Travel RN new to the world of investing/Real Estate
Hi BiggerPockets community, my name is Chris, and I am a travel RN who has just come across BiggerPockets through my cousin. I'm extremely excited to start my journey in investing. I have listened to quite the number of episodes on the podcast through Spotify. My hometown is Las Vegas where I have a 4-bedroom home that is unoccupied. As of now, it's fully furnished so I'm trying to go for a mid-term rental on Furnishedfinders. I'm currently in San Diego and need to go back to Las Vegas to do final touch ups to post it. If anyone in this community has any pointers or advice that they would like to share, I'd be happy to hear it. Any information is helpful or simply stop by to say hi. I'm new to all of it and I hope to be more engaged on this forum/site. Thanks for reading and I hope everyone has a great week.
Quote from @Jared Hottle:
Quote from @Christian Perez:This would for sure be a question for a mortgage lender but I believe it is the intent to live there for at least a year. Also not sure how that would effect the ability to get another conventional mortgage within the year but definitely something to think about. If you have a 6 month contract and buy a house and your contract doesn't extend I would think that would be outside your control and the intent was there.
Quote from @Jared Hottle:
Welcome, excited to have you and I think renting out your place while you are gone is a great start! Also forces you to do management at a distance and have systems in place to make it work which can really help as you progress! Another thought I had for travel nurses is look for a longer assignment in areas where there is a big need for travelers and buy a house and househack it so you get a 30 year fixed mortgage with low downpayment. Once your assignment is up let others in your building know you have a furnished rental for travelers. Do that a few times and you will have some solid cash flow I would think
This information is simple, but gold. Do you know if I move to X-city and buy a home to house hack with a conventional loan do I need to live there for the full year or would I be able to rent out the rooms and move on forward to the next city/assignment? Does the intent of trying to live in the new property meet the requirement? Sorry this question is quite hard to explain, I hope it makes sense in what I'm asking.
Thank you for reaching out!
Thank you for that advice. That makes total sense how you phrased/explained "intent" it and definitely going to look into it. I do agree that sometimes extending contracts is out of the RN control.
Quote from @Christian Perez:
Hi BiggerPockets community, my name is Chris, and I am a travel RN who has just come across BiggerPockets through my cousin. I'm extremely excited to start my journey in investing. I have listened to quite the number of episodes on the podcast through Spotify. My hometown is Las Vegas where I have a 4-bedroom home that is unoccupied. As of now, it's fully furnished so I'm trying to go for a mid-term rental on Furnishedfinders. I'm currently in San Diego and need to go back to Las Vegas to do final touch ups to post it. If anyone in this community has any pointers or advice that they would like to share, I'd be happy to hear it. Any information is helpful or simply stop by to say hi. I'm new to all of it and I hope to be more engaged on this forum/site. Thanks for reading and I hope everyone has a great week.
List your property on furnished finders, Facebook apartment rental groups, Airbnb, VRBO, Zillow, apartments.com. There’s a much larger tenant pool than just furnished finders and a lot of times you can make more on other sites.
- Conner Olsen with The Moorhead Team
- 702-521-0034
- [email protected]
Quote from @Christian Perez:Yes - lenders guidelines vary regarding traveling rns …. Get pre approved to know for sure
Quote from @Dave Skow:
@Christian Perez- thanks - get formally pre approved with a lender ..travelling RN income can sometimes be tricky to use for qualifying
Thank you, Dave. Will different lenders tell me different results as far as getting preapproved and what the price of homes that I can afford, or does it vary by lender to lender?
Quote from @Kirsten M.:
Before posting your property, I'd recommend finding a few contractors that you can trust for when issues arise: plumber, electrician, general handy persons etc. You'll also want to find a cleaning company that can come in between renters. While you're building your list of contractors, look at the competition in the area. What are they charging? How nicely are the homes decorated/furnished? What are some of the reviews saying? Use what you've learned to gauge the interest in your area and what price point you think your home will go for. Additionally, you'll want to get good pictures. Pictures will generate more interest in your rental.
Hi Kristen, thank you for this advice. I almost missed this notification. Im glad i was going back to review the advice that people had. im fortunate to have my family who are in the construction. As I was reading, being able to checkmark most your questions. Do you only invest in NM, and what kind of investing do you do? if you don't mind me asking.
Quote from @Jon Khalil:Wow, talk about a go getter. I'm definitely open to learning how exactly you do the process of doing so. Do you have any pictures or links of the home that you fixed up? do you have a specific targeting audience that you are renting to? As you can see, I have plenty of questions to ask. I am very interested in that format of buying short term and long termBRRRR
@Christian Perez Hi Christian, welcome to BP! I just recently moved to San Diego a year ago and bought my first property here last month. I plan to rent per room for the first year, keeping a room for myself, and then fully rent it out after a year. This is my personal strategy because after a year I can refinance, cash out, and buy another property while hopefully having my first home cash flow positive and rinse and repeat. It's essentially a long term BRRRR and short term house hack deal. Let me know if you have any questions and I'd be happy to help. Just sent you a connection request!
Quote from @Christian Perez:
Quote from @Kirsten M.:
Before posting your property, I'd recommend finding a few contractors that you can trust for when issues arise: plumber, electrician, general handy persons etc. You'll also want to find a cleaning company that can come in between renters. While you're building your list of contractors, look at the competition in the area. What are they charging? How nicely are the homes decorated/furnished? What are some of the reviews saying? Use what you've learned to gauge the interest in your area and what price point you think your home will go for. Additionally, you'll want to get good pictures. Pictures will generate more interest in your rental.
Hi Kristen, thank you for this advice. I almost missed this notification. Im glad i was going back to review the advice that people had. im fortunate to have my family who are in the construction. As I was reading, being able to checkmark most your questions. Do you only invest in NM, and what kind of investing do you do? if you don't mind me asking.
Hi Christian! I'm glad you saw the notification, too! Yes, at the moment, I only invest in NM. I had a short-term rental in Belize about 6 years ago and I used all the same things in order to get it rented. I was fully booked as I listed the property just below all of my competitors.
Quote from @Kirsten M.:
Quote from @Christian Perez:
Quote from @Kirsten M.:
Before posting your property, I'd recommend finding a few contractors that you can trust for when issues arise: plumber, electrician, general handy persons etc. You'll also want to find a cleaning company that can come in between renters. While you're building your list of contractors, look at the competition in the area. What are they charging? How nicely are the homes decorated/furnished? What are some of the reviews saying? Use what you've learned to gauge the interest in your area and what price point you think your home will go for. Additionally, you'll want to get good pictures. Pictures will generate more interest in your rental.
Hi Kristen, thank you for this advice. I almost missed this notification. Im glad i was going back to review the advice that people had. im fortunate to have my family who are in the construction. As I was reading, being able to checkmark most your questions. Do you only invest in NM, and what kind of investing do you do? if you don't mind me asking.
Hi Christian! I'm glad you saw the notification, too! Yes, at the moment, I only invest in NM. I had a short-term rental in Belize about 6 years ago and I used all the same things in order to get it rented. I was fully booked as I listed the property just below all of my competitors.
That's awesome. I'm assuming that owning a property in another country is a different set of rules that you have to play by? The properties you're investing in NM are short-term?
Hi @Christian Perez 👋
I was working as a pediatric cardiac sonographer when I started my real estate investing career. Fast forward 10 years and now I'm a full time realtor in San Diego with enough rentals to keep me busy. Let me know what I can do to help. 😊
My advice is to get your vacant home rented asap. Vacancy can be a huge expense and will chip away at your ROI.
@Christian Perez
The biggest challenge is navigating health insurance in between jobs. That never got easier. It was always a sea of paperwork and/or very expensive