Long-term Rental vs. Vacation Home

The Better Investment?

Many owners have approached me over the years to express an interest in purchasing an investment home. A question often asked is what type of home they should buy: long-term rental or vacation rental?

It Depends.

There are a lot of different factors to consider but I'll narrow it down to a few primary concerns:

1. Which one costs more? A vacation rental wins this one, hands down! You have to buy it, furnish it, cover the utility expenses, pay for landscaping, and possibly even pay 25 - 50% of your income towards management fees. You can also experience greater expenses due to the high rate of turnover and increased damages, plus you have to regularly upgrade certain things like towels or bedding. Suddenly, $300 a night doesn't seem like enough! A long-term rental costs less because management fees are much lower, turnover is lower, tenants set up their own utility accounts, and tenants are responsible for some of the maintenance like landscaping.

2. Which one grows wealth faster? Again, this will likely be the long-term rental. If you buy in the right area with a heavier, longer tourist season, you can fare better with a vacation rental. In a market like Cody, Wyoming you should consider the long-term rental.

3. Do you want to occasionally occupy the home? This is where the vacation rental shines! Rent it out to guests throughout the year and block off the dates that you want to occupy it. You can probably earn enough to cover the mortgage and other expenses so your family has a "free" place to live when on vacation.

4. Which is more trouble? If you hire a good property manager, this could be a wash. If you intend to manage the home yourself, a vacation rental will be far more demanding because you have to handle a lot of inquiries, collect payments, clean between occupants, deal with more maintenance issues and complaints, coordinate with vendors like the landscaper, and more. A long-term rental has far fewer moving pieces.

If you are in the market for investment property in the Cody area, be sure to give us a call or check out our web site. We know the market and can help determine what will work best for your situation.

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Are Emotional Support Animals stressing you out?

Emotional Support Animals

NOTE: I am not an attorney. Be sure to consult an attorney before creating a policy for your office or rental to ensure you are in compliance with the law.

Emotional Support Animals (ESA) are animals "prescribed" to an individual suffering from an emotional disability such as stress, anxiety, depression, mourning, etc. The ESA does not have to be specially trained, certified, or registered. In other words, any off-the-shelf animal may be considered an ESA. I've seen dogs, cats, ducks, turkeys, llamas, and even snakes. 

As far as housing is concerned, a Landlord or Property Manager cannot discriminate against an applicant or tenant with an ESA because they are protected under Fair Housing Law (Fair Housing Law is not the same as Americans with Disabilities Act (ADA) that requires animals to be specially trained and that covers public spaces). Fair Housing Law sees emotional support animals the same way it sees a wheelchair; they are tools designed to enable someone to participate in life despite a disability.  If a Landlord has a no-pet policy in a rental, they cannot discriminate against someone with an ESA. They cannot charge pet rent or a pet deposit. They have to treat the animal as if it were a medical device designed to assist with a disability.

ESA Certificates and ID Cards

Fraud is rampant throughout the country and only getting worse as more and more people learn about ESAs. There are now web sites that will prescribe an ESA for $100 without ever seeing the individual, verifying an illness/disability, or determining that an ESA will provide a service. These web sites print certificates that claim to designate a pet as an ESA but they have no legal authority or qualifications to make these claims. They also sell ID cards, vets, and other items designed to look official and confuse the uninformed.

This is a growing problem with the airlines, as well. If you travel, you probably see passengers with animals in small carriers. There are people that claim their anxiety makes it impossible to travel unless they have their animal with them. Their doctor writes a note and suddenly that individual can travel with their pet - without paying any additional fees - while the rest of us have to pay outrageous fees for our pet to sit in crates with the luggage.

What should a Landlord do?

First, you have to know the law. HUD provides plenty of guidance on this. While Landlords cannot discriminate, we can ask certain questions or require certain evidence to weed out fraud. Here are some examples:

1. Never allow more than one service animal. I once had an applicant that claimed to have four emotional support cats. Even ADA says no more than one animal can be prescribed for a disability. The exception is if one animal is being trained to replace an animal.
2. Landlords are allowed to ask if the person has a disability and what service the animal provides that alleviates the symptoms of that disability.
3. Always request current documentation. Many applicants show up with a certificate they purchased online. I do not believe a doctor can diagnose a mental illness or prescribe a treatment (in this case an ESA) without actually seeing the patient more than once and then following up with them. I am willing to stand before a judge on this one! I require the applicant to bring me a letter from the prescribing party to confirm they are an actual patient and that the service animal is necessary. 90% of all applicants never come back with the form.
4. Just because someone is authorized a service animal does not mean the animal does not have to behave. If it barks, acts aggressively, damages the property, or is not controlled and cleaned up after, it may result in an eviction.

There's much more to it than this. Be sure to check out HUD guidelines or speak with your attorney before developing a service animal policy. Even better: hire a professional property manager that knows the law and can protect you and your property from those that will twist the law and take advantage of you!

Wrongful eviction in Cody Wyoming

When can a Landlord evict a Tenant?

The law varies from state to state. In some places like San Francisco, it is illegal to evict your tenants just for the sole purpose of renting the home for a higher rate. Read this article for an example.

When can I evict?

In the great State of Wyoming, evictions can take place if the Tenant fails to pay an outstanding charge or violates the terms of the lease agreement. Depending on the violation, you may have to give the Tenant 30 days to rectify the situation or as little as three days.

The key is to know the law and follow it. As a member of the National Association of Residential Property Managers (NARPM), we hold ourselves to a higher code of ethics and ensure all parties are treated honestly and fairly.

If you are looking for professional property management, contact American West Realty or visit us online to learn more about our services.

Are you ready for 2017?

Merry Christmas!

We hope you were able to spend time with family and celebrate this important day. It looks like I'm working but kids are playing with toys and Angie is working on a puzzle and watching a movie, so I'm sneaking in a couple more blogs before the week ends.

REAL ESTATE FORECAST

Nobody has a crystal ball but we can make some educated guesses (some of us less educated than others). Here are some of my predictions for real estate in Cody Wyoming and Powell.

1. Strong sales. Last year was really good, particularly for lower-priced homes. A lot of first-time home buyers and investors ate up the inventory. Upper-priced homes were still a little slow due to an increased inventory after oil took a hit. Expect oil (and other businesses) to make a big comeback in 2017 which should help move some of the remaining inventory.
2. Strong rentals. The rental market took a big hit in 2015 when oil left and we haven't recovered. We expect that to turn around for the same reasons mentioned above. In fact, I expect the demand to come back stronger than it was prior to the collapse, helping drive rent rates higher.
3. Rates increasing. I've been saying rates were held artificially low to prop up a stagnant economy. As soon as Trum was elected, rates started going up and I expect that trend to continue next year. Higher rates may slow buying which could lower sales prices, but we don't expect rates to raise fast enough to hit us in 2017.
4. Overall economy. If Trump holds to his promises, we'll see a reduction in business regulations and tax rates. This should boost the economy and encourage spending. Businesses can hire more employees which means more people capable of buying a house after sitting the market out for the past eight years. Higher earners will be able to afford more and may see this as an opportune time to upgrade their home or invest in real estate.

Again, nobody can foretell the future but this is my prediction based on knowledge of the local market and what I'm seeing happen across the nation. No matter what happens, rest assured American West Realty is here to help you navigate the market. 

SALES       MANAGEMENT       RENTALS

"We don't just manage!"

Pencil or pen?

Pencil or pen?: As a real estate agent in Cody, Wyoming it is important to remember the lessons of the past as we look forward to the future.

Learning the hard way

Learning the hard way: Property Managers should inspect rentals regularly. Contact American West Realty at www.rentcody.com to learn more about our management services!

It's Christmas in Cody!

It's Christmas in Cody!: Enjoy some favorite highlights of Cody, Wyoming in the Christmas season and see why we love serving this beautiful town as real estate agents!

Beautiful home for rent in Cody, Wyoming

Beautiful home for rent in Cody, Wyoming: Search current rentals in Cody, Wyoming! Apartments, houses, short-term and long-term. or contact us to learn more about our Property Management services!

Is Property Management worth it?

Is Property Management worth it?: Is property management throwing money down the drain?

Apartments for Rent, Cody, Wyoming

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See better photos and SCHEDULE A SHOWING at:

http://showinghotline.com/lc/0287013093

No, it's not a hyperlink. :-( You still have to copy-and-paste this link into the address bar on your web browser.

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2bed/1bath home!
1701 20th Street, Cody, WY

$850 per month
Available December 15th
2 beds, 1 full bath
765 sq. ft.

Small house located close to shopping. Mature landscaping, fenced back yard and detached 2-car garage. Interior includes hardwood floors, newer windows, lots of storage space, washer/dryer hookups. Entrance is a large mud room with a long closet and built-in storage bins. Some renovations and landscaping done that doesn't show in the pictures. Basement has an exterior-only entrance and is unfinished, but dry and spacious for storage. Detached garage is over-sized with plenty of storage space, electric, and work bench. Pet negotiable.

Cable Ready
Ceiling Fan
Fenced Yard
Garage
Heat Forced Air
Kitchen Dishwasher
Kitchen Garbage Disposal
Kitchen Refrigerator
Kitchen Stove / Oven
Pets Allowed
Shop Or Work Space
Utility Black Hills Energy
Utility City Of Cody (Water, Electric, Sewer, Trash)
Washer/Dryer In Unit

Rooms and Interior
. Hardwood floors

Lease Terms
. Dogs ok
. Cats ok

Contact Us:
American West Realty
307.213.4799

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See better photos and SCHEDULE A SHOWING at:

http://showinghotline.com/lc/0287013093

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Visit www.rentcody.com for all our available rentals or www.buycody.com to search every sales listing in Park County, Wyoming!

Office space for rent: 1120 Sunshine Ave, Cody, WY 82414

 

 

Listing Details

Professional Office Space for Lease

1220 Sunshine Ave, Cody, WY 82414
Square Footage: 2500

Call Nathan Gesner at (307) 587-9608 for more information.

Great location across from Post Office, Rec Center, and Park County Library.

This large office space has a large parking lot with handicap parking, private entrances, and a common entrance for clients or customers. A men's and women's bathroom is available to the public in the common hallway. A private bathroom is located in back for your staff. The office space consists of a large reception/waiting area, a conference room in the middle, and seven separate offices. Forced air heat and central A/C throughout the space. There are also two small rooms that would work great for storage, computer server, or possibly a break area. Rent includes electric, water, sewer, and trash.

NOTE: This property is also for sale. Occupy the office and let your tenants pay the mortgage!

Contact American West Realty for floor plan, additional information, or to schedule a viewing.

          

            

House for rent in Cody, Wyoming

NEW RENTAL HOME!

3 bedroom, 2 1/2 baths, 1-car garage

Check out this beautiful house for rent in Cody, Wyoming! Built in 2009 but the kitchen was renovated and everything feels and looks brand new. The main floor has a fully equipped kitchen with tons of storage. Extra storage space in the entry and garage. A 1/2 bath is located off the kitchen. Upstairs is a true Master Suite with private bath and a wall of closet space. Laundry room includes cabinets and a washer/dryer. Two more nice bedrooms and a second full bath round it out. Owner may consider a pet for additional rent and/or deposit.

NOTE: home is also available for sale and would make a great investment! Contact American West Realty at office@rentcody.com for more information.

For rent: 1220 Sunshine, Suite 105, Cody, Wyoming 82414

2307 Davidson Advertising

Visit American West Realty online to see all our available rentals or submit an application. Looking for professional property management? Click here to learn how we can help!

For rent in Cody: 2850 Kent Avenue - Unit E24

Visit www.rentcody.com for all our available rentals or to schedule a showing.

For Rent: 40 Road 2CD, Cody, Wyoming 82414

American West Realty home for rent: 2819 Lincoln Ave, Cody, WY 82414

Visit our site to learn more!

American West Realty has a new listing for rent in Cody, Wyoming! View the video below or visit our web site for more information or to apply.

For rent in Cody, Wyoming: 2537 Newton Avenue

This beautiful home is located on the rim-side of Newton Avenue with great views of Heart Mountain. Large yard in front and back with mature trees and raised rock garden. Interior includes three bedrooms and two baths (one en-suite). Dining room with gas fireplace. Separate bonus room has two walls of windows with great views and would make a nice bonus room, family room, or whatever you can imagine. The sun room is very large and bright. An attached 2-car garage has built-in storage cabinets, an opener, and two walk-out doors.

Contact American West Realty for more information or to apply.

 

House for rent: 1108 Stampede Ave, Cody, WY 82414