Can we make it in Lander WY? (Riverton: real estate, rentals)

[kkail6359]

Hello,

My wife and three kids are considering moving back to my old home town of Lander WY. My biggest concern is making it there. I am in the insurance / financial services business and am considering opening an office in Lander and serving the fremont county area (Riverton, etc.).

We would be starting from scratch and I have saved 6 months of living expenses. One of the biggest problems is finding housing -- for rent to start with. Buying won't be an option for a while due to our fallout with our house in Arizona that lost 30% of its value.

I realize that there is a much smaller population pool to market to and that the cost of living is a bit higher than where I am from.

Any input on making it from scratch in the financial advising business and the housing/rental shortage?

I am also considering buying land and putting some small 600-800 sq foot cabins on it available on a monthly rent basis... maybe a business opportunity given the problems I've read in these threads about renting. maybe 3-5 units.

Thanks,
KKail

[wmr]

Like you, I left Lander and returned 7 years later. Fortunately I had a house and a job to come to.

It seems like we have no shortage of real estate/insurance/financial/banking companies that compete with each other in Fremont County. The highly fractured market makes it tough to make it especially given the high cost of living in our area. If you can find a stable job in Lander and get yourself established, then it would be easier to make it.

You can look for rentals on the "Lander Talk" email list that is sponsored by NOLS.

Good luck.

[georgiainwyo]

I know a guy who moved to Riverton recently to open his own financial advisor business. It's really, really hard & slow for him. He is having to travel all over the state to make any contacts. If that is any indication of how difficult it is, then you might want to think twice about it. Best of luck!

[kkail6359]

Thanks for your input! I'm a seasoned veteran of the business but it is always hard starting from scratch. I would consider aligning with a property and casualty agency with a large client base who didn't market life/di/investments and split back some of the business to their firm.

If anyone knows of such a company please pass it on.

Thanks,

KKail

[rya700]

I also recently moved back to Lander after growing up here......the real estate situation is scary. I am staying with my parents right now. They are being very understanding, but I know it wont last forever. I'm not the expert, but what I am seeing is that the 'lower end' type properties in the range of 100k (mobile homes mostly) get bought within days but as for an actual house in the range of 160k and UP they aren't selling very fast. And, of course, no rentals.

With the median income being 32k, this town definately needs 'affordable housing-' which is where the shortage is. I'm wondering if there will be a price correction. I know what has driven up the prices is people retiring here, after selling a house in CA, ect and so to them Lander is cheap.....but things are slowing down in other parts of the country so it will trickle down, is my guess. Also Lander isn't affected (as much) by the energy boom as most of the neighboring towns are. I think alot of sellers got arrogant in the pricing of their homes. But again, I'm not the expert.

If anyone has anymore info on Lander/Riverton real estate i would be grateful

[wmr]

rya700,

It is just a matter of time before sellers have to lower their prices. Our economic fundamentals, like average wage levels, do not justify the existing pricing.

The California buyer theory sounds good, but the reality is that the pricing situation is due to unrealistic sellers abetted by a plethora of realtors who are lucky to sell one house a year.

Overpriced houses are sitting many months on the market and either the sellers will have to continue to pay the costs of owning them or reduce pricing to the true market value and sell it.

[rya700]

Good point wmr. I hope the 'price correction' in Lander happens soon so I can get a house!