Flipping Houses In Wyoming

How To Flip Houses In Wyoming

November 23, 2023

Produced by:
Richard Stevens

Richard Stevens is an active real estate investor with over 8 years of industry experience. He specializes in researching topics that appeal to real estate investors and building calculators that can help property investors understand the expected costs and returns when executing real estate deals.

Although Wyoming might be an unlikely place for the average house flipper to invest, there is money to be made in the Cowboy State, provided you can find the right property. The biggest concern with Wyoming is the small number of flips. In the last 12 months, Attomm’s house flipping report lists approximately 52 flips. This indicates that there aren’t as many opportunities as other states in the US. 

However, if you are able to identify a suitable property, you can be rewarded handsomely. With an average revenue per flip of $109,361, Wyoming can produce very respectable ROI numbers.

Wyoming House Flipping Stats

Median Purchase Price

$152,550

Median Resale Price

 $215,810

Average Revenue

$63,260

Price Per Square Foot

$174

Wyoming Population Size

578,759

Median Household Income

$62,268

High School Graduation

92.9%

Travel Time To Work

17.8 Mins

Best Cities for Flipping Houses In Wyoming

  1. Cheyenne
  2. Casper
  3. Laramie
  4. Gillette
  5. Rock Springs

Safest Areas In Wyoming

  1. Thermopolis – Safety Score: 98.46
  2. Kemmerer – Safety Score:  93.53
  3. Worland- Safety Score: 93.43
  4. Glenrock – Safety Score: 91.54
  5. Jackson – Safety Score: 90.19

Please note – All the statistics in this article are based on 2020 data. You can view the data sources at the bottom of the article.

The Basics Of Flipping Houses In Wyoming

  • Find a property in Wyoming that is undervalued
  • Source funding from a reputable hard money lender in Wyoming
  • Buy the property for a price that makes it possible to generate profit when it is resold
  • Complete renovations that will increase the after repair value
  • Find buyers for the property and sell it for a healthy profit margin

How To Find Houses To Flip In Wyoming

1. Use FlipScout By New Silver

FlipScout is a free tool that helps you find most profitable real estate investments using data and intelligence. Find a property to flip or rent out anywhere in the country.

2. Leverage The Power of Wholesalers

Finding a good wholesaler can be very rewarding for a property flipper. Wholesalers tend to have access to all the most relevant property databases, and they often have unique personal networks. By using a wholesaler, you effectively gain inside access to their knowledge of properties in Wyoming.

3. Attend Bank Auctions

Bank auctions often present opportunities to purchase properties below their market value. This is mainly because banks hold these auctions in order to sell the properties as fast as possible. If you attend bank auctions with a clearly defined strategy, you can potentially walk away with a new property that fits in perfectly with your investment portfolio.

4. Use Direct Mail To Find Off-Market Properties

Although it is considered an old school technique, direct mail can still yield positive results for house flippers. Direct mail has been shown to have a higher response rate than email, and numerous studies have shown that people actually enjoy checking their mailboxes. More importantly, you might be surprised by how many people have considered selling their homes. Your letter could be the trigger that they have been waiting for.

5. Sign Up To The Multiple Listing Service (MLS)

Even though MLS listings can be competitive, it is still a good avenue for finding properties to flip. The MLS is literally a database created by real estate agents, and it is filled with property details and statistics that can help aid your research process. There is a fee involved, but one deal is all you need to comfortably cover the costs.

6. Find Foreclosures

When properties fall into foreclosure, the primary goal of the loan originator is to recoup any potential losses. This is good news for house flippers, because properties in foreclosure often sell for less than their market value. If you are able to locate foreclosure opportunities in Wyoming, there’s a good chance you will be able to purchase a property for less than its market value. This is why foreclosure can serve as a great platform for a potential flip.

Wyoming Housing Market Analysis

House Flippers Are Selecting Middle End Houses With Potential: The median home value in Wyoming ($256,089) is quite close to the median resale value for house flips ($247,761). This suggests that house flippers are finding poorly maintained properties in decent areas, where the resale value can be much higher after the renovations are completed. 

The Revenue Per Flip Is Higher Than Average:  The average revenue per flip in the US is just over $60,000. In Wyoming, the revenue per flip jumps up to $63,260. While it might be difficult to find properties to flip, if your search is successful, there is potential to make a decentprofit. 

Home Values Are Predicted To Appreciate: According to Zillow, home values in Wyoming appreciated by 3.5% over the last year. In addition, all indications are that house prices will continue to increase, but at a relatively stable rate. A safe bet would be an appreciation rate ranging from 1-4% for the next year or two.

Homes In Wyoming Are Slightly Less Expensive Than Other US States: The median home value in Wyoming is $261,262. This is about $5,000 less than the median home value in the United States, which is currently around $266,104. 

Ultimately, the cost of homes in Wyoming combined with a limited number of properties to choose from can make house flipping a challenge. If you do forge ahead, remember to use the 70 percent rule when calculating how much to pay for the property that you decide to invest in.

Apply For An Investment Property Loan

If you’re ready to start your house flipping journey, New Silver Lending can provide the capital you need to fund your first flip. We offer ultra fast hard money loans with competitive interest rates and quick closing times. The entire application can be completed in less than 10 minutes.

Next Steps

If you’re committed to flipping houses in Wyoming, the next step is to invest time and energy into finding the best possible property. We have outlined a number of methods in this post, and all of them can potentially bear fruit. 

Once you have identified a property, using a reputable Hard Money lender like New Silver can help accelerate the house flipping process. Our company is built on speed, efficiency and user-friendly technology. The online application can be completed in less than 10 minutes, and we offer instant proof of funds letters to all of our clients.

Property Flipping Resources

Hard Money Loan Calculator: Analyze the costs of your next flip in detail with our hard money calculator.

ARV Calculator: Workout the After Repair Value of the property that you are hoping to flip.

Resources Used In This Post

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