All Forum Posts by: Sean Monahan

Welcome to the community Bianca, 

I used nursing to get into real estate.  One strategy you can use is to continue what you are doing and house hack and rent to traveling professionals.  You have the advantage of knowing people in the space and being a trusted source for housing for people coming in.  You can also use some low-down payment mortgage products to continue buying in your back yard while house hacking and renting to others.  I took up being an agent as my side hustle that slowly became my full gig but before that I didn't need a side hustle as overtime was readily available to me as a nurse.  Not sure if that is the case for you or if you are worried about burnout but if not, I would continue making extra as a nurse which will help with getting you approved based on income for future homes.  Reach out with any questions.  

Hi Piper.  Depends on what part of Baltimore.  Where specifically are you looking for property management?

Hi Aya,

The value of the home will remain consistent with all other comparable homes completed in an appraisal.  However you will get to pay significantly less in tax and therefore have a significantly lower mortgage.  This is where the value is.  

Hopefully I can explain this well enough through typing but once your home is renovated with will go through the appraisal process and be compared to similar homes to get the value. So if your ARV is a a 500k home that will be consistent with everything else around it. The value of the home won't be 540k because of the tax credit. The value for you will be having a 500k home that you are paying less taxes on.

Feel free to message me if more clarification is needed.

Welcome @Michael Eddun.  I was a registered nurse for well over a decade and have been investing a lot of that time.  One of the big advantages you may have starting out is your current network.  I have multiple MTRs and I started filling them with medical professionals I was working with when I first started.  Reach out with any questions and enjoy the journey!

Hi Nidja.  I own a few MTR's in Baltimore.  Russel listed the neighborhoods most in demand.  If this were me I would test the market and list one as a long term rental and furnish the other and list it to test the market.  I'm not sure the numbers you have to give the best advice.  If you do decide to list and target travelers, you may have luck targeting the travelers that are going to the medstar facilities in that area.  I know they have a good amount of travel nurses. 

@Eric Andrekopoulos

I own and operate MTRs in MD, PA and one in FL.  I was also a travel nurse.  Please reach out with any questions.  

Hi @Tony Herrera,

I have a small suggestion for house hacking that I use today.  I am a nurse turned investor/agent.  Leverage is awesome for real estate but your position can also be a source of leverage.  I would house hack and find traveling professionals to rent to.  Especially if you will be acute care and within the hospital walls I imagine you will run into many traveling professionals to lease to. 

Feel free to reach out with any questions.  

Hi @Albert G.

House hacking is amazing.  Something to consider, that I have utilized, is renting rooms or a portion of a house to traveling professionals.  Two good examples are if buying in the Columbia area you can rent to the many who travel to Howard County Hospital and if in Severn you can target those going to Anne Arundel Hospital. Good luck and please reach out if you have any questions.   

It's going to depend market to market and confirm that the property management team has the systems in place to care for your traveling professionals.  Also pay attention to additional fees they may incorporate.  18% is a bit high.  We run lean team in Baltimore and charge 12%.  

Hi Paige.  Speak with a mortgage broker first and discuss options with them.  I had the same issues when I became a travel nurse but we were able to find some products that work.  Try not to have any breaks between assignments as this helps show consistency.  Other small piece to keep in mind, search out assignments that are well paying with higher hourly and small stipends (this clearly depends on locations chosen but have your recruiter send breakdowns of options and this is a variable to keep in mind).  Increasing hourly will help you get approved for more.  Consider a cosigner.  Do you have a parent, spouse, partner that will cosign as you build your work history.  Come with a larger down payment.  Some mortgage products may be available to you with a larger down payment and just consider that extra money invested as a savings as you can refi out later once you have the work history duration.  Please reach out and we can discuss more as I love investing and travel nursing is a huge part of my life and investment strategy.