Renting to Traveling Nurses

[Caitlyn Drapeau]

Hi all. 

I recently purchased a 2 bedroom, 1 bathroom single family home on its own land in southern/seacoast of NH. I originally purchased this to owner occupy but, as I begin renovations, I am reconsidering renting it out. I have heard a lot of good things about renting to traveling nurses. Does anyone have any experience with this?  The nearest hospital from the property is approximately 18 minutes away. I am looking to connect with anyone who has experience with this. Thank you!!!

[Nathan Gesner]

Quote from @Caitlyn Drapeau:

I've done it. They usually have to be within 20 minutes of work, so be sure your home qualifies for that. 

It can be hit-or-miss unless you're in a busier market. We sometimes see a lot of traveling nurses and other times we see very few. The need is different year-to-year so you'll need a backup plan to keep it occupied.

I would also like to point out there's a significant number of traveling nurses that are not good people. I believe some of them are mentally crazy. I've rented to more than one that were abusing prescription meds. Some traveling nurses just like to travel; some like to avoid being caught. Just something to be aware of.

[Patricia Steiner]

That opportunity may have passed already. Many states have not only reduced the allocation (#) of visiting nurses but greatly reduced their compensation. Also check the visiting nurse websites to determine supply and demand. You may find that the supply is far greater than the demand now that the pandemic crisis is considered done.  In Florida, this opportunity really isn't one anymore.  If that's the case in your state, consider other options like marketing to hospital interns and residents. They make great tenants as they gently use the property since they're basically living at the hospital.  

Best..

[Cherry Sweat]

I've rented to traveling nursing for the past three years. My house is literally located on the same street as the hospital about a mile away. That has been a selling point for incoming nurses, student nurses and military personnel. I've had a great experience and can say I was blessed 9/10 were very nice. The one was nice just rubbed me the wrong one. 

Outside of running their background check, I like to conduct a zoom, talk to them get a feel for who they are and determine if it's a good fit for us. I don't make the decision based off anything discriminatory, I simply explain that we need to have a good relationship and ask if they're ok with that process. My goal is to give them a good experience and not make it all transactional. That route has worked pretty good. 

[Jared Hottle]

We have been having some solid luck with travel nurses. I think proximity to hosiptal and privacy/quiet neighborhood seem to be the biggest things. A lot of the time when they are not working they are sleeping or relaxing at home. Many work overnights so those are other things to look for.

[Leryda Vazquez]

Quote from @Patricia Steiner:

That opportunity may have passed already. Many states have not only reduced the allocation (#) of visiting nurses but greatly reduced their compensation. Also check the visiting nurse websites to determine supply and demand. You may find that the supply is far greater than the demand now that the pandemic crisis is considered done.  In Florida, this opportunity really isn't one anymore.  If that's the case in your state, consider other options like marketing to hospital interns and residents. They make great tenants as they gently use the property since they're basically living at the hospital.  

Best..

 They are in great demand here in New England.  Our area gets 500 inquiries a month and only has 14 properties.  

[Caitlyn Drapeau]

@Leryda Vazquez What area of New England do you live in? The home I recently purchased is in the Southern/Seacoast area of NH (approximately 18 minutes from the nearest hospital). I am torn between renting it to a long-term tenant or giving the traveling nurse option a real shot. I just don't know if there truly is a market for it around this area. I don't know enough people doing it or that have experience with it to gauge if this is the best idea. 

[Christian Ehlers]

@Caitlyn Drapeau have you done any research on FurnishedFinder.com? This sight should give you a good idea of how much demand there is for it in your specific area. I've definitely heard being very close to a hospital helps, and have had thoughts of trying this myself near Exeter, Dover or portsmouth… I currently only run an STR out of state in Florida, but would love to try this strategy closer to home.

if you’ve tried it already, has it seemed worth it?

[Kar Sun]

Just think who would like to keep traveling constantly? Once you are over 30 it seems like such a choir.  Nurses make pretty good money, so traveling is not necessary. This lifestyle can make you crazy. Also, I would think that these type of people are less accountable for the type of work they do because they are here today and gone tomorrow. I would not really be interested in this kind of tenant. I did have some interested parties in the past but I was never enthusiastic about them. My type of tenant is a tenant by choice, will preferably stay 2-4 years or longer, and is responsible.  

[Josh Green]

@Caitlyn Drapeau

How big is the hospital? I think it's absolutely worth trying. In my eyes, you have 4 viable options:

1) pay $100, list it on furnished finder and find out. This is what I would do as I think paying $100 and a little time is worth the experiment.

2) a more conservative approach - find a realtor or investor nearby already doing MTRs in the area and talk to them.

3) If you can't find anyone, put yourself in the shoes of the potential audience you're trying to serve. You can call the hospital and say you're looking into travel healthcare positions and ask them if they have any openings and then ask about how they find housing. Or, sign up on a a travel agency website and look for housing nearby for short-to-modterm housing options. Reach out to hosts and sneak in a question about their occupancy. (Assuming that's what you're worried about).

4) do nothing and don't learn.

I'm a realtor and investor in the Tampa Bay area and I do a lot of STRs and I am currently experimenting with MTRs and finding a lot of success immediately. I find these investing options at least in my market are always pleasantly surprising to me as far as demand and revenue goes. It's like running a business and there's so much more to performance than just the property to allow a good investor or team to get outsized returns with small adjustments. There's a recent BP podcast I'd recommend you start with on MTRs, you'll probably find that you stumbled on a great opportunity for MTRs with a 2bd 👍🏼

[Yuliya Chernyak]

Quote from @Leryda Vazquez:

Quote from @Patricia Steiner:

That opportunity may have passed already. Many states have not only reduced the allocation (#) of visiting nurses but greatly reduced their compensation. Also check the visiting nurse websites to determine supply and demand. You may find that the supply is far greater than the demand now that the pandemic crisis is considered done.  In Florida, this opportunity really isn't one anymore.  If that's the case in your state, consider other options like marketing to hospital interns and residents. They make great tenants as they gently use the property since they're basically living at the hospital.  

Best..

 They are in great demand here in New England.  Our area gets 500 inquiries a month and only has 14 properties.  

Hi Leryda!  I'm new to all of that.  Where / how to you check for the number of inquiries? TIA