Travel Nurse looking to get into remote properties. Any tips?

Travel Nurse looking to get into remote properties. Any tips?

Member since 2021 · 7 posts · 9 votes

Hey guys, I'm totally new to the forum and to real estate in general, but I'll get right into it. My girlfriend and I are travel healthcare workers and make great money each month. It's truly a life hack, so we're not ready to settle down into a permanent home just yet. So in the meantime, I was thinking I could buy a duplex, triplex, or quadplex using an FHA loan to get our feet wet. I have decent capital, about $60k, so I could easily put down 5-10% on a fairly nice multifamily.

My plan: I would "live" in one unit for a year while traveling and rent out and manage the property remotely via a PM company. Only trouble is, I wouldn't be "living" in it physically (I could just list it as my address and pay the rent myself for legal purposes). However, that would leave me with an empty unit. It feels like I'm missing something and would be making it hard on myself this way.

I'd then use the property exclusively for renting, refinance, rinse, and repeat until I can retire.

 Do you guys have any tips or advice to give in regards to financing, property management, or other loopholes I might be missing?

Thanks, 

Ben

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  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    4y

    FHA/FNMA. etc have accomodations for someone moving due to work.

    The IRS allows workers to relocate for up to 2-3 years (check with tax professional) and still maintain a permanent residence at another address.

    A way to avoid that may be to turn your primary unit into a STR 1 or 2 weeks/month.

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