Residential Real Estate Investment for Primary Residence
Here are our recommendations if you are a serious buyer looking for a residential property in the area and want to get the job done. First, let us help you identify the right residential property and submit an offer. Listed below is a checklist of procedures and wise yet humorous suggestions that will help move forward and submit a purchase contract on a particular residential property in Jackson Hole.
• Prior to your visit to Jackson Hole, identify a few good properties from our MLS search engine and call or e-mail your request for additional information. If you have been to Jackson Hole and know the region, it will help speed your search and save time upon your arrival. This allows you to focus and also have plenty of time to enjoy your vacation in the outdoors and all the things you came here for.
• Those buyers purchasing a primary residence in Wyoming should read more about our lifestyles in Jackson Hole and study the information we provide on Teton County and the town of Jackson Hole. There is no State Income tax and some individuals own passive investments that may qualify for State tax benefit savings.
• Set an appointment with the Broker at least a week prior to your Jackson Hole Vacation and plan for at least 2 hours to meet with us to go on a drive-by tour of the residential properties and see 2 listings you like the best the first day. This tour will help both you and the buyer agent to understand your needs and will allow you as a buyer to get a broad range scope of the area and zero in on a particular region or property.
• Once you are comfortable with one or more properties, take time to look at some of our sample purchase offer contracts on line so you will be familiar with the process of buying a property in Wyoming. We recommend your attorney look at all contracts submitted to sellers and modify any of the terms and conditions or due diligence provisions to meet your satisfaction.
• We recommend you look at properties in your price range or a little above as motivated sellers may take your lower offer. With the Broker's recommendation decide on a reasonable offer price to submit and give the seller some room to counter offer. Be flexible and always look carefully at the counter to understand the seller's needs.
• Choose from the many residential due diligence provisions we have on line that you will incorporate in to your offer. Be sure you always include inspection contingencies and financing clauses if you are borrowing funds to close the property.
• Prior to, or as soon as an offer is submitted start gathering all the information you need as quickly as possible including, plats, CC&R's of the subdivisions, house blueprints and plans, taxes, utilities and other fees related to the property.
• Be prepared to be accepted and move fast to get all due diligence completed in an orderly manner and always attempt to close on time.
• If you are rejected because your offer was low, have an alternative offer in mind. If you offer more for a property, the seller may finance a portion of the extra amount or throw in the furnishings. Many properties are sold furnished in Jackson and can be a point of bargaining.
• Have a second alternative invesmtent property selected in the event the seller is not reasonable. Some sellers in Jackson Hole do not really need or want to sell a listed property.
Jackson Hole Rental Homes and Condominiums/ Investment property
• If the Jackson Hole property is for second home investment purposes, let us help you understand the realistic cash flow the property can generate and provide you with actual statistics of a listed if they are available. If there are no actual rental statistics we will send you a comparable property history to help.
• Look at the different Property Management, attributes, contract, marketing procedures, quetions, services or styles and options available and let us introduce you to our property management program as well.
• Take a look at some of our sample Real Estate Purchase contracts on line so you will be familiar with the process of buying a property in Wyoming and have an attorney review all documents.
• Choose from our many due diligence provisions we have provided for our buyers to review.
• Decide what price you are willing to pay for a residentail Investment property and how much earnest money you will put down. We recommend you bring a couple checks with you to get a property in escrow quickly if you choose one.
• Decide how you will take title to the property when you find the right rental home or rental condo. We recommend creating a simple Wyoming LLC (Limited Liability Company) and it's LLC benefits.
• Identify a local bank and attorney you would like to work with and plan for 30 minutes to an hour to discuss the property and contract format you should use.
• If you are buying an investment property plan to sit down with us and analyze the statistics and income stream produced by the particular property you are interested in.
• If you are serious about purchasing and need financing, we would like to start that simple process with the loan brokerage folks we recommend. As soon as a contract is accepted for a specific property, this process should begin immediately.
Some excellent properties are not listed through the MLS Service and realtors themselves may own good properties. Realtors will usually buy a property that is undervalued if it is in a great location. Realtors can also bring these properties to you quickly if there is excellent communication between the buyer and the broker. If your broker is able to identify and produce a property that meets your parameters, be ready to submit an offer.
Real Estate| 1031 Exchange | Search MLS Listings | Real Estate Services | Appraisals | Property Listings