Realtor · Denver, CO · Member since 2013 · 2k+ posts · 1k+ votes
I'm picking up a new property next week as a flip. But the more I look at it and the location, I'm thinking a rental would be a good idea. I've heard of renting to nurses, but I don't know the logistics of it and where to start. Anyone had any luck with it?
If you can offer a furnished location in the general area of a hospital that employs travelers it can be beneficial for you as a landlord. My wife is a traveling nurse and we have been on the go for almost two years now. We started out renting unfurnished short term/month to month but for the last year now we have been lucky enough to rent furnished. How it works is depending on the company you have the choice between taking their provided housing or a reimburses weekely stipend for housing and cost of living which is determined by the county the hospital is located. The stipend is typically 1.5 - 2 times whatever the comps for a higher end one bedroom in the area to give you an idea. A contract is typically 13-15 weeks so it’s a high turnover rate but we have never been anywhere that hasn’t offered an extension. Typically traveling nurses are either alone or travel with a spouse and it is also common for two nurses to meet and then take assignments together so anything bigger than a two bedroom isn’t going to be on their radar. Our last three land lords have rented exclusively to traveling nurses with with 1-2 week gaps in between tenants. We typically pay a little more than your average one bedroom to get utilities/internet provided so we don’t have to set it up for such a short amount of time. Hope that’s helpful
Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
9y
Travel nursing , sometimes the bill is paid by the company . Some want furnished , some dont . Sometimes they are only there 6 months . My wife is a nurse . She was travel nursing , she isnt anymore .
@Matt M. Did you ever explore the renting to traveling nurses niche?
No. See post #4 in this thread;)
Thanks. I saw the seller passed and you lost the deal. I wasn't asking about that specific deal, but the strategy. It is possible you could have pursued the strategy on other properties, that was my question. But you answered. Thanks!
@Matt M. Did you ever explore the renting to traveling nurses niche?
No. See post #4 in this thread;)
Thanks. I saw the seller passed and you lost the deal. I wasn't asking about that specific deal, but the strategy. It is possible you could have pursued the strategy on other properties, that was my question. But you answered. Thanks!
No worries. I haven't found anything lately that would work for the traveling nurses. I have a client who was thinking about doing it, but hasn't yet. I've been buying things off market and wholetailing them recently to reduce my time in a project. If the right deal came along, I'd be all over it.
@Matt M. Did you ever explore the renting to traveling nurses niche?
No. See post #4 in this thread;)
Thanks. I saw the seller passed and you lost the deal. I wasn't asking about that specific deal, but the strategy. It is possible you could have pursued the strategy on other properties, that was my question. But you answered. Thanks!
No worries. I haven't found anything lately that would work for the traveling nurses. I have a client who was thinking about doing it, but hasn't yet. I've been buying things off market and wholetailing them recently to reduce my time in a project. If the right deal came along, I'd be all over it.
Are you able to find a lot of off market deals in Denver right now? With it being so popular and hot real estate wise I assume there is a lot of competition to get to the deals.
Cambridge, MA · Member since 2015 · 651 posts · 735 votes
7y
@Grant Rothenburger We have 2 units that we rent fully furnished short term but we primarily rent to visiting scholars / professors via Sabbatical Homes and the local colleges. I assume the visiting nurse market would be similar but haven't tried it.
@Matt M. Did you ever explore the renting to traveling nurses niche?
Are you able to find a lot of off market deals in Denver right now? With it being so popular and hot real estate wise I assume there is a lot of competition to get to the deals.
I've done 4 flips this year and have sent a few on to clients. While it's been more difficult, we are still finding deals.
@Grant Rothenburger We have 2 units that we rent fully furnished short term but we primarily rent to visiting scholars / professors via Sabbatical Homes and the local colleges. I assume the visiting nurse market would be similar but haven't tried it.
That's interesting, do they stay occupied all year? How long do they stay for at a time?
@Matt M. Did you ever explore the renting to traveling nurses niche?
Are you able to find a lot of off market deals in Denver right now? With it being so popular and hot real estate wise I assume there is a lot of competition to get to the deals.
I've done 4 flips this year and have sent a few on to clients. While it's been more difficult, we are still finding deals.
Nice, love reading this stuff because you read so much "it's too competitive" blah blah blah all the time. And then the resourceful people are still finding deals while admitting it's harder, they're still there to be had.
@Grant Rothenburger We have 2 units that we rent fully furnished short term but we primarily rent to visiting scholars / professors via Sabbatical Homes and the local colleges. I assume the visiting nurse market would be similar but haven't tried it.
That's interesting, do they stay occupied all year? How long do they stay for at a time?
Neither of our rentals are ever vacant. They are both quite popular and are usually booked within days of our local universities sending out their appointment notices.
Because we focus on academics, the rentals tend to either be for a semester (Sep - Dec, Jan - May) or academic year (Sep - May) but during the summer, it can vary between 1 to 3 months. We actually put one of the rentals on the STR market (Airbnb) during the summer. The other rental is in a condo association which does not allow rental periods of less than a month.
I'm pretty convinced that part of why we keep these rentals occupied is that we know what the popular academic rental periods are and we won't create a lease that splits a semester.
I'm guessing that kind of standard rental period does not exist for Traveling Nurses so it would be harder to judge what your optimum rental dates should be.
Rental Property Investor · Sacramento, CA · Member since 2011 · 2k+ posts · 1k+ votes
7y
Hi Matt, I teach people how to rent to nurses and other professionals. It's a learning curve but I've got 5 years of experience and can take you straight past the headaches. Please reach out to me when you're ready.
If you can offer a furnished location in the general area of a hospital that employs travelers it can be beneficial for you as a landlord. My wife is a traveling nurse and we have been on the go for almost two years now. We started out renting unfurnished short term/month to month but for the last year now we have been lucky enough to rent furnished. How it works is depending on the company you have the choice between taking their provided housing or a reimburses weekely stipend for housing and cost of living which is determined by the county the hospital is located. The stipend is typically 1.5 - 2 times whatever the comps for a higher end one bedroom in the area to give you an idea. A contract is typically 13-15 weeks so it’s a high turnover rate but we have never been anywhere that hasn’t offered an extension. Typically traveling nurses are either alone or travel with a spouse and it is also common for two nurses to meet and then take assignments together so anything bigger than a two bedroom isn’t going to be on their radar. Our last three land lords have rented exclusively to traveling nurses with with 1-2 week gaps in between tenants. We typically pay a little more than your average one bedroom to get utilities/internet provided so we don’t have to set it up for such a short amount of time. Hope that’s helpful