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I am so enjoying this forum. My dad always said if you want the real answers talk to the people. I can't thank you all enough for taking the time to talk about your cities and the areas you call home.
We already have our plane tickets, rental car, and 1st nights lodging in Billings. We plan to stay near Cody for 1 week and search between Frannie and Worland. Then stay near Sheridan for 1 week and search between Ranchester and say Buffalo.
I hope this 2 week period will help us make a decision of where we want to live, work and enjoy a quiet, peaceful retirement. It would be nice to find a small quiet place with a few acres to rent for awhile so we can acclimate.
Ideally, a rent or lease to own arrangement would be great. I'm not sure if that is even done out West. My wife would love to just own something right away. I want to make sure she is ok with the change first.
I have hunted and fished most of my life and would love to find an area where I could persue these activities. We both have such a great love and respect for animals, just living amongst them will be a real treat. I know my wife she would love to live near the water and have lots of wildlife around us. She keeps picking places out of the real estate guide near rock structures and trees. She dosen't want to block anyones view, or have them block hers. I'm just glad she is allowing me my lifetime dream of living out West. The foot of snow previously mentioned may have her questioning her decision. We shall see. Again thanks to all.
I'm not aware of many rent-to-own real estate deals. As a landlord I've been asked about them many times. Frankly, I'd like to sell the last rental that I have, but I'm lucky if I can just collect the rent on time from most tenants. I think those who mention it want their rent to go to the purchase price, but I've got mortgage payments, homeowner's fees, taxes, insurance and maintenance to pay out of that rent, and there's nothing left after that to go towards the purchase price. If they wanted to pay more for rent, then I'd be happy to apply some towards purchase.
Include Dayton in your scouting. It's just 5 miles up the highway from Ranchester. And be sure to check out Story (between Sheridan and Buffalo) if your wife likes animals, water and trees. If you don't mind the snow, it would be an ideal retirement community.
I'm not aware of many rent-to-own real estate deals. As a landlord I've been asked about them many times. Frankly, I'd like to sell the last rental that I have, but I'm lucky if I can just collect the rent on time from most tenants. I think those who mention it want their rent to go to the purchase price, but I've got mortgage payments, homeowner's fees, taxes, insurance and maintenance to pay out of that rent, and there's nothing left after that to go towards the purchase price. If they wanted to pay more for rent, then I'd be happy to apply some towards purchase.
Include Dayton in your scouting. It's just 5 miles up the highway from Ranchester. And be sure to check out Story (between Sheridan and Buffalo) if your wife likes animals, water and trees. If you don't mind the snow, it would be an ideal retirement community.
Thank you WyoNewk for the advice. We will definately check those areas as well.
Rent or lease to own here is an agreement, where a pre-determined amount will be rent and additional monies paid would be applied towards a purchase option (usually held in escrow).
It allows the buyer the ability to meet most if not all downpayment requirements and lower the amount needed for a mortgage. A contract specifies all terms, including a time limit for the buyer to retain a mortgage.
We purchased an unfinished home in NJ in this fashion. We were given 5 years to bring the home up to code, obtain a certificate of occupency and obtain a mortgage.
Rent or lease to own here is an agreement, where a pre-determined amount will be rent and additional monies paid would be applied towards a purchase option (usually held in escrow).
It allows the buyer the ability to meet most if not all downpayment requirements and lower the amount needed for a mortgage. A contract specifies all terms, including a time limit for the buyer to retain a mortgage.
Unlike the real estate market in your area, what is more common to be found here in Wyoming for an alternative means of purchase is a "contract to deed" deal. The buyer is obtaining financing from the seller in this purchase.
Typically, the seller agrees to sell the property to a buyer who takes possession, but the seller retains ownership title until the payments specified in the contract have been paid in full. It's not uncommon to provide for pre-payment of the contract without penalty, so a buyer might obtain financing at some time in the life of the purchase contract and pay off the seller early so that the buyer obtains conventional title to the property with a mortgage ... but I've rarely seen that happen.
It's not uncommon to see these contract purchases go astray long before the payments are made in full, so the seller gets quiet possession of their real estate without having to go through a foreclosure process. The buyer forfeits all of the monies paid toward the contract when they go into default.
But this is a way that is acceptable to some sellers to finance buyers who could otherwise not afford a down payment and/or qualify for a conventional mortgage.
Unlike the real estate market in your area, what is more common to be found here in Wyoming for an alternative means of purchase is a "contract to deed" deal. The buyer is obtaining financing from the seller in this purchase.
Typically, the seller agrees to sell the property to a buyer who takes possession, but the seller retains ownership title until the payments specified in the contract have been paid in full. It's not uncommon to provide for pre-payment of the contract without penalty, so a buyer might obtain financing at some time in the life of the purchase contract and pay off the seller early so that the buyer obtains conventional title to the property with a mortgage ... but I've rarely seen that happen.
It's not uncommon to see these contract purchases go astray long before the payments are made in full, so the seller gets quiet possession of their real estate without having to go through a foreclosure process. The buyer forfeits all of the monies paid toward the contract when they go into default.
But this is a way that is acceptable to some sellers to finance buyers who could otherwise not afford a down payment and/or qualify for a conventional mortgage.
that how alot of those 40 acre deals with the bladed in roads work... not all but alot...
I too was going to recommend flying into Billings. Great minds think alike!
When you're in Sheridan, I'd suggest you check out some of the really small towns around it, namely Story, Ranchester and Dayton. All are within 15-20 miles of Sheridan and all are closer to the mountain.
Story is one of Wyoming's few true "mountain towns", nestled high in the foothills of the Bighorns with a couple small streams that meander through it and tall pines throughout. It's hard to find the residential areas, because many of the "streets" are really no more than paths that wander here and there through the pines. If you watch closely, you'll see a 1x4 board with a street name painted on it and nailed to a tree here and there. Most of the lots are fairly generous in size, and I'd guess nearly half the homes are log. Deer and wild turkey are everywhere, and black bears aren't too uncommon from what I hear. I think the town's population is 800+.
Dayton and Ranchester are both a few miles out of the mountains but not far. They're only about 5 miles apart and share some of the schools, but I think each have their own character. They're on one of the main highways that cross the Bighorns (U.S. 14) so have a little more traffic and much larger business districts but are still tiny towns. Dayton seems to be growing faster (more new homes), probably because it's a bit closer to the mountains, but I think either town would be great for "retirement". ElkHunter knows all about these two towns.
Incidentally, my late wife was from Westwood, NJ (northern). She LOVED Wyoming -- said her biggest regret was that she didn't find it earlier in her life. (She moved here in her mid/late 40s.)
Took the words right out of my mouth. I lived in Sheridan and Billings recently, shoeing horses.
The OP sounds like he'd love Dayton or Ranchester. I'd prefer Buffalo or Sheridan tho. Story is a rich person town of people with money who work in sheridan or buffalo.
I am so enjoying this forum. My dad always said if you want the real answers talk to the people. I can't thank you all enough for taking the time to talk about your cities and the areas you call home.
We already have our plane tickets, rental car, and 1st nights lodging in Billings. We plan to stay near Cody for 1 week and search between Frannie and Worland. Then stay near Sheridan for 1 week and search between Ranchester and say Buffalo.
I hope this 2 week period will help us make a decision of where we want to live, work and enjoy a quiet, peaceful retirement. It would be nice to find a small quiet place with a few acres to rent for awhile so we can acclimate.
Ideally, a rent or lease to own arrangement would be great. I'm not sure if that is even done out West. My wife would love to just own something right away. I want to make sure she is ok with the change first.
I have hunted and fished most of my life and would love to find an area where I could persue these activities. We both have such a great love and respect for animals, just living amongst them will be a real treat. I know my wife she would love to live near the water and have lots of wildlife around us. She keeps picking places out of the real estate guide near rock structures and trees. She dosen't want to block anyones view, or have them block hers. I'm just glad she is allowing me my lifetime dream of living out West. The foot of snow previously mentioned may have her questioning her decision. We shall see. Again thanks to all.
You are so on target!!! Coming out and checking out the areas you are interested in is the best idea. I think all of us who are regulars on this forum really stress that folks do that before deciding to move. Coming in the winter and summer both is best, but especially during the winter to see what the climate is like. Of course, this being Wyoming, it can change from week to week, day to day, as was stated before. When you get here you may find that one area is really appealing to you so you want to spend more of your time there. You may run into a place that you know right off the bat isn't for you, so you can just almost pass it by and move on. One thing about Wyoming, there is diversity in the landscape. As for the outdoor activities you seek, I think that most places in the state have these available within a relatively short driving distance.
While you are here feel free to contact me when you are in the Cody/Big Horn Basin area. I would be happy to meet you guys and to help in any way I can. I am sure that ElkHunter would be thrilled to do the same in the Sheridan area (that is if he's up and running!!!). WyoNewk is a little off your projected beaten path, but he would also help if needed on the eastern side of the Big Horns. All of us have been around this forum for a long time and we have all lived in the area for what seems like forever, too. Others would be willing to help as well, I'm sure! Let us know when you will be where!!!
While you are here feel free to contact me when you are in the Cody/Big Horn Basin area. I would be happy to meet you guys and to help in any way I can. I am sure that ElkHunter would be thrilled to do the same in the Sheridan area (that is if he's up and running!!!). WyoNewk is a little off your projected beaten path, but he would also help if needed on the eastern side of the Big Horns. All of us have been around this forum for a long time and we have all lived in the area for what seems like forever, too. Others would be willing to help as well, I'm sure! Let us know when you will be where!!!
What a hospitable invitation. You are so kind to offer. I have known since I was a little kid (long since passed) I belonged out West. If the people on this forum are a measure of the folks out there (And I'm sure they are). We are coming to the right place. Life in NJ although not terrible, is not what I ever expected.
My late parents always said "Son you are looking for Utopia and you are always going to be disappointed" I realize Utopia is what you make it. However, part of living harmonious with nature is, others must have the same respect. Federal and State government make that very difficult here.
Most are out for themselves with little regard for others or the Earth in general.
We feel invited and are thankful for the offer. We look forward to our visit and meeting some of you as well.
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