10 Fundamentals for Starting a Vacation Rental Business
If you’re looking for a new endeavor that you can enjoy while boosting your income, getting into the vacation rental business might be right up your alley. Not only can it provide opportunities to meet new people and learn new skills, but you will always have access to a prime vacation home for your own needs!
Of course, starting a vacation rental business isn’t all fun and games. But if you’re willing to put in the time and energy, you can set yourself up for a flourishing venture. Check out these 10 fundamentals from Theresa Donley for getting started!
Prepare Your Business
Let’s begin with a few ways you can lay a firm foundation for your business:
- Write a thorough business plan that details how you will operate, market, and fund your venture.
- Find your first property. Make sure it’s in a desirable location and that it doesn’t need more repairs and renovations than you can handle!
- Research the market to determine any upgrades your property needs to attract guests.
Plan for Management
Finding a property is one thing; managing it long-term is quite another! Here’s how to plan out the management details:
- Establish the nightly rates for your property. Make sure it competes with comparable rentals but also brings you enough profit.
- Determine who will be responsible for making repairs, checking in guests, collecting payments, and cleaning the home between guests.
- Hire a local property manager if you don’t have the time or skills to maintain your vacation home.
Use Free Tech
Fortunately, there’s plenty of free technology and software to help you succeed in your vacation home venture. Use it!
- Find a free invoice template you can customize with your branding and information.
- Use top-notch vacation rental management software to keep the home in shape. This can even help you stay in “the know” if you’re working with a property manager!
- Design a listing site for your rental using a free website builder.
- Incorporate social media management tools to regularly promote your listing.
To start a vacation rental business that brings you a profit, you’ll need to establish it on solid ground and determine the best approach for managing your property. You’ll also benefit from using some of the free tools and software available. Besides following the tips above, keep diving deep into what it takes to start and run a successful vacation rental business. And get ready to launch strong!
Are you looking for an experienced real estate counselor in the Cody, WY area? Contact Theresa Donley today! (307) 899-5393
How to Set Up the Perfect WFH Office in Cody
The global coronavirus pandemic has undoubtedly led to some huge and lasting changes. One of the surprising outcomes of this pandemic has been the transition to remote working. Thousands of businesses have switched to remote work platforms, and the majority of business owners who recently made the transition report that they plan to continue to incorporate remote working, even after the pandemic is a thing of the past.
For newly remote employees, there are plenty of benefits to working from home. Work from home employees report feeling more productive, focused, and happy with their overall general quality of life. There is no more tedious morning commute to contend with, and lunch breaks can be spent in the comfort of your own home.
Even remote employees need an office space to work from however. So what are some things you should consider when setting up the perfect work from home office?
Let’s take a look at some helpful tips below.
Pick the Right Furniture
Since you will be coming into work to sit at your desk every single day of the week, you will definitely want to invest in high quality office furniture. Consider how you like to work and what is most important to you. Investing in a well-designed office chair with ergonomic features can help support your posture and wrist placement, so you can avoid the all-too-common hunched shoulders and cramping wrists from a long day of working at the computer screen.
Pick a desk that provides ample storage space for all of your files and office supplies. The home office is your space; you should know precisely where each item is, and where each new item should go. Keeping organized with useful storage and filing systems will help save you time and stress each day, so you can sit down to focus on the tasks you are prepared to accomplish and know exactly how you will approach them.
Consider looking into multiple workstation options. Changing up your position throughout the workday can help you stay alert and grant you space for fresh ideas. Look into a standup desk, so you can adjust your routine throughout the day, from sitting to standing and back again.
Upgrade Your Tech
From eCommerce platforms and digital file sharing in the cloud, to video conference calls, to virtual co-working systems, most of your remote work will be taking place online. So as you set up your ideal work from home office, you will want to make sure you have the fastest home internet speed available. If your broadband connection is slow, you will be faced with the dreaded glitches and beeps during video chats, or slow loading times on important documents and media files. Consider switching to a different internet provider, or install another router in your home office, so you have access to the fastest speeds available in the house.
Another important element to consider when setting up your work from home office is how to keep it separate from the rest of your home activities. Designating a separate workspace will help you stick to your work routines and avoid distractions. One useful strategy is to invest in separate home office tech. Use a different designated office desktop, mouse, and keyboard that stays in your home office.
If you are watching movies in your off hours on the same screen as you use to do your job-related tasks, you may be more prone towards distractions during the day. Keeping your office equipment separate helps you stay on task and stay motivated to get your work done. That way, when you “come home” at the end of a long day in your home office, you can truly unplug and relax, without being faced by the same screens you have been staring at all day long.
Create An Atmosphere
Besides the office furniture, you will be able to take into consideration the whole atmosphere of your home office. Think about adding soundproofing panels to block out any noises from the rest of the house. This can help you stay focused in your home office, especially if you frequently hear barking dogs or playing children that might pull your focus from the tasks at hand. Soundproofing your office can also block out street traffic or construction sounds, so if you live in an urban area, this will be an especially good idea.
If you like to listen to music while you work, you will want to install a great sound system. Choose smart speakers with a voice activation function and you can tell the speakers when to play classical music or ambient sounds in the background.
Lighting is also key to promoting focus and productivity in your home office. Try to choose a room with access to natural lighting; studies show that natural lighting can have a huge boost on your mood and mental clarity throughout the day. In addition to large windows that let in plenty of light, you will want to provide yourself with a variety of lighting options to use throughout the day. Choose a sturdy standing lamp that sheds an even overhead light throughout the whole room. Then supplement that with a smaller desktop lamp, so you can focus in on documents and texts as you work after dark.
A Working Space That Works For You
As you design your work from home office, remember that the most important factor in setting up your office is that it works for you. If you are painting your room, choose wall colors that make you feel relaxed, but aware, productive but at ease. Choose furniture and tech gadget upgrades that appeal to you.
The more attractive, comfortable, and organized your home office is, the easier it will be for you to sit down and get started- and to avoid the temptation to set up shop at the kitchen table, the comfy couch, or from your bed.
Tips for Organizing Your Kitchen and Bathroom Storage
No one likes digging through messy cupboards, drawers, and closets to find what they need. Tidying up the storage in your kitchen and bathroom can make your life less stressful. When your storage spots are neat and organized, you’ll be able to easily see what you have and what you need. This will prevent you from buying duplicates. And when everything in your home has a place, it will be easier to put things away when you’re done using them, so you can keep your home clean and clutter-free!
Here are some creative storage hacks from Theresa Donley to help you organize your kitchen and bathroom.
Brighten Up Your Storage
Livening up your closets, cabinets, and drawers is a great way to refresh your space and prepare for an organizational overhaul. Consider adding pops of color with wallpaper that's as unique as you. Custom printed peel-and-stick wallpaper is a great solution for any storage space that feels a little lacking. Line the backs of shelving or the bottoms of drawers to elevate your home instantly. You may also want to get some wireless, motion-activated cabinet lights so you can find what you’re looking for without fumbling for a light switch.
Invest in Organizers
You can buy all kinds of handy cabinet and drawer organizers to keep your items contained and maximize your available storage space. Keep in mind that you may even be able to repurpose some of your household items to act as organizers. Drying racks, curtain tension rods, and mail organizers can be used in some inventive ways, as demonstrated by The Kitchn. Get some drawer dividers to organize utensils, spices, and other miscellaneous kitchen supplies. Use shelf risers, lazy susans, baskets, and hooks to make use of every square inch of your storage space.
Use Clear Containers
The main benefit of storing things in clear containers is that it’s easy to see your items with a quick glance. In the kitchen, you’ll be able to see your current inventory of rice, pasta, oats, sugar, flour, and other pantry basics without prying the lids off containers to peek inside. This will help you avoid running out of things you need and buying duplicates of things you already have. In the bathroom, clear storage trays make it easy to spot small items like lip gloss and nail polish without digging through a bin.
Take Advantage of Door Space
Using the space behind closet and cabinet doors is a great way to level up your organization game. Use hanging organizers, hooks, and magnet strips to make use of that vertical space! This is a great solution for oven mitts, knives, spices, cutting boards, pot lids, and other items that are bulky or awkward to store on a shelf. In the bathroom, you could even install a little shelf on a cabinet door to store cleaning supplies and paper towels.
Declutter Your Things
When your home is overflowing with stuff, organizing can only help so much. Eventually, you will need to sort through your things and do some decluttering if you want everything to fit nicely into your available storage space. Fortunately, decluttering your home is one of the easiest ways to make your space healthier! One by one, go through each cabinet, drawer, and closet. Get rid of things you don’t use, resisting the urge to hold onto anything that might become useful one day. Once you’ve decluttered your storage spaces and set up systems to keep everything organized, designate a spot for each and every item in your kitchen and bathroom.
Spending a little time organizing your kitchen bathroom is well worth it to save money, simplify your life, and free up some time on a busy day. When your kitchen is organized, it will be easier to cook, meal plan, and make grocery lists. When your bathroom is organized, you’ll be able to breeze through your morning routine without frustration. Start organizing your kitchen and bathroom storage and see for yourself!
Are you looking for a new home in Cody Wyoming? Professional Realtor Theresa Donley can help you find the perfect place! Call 307-899-5393 so we can get started!
A Practical Guide to Moving for Work
Moving for work is an exciting experience. Not only will you have a new job, you'll have a new city to explore and fresh faces to meet. That said, moving while also starting a new job can be overwhelming. Advanced preparation will ensure a seamless experience, allowing you to get set up in your new home before starting work, so you can then focus on excelling in your new role. This guide for professionals provides a pre-move checklist to help you organize your transition while saving time, stress, and money.
Find a suitable location based on your lifestyle
Every city has various neighborhoods, some more family-friendly than others. If you're a young professional, you might prefer a busier area with nightlife, but if you have a family, you might want something more suburban. Take the time to research the neighborhoods in your new hometown before you start house-hunting. Online platforms like AreaVibes are a great place to start. For example, the AreaVibes guide to Cody, WY, provides ratings for attractions, community, dining, nightlife, and shopping.
Buy or rent a house or apartment before your move
When you're starting a new job, you want to have a cozy home to return to at day's end. Before you move, line up a place to stay. If you're looking to buy a property, work with a local realtor to find a place. If you're looking in the Cody, WY, area, Real Estate Cody can help. If you'd prefer to rent, you can scope out places using online tools. You can search according to specifications like price, neighborhood, amenities, and size, and even take 3D tours of some listings. You can also get a sense of the average rent. For example, studio apartments in Denver, CO, cost $1,615 on average.
Leave plenty of time for packing and finding movers
Don't leave packing to the last minute. Aim to pack up at least one room per week, and schedule your moving date accordingly. Follow best practices when packing, like starting with the rooms you use the least, packing heavy items on the bottom of boxes, and labeling boxes clearly with color-coded notes. You also want to make sure you secure a good moving company. When looking for movers, ask for their registration number, get an estimate for moving costs, and determine whether they are licensed and insured.
Get ready for some emotional ups and downs during your move
Moving is exciting but it can also be emotionally challenging. While you're no doubt looking forward to discovering a new place and starting a new job, you're probably also going to miss old friends and favorite spots in your old home. Prepare yourself mentally. Make time to say farewell to your hometown and the people in it, and make plans for keeping in touch with friends and family. For example, you might schedule regular video calls with a friend or set up a family group chat.
Make an effort to integrate into your community
Once you've arrived in your new home, take steps to get to know your neighbors and your broader community. This can help with the emotional hurdles of moving, alleviating homesickness. Moving Options offers some pointers for integrating into a new community, like volunteering, signing up for a sports team, joining an area gym, and signing up to community groups on Facebook. By staying engaged in your new surroundings, you won't leave yourself time for regrets.
Moving when you're preparing to start a new job is a big undertaking. However, it doesn't have to be stressful. Follow the steps above to keep things simple.
Are you considering a move to Cody, WY? Learn more about the community and house-hunting here.
The Ultimate Downsizing and Moving Guide for Seniors
Getting rid of items is hard when you’re dealing with personal and sentimental items. It’s even a challenge to get rid of clutter that you know you don’t need anymore. However, downsizing now can make everything go more smoothly once moving day comes around.
Downsizing into a new home in CODY? Let Theresa Donley of The Donley Team/Western Real Estate help you find the perfect place for your next chapter!
Downsizing is a time-consuming and emotional process. These resources can help you go through your possessions and sell your home.
What to Get Rid of Before a Move
From buying a new home to figuring out the logistics of moving, there’s a lot you’ll need to prepare for.
Learn About Moving to a Small Home
What to Do on Moving Day: Moving Day Checklist
In order to ensure a smooth transition, you’ll need a plan for packing.
How to Pack Clothing for a Move
How to Protect Your Furniture When Moving
What to Pack Last on Moving Day
Even though it’s stressful, downsizing your items can be a rewarding experience. Not only will you be able to focus more on your favorite items, but it’ll also make moving day a breeze. On top of that, it’s easier to get settled in your new place when you have fewer items to unpack.
Looking into the Cody, Wyoming, area real estate market? Realtor Theresa Donley of The Donley Team/Western Real Estate is your go-to source to find and/or sell your home. Let’s team up today! 307-899-5393
Financial Tweaks to Save You Big on a New Home
If you felt the urge to cry after seeing the price for a new home, you’re definitely not alone. Every season, homebuyers are taken aback by rising real estate costs. Houses and their accompanying down payments are becoming more expensive each year. Buying a suitable home isn’t a cheap expense; it’s a decades-long investment that should be taken very seriously. That said, there are ways to save on your dream home. Real estate pro Theresa Donley shares some financial tweaks to save you big on a new home.
Take Advantage of Lesser-Known Home Loans
Since a majority of buyers can’t buy their dream home outright, loans have become an integral part of the home-buying experience. While banks are more than willing to offer home loans to eligible members, there are other opportunities to save with a few smart hacks. VA loans, FHA loans, and USDA rural housing loans are a few examples of some lesser-known borrowing opportunities that require a lower down payment, which saves you a lot of money up front. Just remember, the addition of private mortgage insurance may increase your monthly payment if you put less than 20 percent down. Speak with a professional to determine if you qualify for any of these loans.
Hiring a Local Real Estate Agent
Homebuyers operating under a tight budget often decide against using a real estate agent in the hopes of saving money. While this could save you money, you miss out on all of the benefits of having a real estate agent. If you want to spend less while saving more, think local. Finding an agent like Theresa Donley of The Donley Team/Western Real Estate who knows your target area well will give you a better chance of finding great deals. One of the first things an experienced realtor will do is determine how much your current house is worth, which, when you ask “How does a person value my house?” you can use an online home value estimator to find out for yourself.
These types of local agents know all of the best tricks and methods for saving money in their relative areas, and some are even offering virtual tours during the pandemic. And here’s something important to keep in mind: Since sellers pay for all of your agent fees as a buyer, it essentially costs you nothing at all to use an agent.
Wait Until You Have a Higher Credit Score
When calculating the overall price of a home, you need to take interest into account. In addition to paying back the full price of a loan, banks will tack on an interest rate to increase their return and encourage timely payments. The percent of interest you’ll pay will be determined by a multitude of factors, with your credit score being one of the most important, notes Money Under 30. The lower your credit score, the higher your interest rate. If you have a credit score that is teetering near the minimum requirement, you should hold off until you’ve fixed it. With a higher credit score, you can negotiate a lower interest rate and save significantly in the long run.
Pay for a Thorough Inspection
Most of the homes you see on the market have already received a professional inspection at one point or another. While it’s usually safe to assume that these checks were done properly, you can always save some extra money by paying for an inspection of your own. Think of it as paying for a second opinion; your inspector might find something wrong with the home that the first individual missed. This could ultimately save you from future repair costs and could even reduce the listed price of the home. HomeLight suggests finding a reliable inspector who is willing to check the interior and exterior of the home as well as the yard.
Buying a home is going to be one of the largest investments of your life; there’s no way around it. However, with the right tweaks and strategies, you can save a lot of money and get the home of your dreams. If you’re ready to start looking, contact Theresa Donley today.
Photo Credit: Pixabay
Simple Strategies to Make Your Home Healthier
If you’re like many other households in the United States, you have been spending more time at home than you were before the COVID-19 pandemic emerged. And considering that many of the changes instituted over the last 20 months will likely stay in effect for the foreseeable future, this could be an excellent time to make some healthy changes to your living environment.
If you’re looking for some home refresh ideas, you’ve come to the right place! Theresa Donley has listed a few key home improvements worth considering:
Make an Inviting Landscape
Let’s start with your property’s exterior—make sure your lawn and other landscape elements are in good shape. It’s essential to get one last mow in before the first frost. Just make sure you don’t mow too low; 2.5 inches is the ideal height to leave your grass for the winter. While you’re at it, take care of any yard clutter to give your lawn a tidy look.
Another way to improve curb appeal is to upgrade your garden (or plant one if you haven’t already). You should be able to enjoy tending to your garden, and people should be able to enjoy looking at it! If you do not have the expertise, time, or energy to beautify and organize your garden, you might consider hiring a professional landscape architect.
A landscape architect can determine what type of soil will produce the best results for your region and the specific location of your garden. They can even factor in sunlight to recommend plant types and positions. And if you do not know exactly how you wish for your garden to look, you can ask your architect to make a 3D rendering to remove any guesswork from your plans.
Keep the Air Pure
Now to the inside of your home: make sure you are fighting off air pollution. Keep up with how often you should replace your filters; some households can get away with changing filters every three months, while others require replacing them every month. Much of it will depend on how many people live in your home, your lifestyle, and whether or not you have pets.
You will also want to regularly and thoroughly clean all of your carpets and rugs, along with any other surfaces prone to collect dust. Moreover, there are many top-notch air purifiers on the market that can help to keep your home clean, and you could always add a few air-purifying houseplants to your interior design!
Reorganize the Fridge
Take this opportunity to organize your refrigerator. Take time to declutter your fridge and throw away any outdated foods that you have overlooked. Get rid of those unhealthy foods that you have been aspiring to remove from your diet as well! Then, fill your fridge with nutritious items with which you can prepare healthy meals for yourself and your family.
Create a Workout Space
Exercise is key to a healthy life, and your home is an excellent place to foster such a good habit. Consider carving out a space for your workouts, yoga, or meditation. Depending on what type of physical activity you enjoy, you may be able to get away with creating a small fitness area and include just a few items of gear and equipment.
If you want to put in a treadmill or home gym system, you might consider converting your garage or basement. Depending on your specific needs, you may need to hire a professional contractor to renovate the space so that you can get the most out of your home workout area.
Now seems to be the perfect time to refresh your living environment. Make sure your property has plenty of curb appeal, and don’t hesitate to hire a professional landscape architect to take it over the top. Take steps to boost the air quality in your home, and go through your fridge to replace any expired or unhealthy foods with nutritious alternatives. Lastly, take time to create a space that will facilitate your fitness routine. In no time, your home will be the healthiest place on the block!
Are you looking to buy or sell a home in Cody, Wyoming? Contact Theresa Donley, CRS today! (307) 899-5393
6 Key Things to Research Before Becoming a Landlord
There are many reasons a homeowner may want to rent their current home rather than putting it up for sale. For one, many sellers may not want to risk having to pay for an extra mortgage while their home is on the market. A rental property can also be a pretty reliable source of extra income. No matter the reasons for renting, becoming a landlord can be more complicated than many people realize. Which is why it’s crucial to research these essentials.
Ready to purchase an investment property in Cody? Skilled and experienced real estate professional Theresa Donley can find you the perfect home! 307-899-5393
Local Home Trends
Converting your home into a rental can be a major undertaking. Before you make any moves, take a look at local housing prices and sales trends to see if this is your best option. Pay special attention to how long homes are listed before they sell since this will clue you into how hot the market is in your area. If you plan on staging your rental for listing photos you can also look at currently sold listings to see what sort of setup might attract potential renters to your home. You may also want to consult with local real estate professional Theresa Donley before you make a final decision.
Local Rental Statistics
Looking into alternate market reports can give you a better idea of whether rental properties are in demand in your area. For example, the Atlanta area has a disproportionate percentage of renters when compared to homebuyers. So, if you are considering converting a property in this area, you should have a stable flow of potential tenants to help drive up your profits. You can perform a quick online search to find similar statistics for your particular area
Laws Governing Rentals
If you are considering becoming a landlord, your next stop should be to seek legal counsel. Failing to speak with an attorney could put you at risk for violating a code or law, which could result in fines or even jail time. During your session, your attorney will discuss any requirements you must uphold as well as anything required of your tenants. You may also want to ask how the pandemic could impact you as a new landlord. Many states and cities have put rent and eviction freezes in place so it’s crucial to be aware of these rules.
Additionally, you may need to look into the rules and regulations surrounding registering your business with the state. You can find instructions for Wyoming LLC registration online, for example, and formation services can help ensure you’ve completed all the necessary paperwork.
Professional Cleaning Services
Before you list your rental property, you are going to want to get it in shape to impress potential tenants. This means deep cleaning the home from top to bottom, including your floors. If the home is carpeted, you may need to hire professional services to come in and steam clean to get rid of odors and stains. In fact, it may be a good idea to hire professionals to help with other required tasks to meet your landlord obligations.
If you need to take on employees to scale your rental business, you’ll need to make sure you’re paying them promptly and accurately. Learn about the payroll process and payroll related terms. You can streamline paying your employees by investing in payroll software, which is often cheaper than hiring an accountant. Look for software that automates recordkeeping, wage calculations, and tax deductions.
Property Management Services
Even with proper research and planning, there’s a lot that goes into setting up and managing a rental property. If you already have a full-time job and other responsibilities, you may want to save yourself some stress by hiring a capable property manager who can help you get your rental property off to a successful start by marketing your home to potential tenants and screening those renters to make sure they will be a good fit. That last part can be especially important for novice landlords, to avoid violating any fair housing laws in your area. You can also ask your attorney to provide additional information on legally screening potential tenants.
Transforming your home into a long-term residential rental property can be a complex process, but it doesn’t have to be overly complicated. You really just need to have the advice and expertise of a few key professionals, including an experienced attorney and a property manager. Otherwise, you could end up with more stress and headache than you bargained for.
Photo Credit: Unsplash
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Retirement isn’t for everyone, but neither is working the same demanding job for the rest of your life. As you enter your golden years, you’ll likely want to try new things — things that are more fulfilling and exciting. So why not get into house flipping? When done right, house flipping can not only turn a profit, but it gives you the chance to give back to your community by creating beautiful homes for families.
Of course, house-flipping can be risky, which is why it’s important to understand how it works before you try it out. Follow these tips from Theresa Donley of the Donley Team/Western Real Estate to ensure that you’re on the right track for house flipping success.
The most important aspect of house flipping is understanding the housing market and how to find the best locations. The ideal house for flipping is typically located in a neighborhood that’s on the up and up, such as one that’s beginning to attract young families and professionals. The neighborhood itself should be centrally located so it’s close to important things like public transportation and nice schools, as well as far from crime.
According to HGTV, a house with the best potential will have several very specific qualities. For example, it’ll have what is referred to as “good bones” and an attractive layout, needing minimal renovations. Essentially, you don’t want to choose a house that’s going to require extreme renovations because every month that you spend working at that house is time and money you’ll be losing.
There are two things you can’t flip a house without: money and good credit. It’s best to already have the cash to purchase the home you intend to flip as it’ll save you more money in interest and loan fees and PMI insurance, but if that’s not feasible, having excellent credit to take out a mortgage loan is your next best bet.
Aside from buying the house, you also have to consider any home improvements and renovations. It'll need to be flipped and ready for the market. You can expect the total cost of flipping a house to come to roughly 10% of its purchase price. So whatever house you’re looking to flip, you can calculate the estimated cost by the purchase price plus 10% of that purchase price to get an idea of what you’ll be investing in.
It’s also a good idea to use accounting software for your business to help you keep track of your house flipping budget. For example, QuickBooks Online Advanced is an excellent budget-tracking tool that’s preferred by many growing businesses, and it offers you the opportunity to customize the features in your accounting software. Not only does it allow you to generate financial reports in real-time so you can stay within your budget and identify your biggest expenses and best income sources, but the platform also offers comprehensive training and dedicated support.
You’ll need to treat each home you flip as if it were your own. That means hiring a team of trusted contractors, subcontractors, electricians, inspection agents, landscapers, painters, etc. to get the job done.
Once you find people you can trust to do an excellent job, you’ll want to continue working with them for each new house flip project. Continuously employing these people will mean two things: You may be able to work out a discounted rate and you’ll need to cut them a check as if they were your employees.
House flipping isn’t for everyone, but if you’re passionate about home renovation projects, it’s a side business that you can get into at any age — as long as you know what you’re getting into and what to expect!
Interested in purchasing your first house to flip? Contact Theresa Donley of the Donley Team/Western Real Estate to get started.
Image via Unsplash
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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!
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.
Eco-Friendly Ways to Heat Your Cody Home While Boosting Its value
Whether you live in Cody or any other part of the USA, heating costs can become exorbitant during a typical Wyoming winter. Apart from leaving you feeling the financial pinch, many conventional heating methods are not good for the environment either. According to the EPA, as much as 42% of the energy consumed in a home is for heating purposes which is why home buyers are willing to pay more for an energy-efficient home that will save them on their utility bills in the long run. This tendency amongst home buyers is necessitating homeowners to consider making a number of eco-friendly upgrades to their homes before selling them. There are a number of green heating options available, such as the following, that will increase the value of a home significantly while providing environmentally-friendly, cost-effective heat.
Solar air heating
Solar heating is by far the most eco-friendly way to heat up your home while adding substantial value to your home, often amounting to anywhere between $9,000 and $20,000. After the initial investment of the solar panels, you will incur virtually no additional expenses. Solar heating generally costs between $30 and $80 per square foot with a solar collector being estimated at around $3,500. After these outlays, you heating is free. Besides keeping your house warm all-year round, solar air heating systems are also of great benefit to the environment by not relying on any fossils use and reducing our carbon footprint considerably. When having your solar heating system installed, make sure you only make use of a reputable installer of which there are, thankfully, many situated in and around Cody.
According to reports by Energy Star, a geothermal heating system is the most eco-friendly approach to heating that can be taken and one that appeals to both cost-conscious and eco-conscious home buyers. The system, which is installed underground, literally makes use of the earth’s natural heat to warm up the home. To install a geothermal system might be quite expensive but they are considered an exceptionally good investment and generally pay for themselves within 8 years of installation, reducing your monthly energy bill as well as adding substantial value to your property. Installing a geothermal system will also grant a homeowner a 30% federal tax credit. A quality system, if installed correctly, can produce a minimum of 3 units of heat for every single unit of electricity consumed by the system. Want to know the best thing about making use of geothermal heat? It will work even if the ground in and around Cody is frozen as is often the case in the heart of the Wyoming winter.
By investing in a pellet stove, you can heat your home responsibly by making use only of sustainable fuels. The wood pellets used in wood stoves burn completely smoke free, releasing substantially less harmful gases into the air than a conventional wood-burning stove. Unlike such a traditional wood stove, pellet stoves also make use of pellets manufactured from completely renewable sources such as sawdust, corn, and switchgrass. The costs incurred by installing a pellet stove are affordable with an average stove retailing for under $2,500 with the pellets amounting to as little as $600 for an entire winter season - approximately $50 a month less than other heating methods.
Finding more eco-friendly approaches to our everyday lives is the least we can do to keep ourselves and our environment healthy. By simply switching from a conventional heating method to a sustainable one you can not only reduce your households CO2 production but save yourself quite a lot of money in the long-run as well while adding significant value to your home. Eco-friendly living truly is a win-win situation for all.
Putting Your Home on the Market
Last year over 5 million homes were sold, according to the National Association of Realtors. If you plan to join these numbers this year, you're in luck; it's a seller’s market. The demand for homes is far outpacing the supply of them. Unfortunately, mortgage rates keep going higher and higher, forcing many people out and into the rental market because they simply can't afford the mortgage they need to buy a home, but you're still in a good place. If your home is in good shape and in a good area, buyers will come. All you need is curb appeal, a good realtor and to follow these tips for successfully selling your home.
To attract the right kind of buyer to your home curb appeal is key. It’s the first impression buyers will get so make it count. Start with a fresh paint job on your home and fix any broken siding or shutters. Keep shrubs trimmed, and lawn mowed, and remove lawn ornaments, trash cans, and any clutter. If necessary, invest in new landscaping and paving of walkways and your driveway, as well as any fencing you may have if it's not in good shape. The investment will pay off in the price it sells for.
Inside your home, remove any and all clutter. Walls and shelves should have the bare minimum on them. Replace floors and carpeting if necessary, and touch up painted walls and other surfaces. Wash windows and make sure your bedding and furniture look as picture perfect as possible. Your home doesn’t have to look like a magazine layout, but it should be neat, clean and in good condition in the photos you take for your listing. Removing clutter and things from walls and shelves will allow potential buyers to visualize how their things will look there.
Make sure your photos are as clear, crisp and professional looking as possible with good lighting and angles. Make sure you get one photo of every room as well as the front and backyards. Your backyard should be well kept with no toys or debris around, and patios and decks empty or with clean, attractive furniture and plants.
When hosting an open house, make sure your home is spotless. Simmer a pot of water with apples, cinnamon, and cloves on your stove or bake cookies to make the air smell irresistibly good. Avoid chemical air fresheners in case any attendees have sensitivities. Be prepared to answer any questions and be enthusiastic about your home and how much you love it.
Selling your home can be stressful, but our tips can make it less so. The more effort you put into making your home attractive to buyers, the more success you'll have and the better asking price you'll receive. The hard work and investment will pay off.
The real estate market is currently facing a shortage of homes for sale. Not only in Cody but in many other areas across the country. Continue reading ...
Here's the thing...in most cases, in order to make money you have to work. Sad but true. With rental properties you will need to deal with tenants. This is not always easy, however, if you handle it right from the beginning you can eliminate a lot of landlord problems. If you've considered income property call me! And open the link to read the article below. Some on the wealthiest people in the country got there with real estate. Continue reading ...
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.