A lot of Cheyenne's housing was built before 1980, and many of those homes still have original kitchens, tired roofs and dated basements. That is the raw material for flips, and the timing of the building season shapes how you run them.
In short: LendingStreet provides fix and flip loans for 1-8 unit investor rehabs in Cheyenne, from $150,000 to $5M+. Programs fund up to 90% of total cost and up to 100% of the rehab budget on some programs, can close in as little as 10 days, and are short-term and interest-only. Your exit is a sale or a refinance into a long-term DSCR loan if you decide to keep the property.
Most rehab inventory sits in older parts of the city: brick bungalows near downtown and the Rainsford Historic District, 1950s-60s ranches in Sun Valley and south Cheyenne, and split-levels around Fox Farm and Western Hills. Estate sales, long-held rentals and homes with deferred roof or foundation work show up regularly.
Resale buyers include military families from F.E. Warren, state workers and Northern Colorado commuters looking for more house for the money, so finished homes with updated kitchens, a second bathroom and a usable basement tend to sell best.
Expect competition from local contractors and other investors on the cleanest deals. The better margins often sit in homes with an obvious, fixable problem, like a failed roof or a dated basement, that keeps owner-occupant buyers away.
Older Cheyenne homes have predictable needs. Plan for them in your budget and draw schedule rather than discovering them mid-project.
We size the loan on total project cost: purchase plus rehab. Some programs fund up to 90% of that cost and up to 100% of the rehab. The purchase portion funds at closing; rehab money is held back and released in draws after work is inspected, so you or your contractor carry each phase until the draw funds.
Payments are interest-only on the amount outstanding. The after-repair value (ARV) from the appraisal caps the total loan as well, so the numbers have to work on both cost and finished value.
Before closing, the lender reviews your scope and budget line by line. A realistic budget with a contingency of 10% or more, quotes from your contractor and a clear timeline make draws faster later.
This example is illustrative and not a quote. An investor buys a 1950s bungalow for $255,000 and budgets $72,000 for a roof, kitchen, bath and basement bedroom. The loan covers 85% of the purchase ($216,750) plus 100% of rehab, for $288,750, or about 88% of total cost.
Estimated interest-only payments at full draw are about $2,527 a month. Over a six-month hold, the investor sells at $400,000.
| Line | Amount |
|---|---|
| Purchase price | $255,000 |
| Rehab budget | $72,000 |
| Total project cost | $327,000 |
| Loan amount | $288,750 |
| Estimated interest, 6 months at full draw | $15,159 |
| Closing costs, buy side (assumed) | $8,500 |
| Selling costs, about 7% (assumed) | $28,000 |
| Sale price (ARV) | $400,000 |
| Cash needed at closing and for costs | $46,750 |
| Estimated profit before taxes | $21,341 |
Cheyenne winters are long and windy. Exterior work, roofing and concrete are easiest from late spring through early fall, and contractors book up quickly once the weather turns. A flip bought in October may sit with interior-only work until spring.
Build those months into your timeline and interest budget. Interior trades can keep moving through winter, but exterior items that affect the appraisal, like the roof, may wait.
Roofing, electrical, plumbing, mechanical and structural work generally need permits through the City of Cheyenne inside city limits or Laramie County outside them. Basement bedrooms need egress windows that meet code to count as bedrooms at resale.
Unpermitted past work can slow a sale when buyers' inspectors and appraisers flag it. Confirm permit history before you buy and keep your own permits closed out.
Most Cheyenne flips sell to owner-occupant buyers, many using VA or FHA financing, which means the home needs to pass those appraisal standards. If the resale market slows, a strong rental can be refinanced into a DSCR loan instead.
Running the rent numbers before you buy gives you a second exit. Our Cheyenne DSCR page shows how the ratio works on a finished home.
Military buyers often arrive in summer with orders and a housing allowance, so a flip listed in late spring can catch the busiest stretch of the year.
Work backward from a conservative ARV supported by recent MLS sales, not list prices. Subtract selling costs, interest for a realistic hold, closing costs, the rehab budget with contingency, and your target profit. What is left is your maximum offer.
Because Wyoming is a non-disclosure state, comparable sales may be harder to confirm. Ask your agent for closed MLS data on similar homes within the same school area and price band.
Send the purchase contract, a line-item scope and budget, your expected ARV with comparables, and a short summary of past projects. Experience helps leverage, but first-time flippers with a solid contractor and plan can still qualify on some programs. Call (877) 298-1001 or use the form below.
In as little as 10 days when title, insurance and your documents are ready. Having your LLC documents, insurance binder and contractor bid ready before you sign the contract is what makes a fast close possible.
On some programs, yes, up to 100% of the rehab budget, with total funding up to 90% of project cost. Rehab funds are released in draws after inspections.
Yes. Fix and flip loans use an appraisal that estimates the after-repair value, and that value helps set the maximum loan.
Yes. Fix and flip loans cover 1-8 unit residential properties. Small multi-unit rehabs near the base and downtown can also work well as rentals afterward.
Builder's risk or vacant property coverage should be in place before work starts. Talk to your insurance agent about wind and hail deductibles on vacant homes.
Yes. Many investors refinance into a DSCR loan once the home is leased, using the property's rent to qualify. Run the rental numbers before you buy so the refinance is a real option, not a fallback you have never tested.
Yes. We finance flips across Laramie County and the rest of Wyoming, subject to the $150,000 minimum loan size and appraisal support for the finished value.
No. These are business-purpose loans on non-owner-occupied property. The borrower, usually an LLC, holds the property as a rental or resale investment.
2-3 competing quotes from 30+ capital sources. No credit pull. No commitment.
By clicking, you provide express written consent to be contacted by LendingStreet (NMLS #1734316) via SMS, phone, or email, possibly using automated technology, regarding your loan inquiry. Reply STOP to opt out. Consent is not required to obtain services. See our Privacy Policy and Terms.