work and can be rented out immediately. Turnkey rental properties are typically single-family homes that are fully furnished and rented out for either short-term or medium-term stays. This makes them an excellent option for generating steady cash flow and potential appreciation in value.
One of the benefits of DSCR loans is that they often come with a fixed interest rate for thirty years. This means that investors can enjoy long-term financial stability with a steady stream of rental income and property appreciation over time. The fixed interest rate also helps to keep the cost of debt constant, which is a huge advantage in case of rising interest rates. As a result, DSCR loans are a smart investment strategy for those seeking long-term financial stability and reliable cash flow from their rental properties.
Where To Invest In Real Estate In Wyoming
Wyoming is an often-underrated market for real estate investors because of its smaller, lesser-known markets. However, the state offers great potential for each type of real estate investor, and generally has less competition than more populous coastal states! Cheyenne is the state capital and the most populous city. Casper is the second largest city and serves as the regional economic hub. Laramie is home to the flagship university, University of Wyoming. Jackson is another rapidly growing city near Jackson Hole Valley which is a popular tourist destination. Finally, Thermopolis, near Hot Springs State Park, attracts outdoor enthusiasts for a fabulous vacation!
Cheyenne
Cheyenne is the largest city in the state with a population of over 64,000 residents. The Cheyenne metropolitan area serves as a major economic center, offering a diverse range of industries including government, healthcare, and manufacturing. The city is home to significant employers such as the F.E. Warren Air Force Base, Cheyenne Regional Medical Center, and Laramie County School District. The city’s growing job market and population growth create a steady demand for rental properties, with opportunities for long-term leases, medium-term rentals, and short-term rentals.
Additionally, Cheyenne offers a diverse range of attractions and activities for visitors to enjoy. One of the must-see sights is the Wyoming State Capitol, where you can admire the stunning architecture and delve into the state’s history through guided tours. For a taste of the Wild West, immerse yourself in the thrilling Cheyenne Frontier Days, the world’s largest outdoor rodeo and western celebration. The Cheyenne Botanic Gardens is a tranquil oasis showcasing a variety of gardens, while the Cheyenne Depot Museum takes you on a journey through the city’s railroad heritage. Furthermore, outdoor enthusiasts will love exploring nearby natural gems like Curt Gowdy State Park and Vedauwoo Recreation Area. With its blend of history, culture, and natural beauty, Cheyenne gives an amazing experience for all visitors.
Real estate investors can find affordable investment opportunities in Cheyenne, with the median sales price for a single-family home at $120,000 as of May 2024, according to Redfin. In addition, Zillow reports that the average market rent in Cheyenne in June 2024 was $1,300 per month, making it a lucrative market for rental properties. Investors using rental loans can take advantage of low-down payment options and earn substantial cash flow with potentially high cash-on-cash returns. Real estate investors can capitalize on this growing market and achieve strong returns on their investments.
Casper
Casper, the state’s second largest city, boasts a population of over 58,000 residents. With its varied economy encompassing industries such as energy, healthcare, and education, Casper offers ample opportunities for real estate investors. The city’s lively downtown area is home to a range of shops, restaurants, and cultural attractions, including the Nicolaysen Art Museum and the National Historic Trails Interpretive Center. Casper’s real estate market benefits from a steady demand for both long-term and short-term rentals. Annual events like the Central Wyoming Fair and Rodeo and the Casper Balloon Roundup attract visitors from near and far, providing additional opportunities for short-term rental income.
Casper embraces a burgeoning craft beer and culinary culture, featuring a delightful array of local breweries and dining establishments. Real estate investors can tap into the strong demand for both long-term and short-term rentals in Casper. The city hosts several exciting events throughout the year, including noteworthy gatherings like the Casper Art Walk and the Central Wyoming Fair and Rodeo. Furthermore, Casper’s close proximity to stunning natural wonders like the breathtaking Grand Teton National Park offers immense potential for generating short-term rental income. With its convenient access to major transportation routes and airports, Casper stands as an alluring destination for tourists seeking to explore the beauty of Wyoming.
According to Zillow, Casper offers a range of affordable housing options, with a median home price of $284,980 as of June 2024, below the national average. This affordability factor, coupled with the city’s favorable tax environment, makes it an appealing destination for both residents and potential renters. Overall, Casper’s growth prospects, affordable housing options, and strong rental market make it a compelling choice for real estate investors seeking stability and potential returns in the thriving Wyoming market.
Laramie
Laramie is anchored by the University of Wyoming, the state’s flagship university, but it transcends the typical college town label. With a population exceeding 32,000, Laramie stands as a thriving city in Wyoming. Cultural enrichment abounds with a range of museums and attractions, including the Laramie Plains Museum and the University of Wyoming Art Museum. The city’s history and artistic offerings provide residents and visitors with a diverse experience. Laramie’s close-knit community fosters a sense of warmth, while its natural surroundings, such as the stunning Medicine Bow National Forest, offer boundless opportunities for outdoor recreation.
Real estate investors who specialize in niche strategies, such as student housing or short-term rentals, will find Laramie to be a great market. The University of Wyoming attracts a sizable student population who are in need of rental properties. Steady demand for student housing results in opportunities for professionals in this specialty to generate high returns.
Laramie offers an enticing prospect for real estate investors seeking affordability and robust cash flow opportunities. Laramie’s real estate market provides a promising landscape for generating rental income, thanks to the remarkable affordability of single-family homes and the average market rent of $1,100 per month, according to Zillow. With housing prices that are highly accessible and rental rates that align with the local market, Laramie emerges as an exceptional destination for real estate investors seeking profitable opportunities. The city’s affordability factor combined with its strong rental market create a favorable environment for investors to maximize their returns. Whether it’s investing in single-family homes, multi-unit properties, or student housing near the University of Wyoming, Laramie provides a compelling investment destination with its promising potential for long-term profitability.
Jackson
Jackson is situated in the heart of the Jackson Hole Range and is a thriving mountainous town with a population of over 11,000. As one of the premier destinations in the state, Jackson offers a diverse economy supported by thriving sectors such as tourism, outdoor recreation, and hospitality. The city’s charming downtown area is home to a variety of shops, restaurants, and cultural attractions, creating a vibrant atmosphere that draws both residents and visitors alike. With its proximity to Grand Teton National Park, Jackson Hole and Yellowstone National Park, Jackson is a hub for outdoor enthusiasts. The city’s strong economy, coupled with its natural beauty and recreational opportunities, make it an enticing market for real estate investors seeking to capitalize on the region’s popularity and potential for long-term growth.
The city of Jackson continues to attract residents (and potential renters) at a record page. Jackson Hole Mountain Resort continues to bring in tourists throughout the year. AirDNA, a leading provider of market research for short term rental investors, ranked Jackson as a top 3 market for cabin Airbnbs! This market features a projected occupancy rate of 60% and an average daily rate of $540. This means STR investors can potentially earn around $92,100 annually!
With its close proximity to Yellowstone National Park, visitors travel to Jackson year-round, immersing themselves in the awe-inspiring beauty of the geysers, majestic wildlife, and breathtaking landscapes. As a result, Jackson’s real estate market benefits from the consistent influx of travelers, making it a promising destination for real estate investors seeking to capitalize on the enduring appeal of this remarkable natural treasure.
Thermopolis
Thermopolis attracts visitors from near and far with its unique allure. Nestled in the Big Horn Basin, the town is renowned for its hot springs, which are the largest in the world. People love to visit Thermopolis to experience the natural therapeutic benefits of the mineral-rich waters, providing relaxation and rejuvenation. The town’s Hot Springs State Park offers both indoor and outdoor soaking pools, as well as a fascinating bathhouse and an enchanting swinging bridge. Additionally, Thermopolis boasts the Wyoming Dinosaur Center, where visitors can marvel at an extensive collection of dinosaur fossils and participate in hands-on excavation experiences. The combination of hot springs and paleontological wonders makes Thermopolis a captivating destination for nature enthusiasts, wellness seekers, and history lovers alike.
AirDNA, the leading data provider for investors in short term rentals, gives Thermopolis a Market Score of 83/100, including a 77/100 on “investability”, indicating a favorable environment for investors who value flexibility and fewer regulatory constraints. Per AirDNA, investors can also expect monthly revenue of $2,500! Investors that use DSCR loans from a forward-thinking lender like Easy Street Capital that qualifies the income of the property using AirDNA projections can likely rake in the cash flow.
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Ready to invest in real estate in Wyoming? Easy Street Capital is Wyoming best provider of loans for rental properties for both hard money rehabs and long-term rental properties.
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