Traveling nurse rentals

[Patrick Flanagan]

I’m looking to connect with a few people that rent out units to traveling nurses. I have a 4 plex about 5 mins away from a hospital where I just had my baby girl!!

But I was curious what things I should be aware of when considering making a unit ready to rent to traveling nurses. Is the vacancies a lot lower? I see lots of deals structured with 30 day minimums. To me I’d rather stay in a house with my own living space vs staying in a hotel for 30 days at $100 a night.

[Lioneil Guevarra]

@Patrick Flanagan I have 2 in the sf bay area

[Patrick Flanagan]

@Lioneil Guevarra

Awesome!

[Brian Garlington]

@Lioneil Guevarra    When AirBnB started to dry up for a little bit last year here in the Bay Area I was telling people to use their existing AirBnB rental as a place to cater to traveling nurses. The ones who listened didn't skip a beat and kept the income coming in.

[Patrick Flanagan]

@Brian Garlington

That’s great advice

[Lioneil Guevarra]

Brian Garlington  Yup. That's great advice.  I've actually been renting to healthcare professionals for the past few years.  My day job is a hospital pharmacy in Palo Alto.  So I know a lot about this niche.  It's a great one as tenants tend to be more professional and reliable. I actually want to venture out of state now, and I joined this group today so I can get some tips. I'm kind of nervous about letting control go so I can free up more opportunities in different locations.

[Patrick Flanagan]

@Lioneil Guevarra

Wow man sounds awesome! I’d love to learn from you. Have you read long distance real estate investing by David Greene? That book helped me calm my fears

[Lioneil Guevarra]

@Patrick Flanagan I'm I actually reading it right now, and putting together a team and system is critical. It's a great resource because it articulates everything I'm trying to figure out.

[Patrick Flanagan]

@Lioneil Guevarra

Same with me man

[Ryan Herting]

@Patrick Flanagan,

First, it’s important to know who actually rents out travel nurse housing. Sometimes, the agency rents the housing. Other times, the travel nurse rents the property. Typically, this choice is left to the travel nurse.

Overall, this is what travel nurses typically look for in housing:

1. Provide lease terms of 3 months or less
2. Month-to-month lease terms are highly desirable
3. Furnish your property
4. Provide utilities, cable and WIFI. Roll the cost into the price.
5. Price your property inline with normal market values.

Also, this website, hands down, provides the best information on travel nurses https://www.thegypsynurse.com/... to always be aware of when renting to travel nurses:

Length of Stay

Travel nursing contracts typically last 13 weeks. Contracts can be both longer or shorter than 13 weeks. However, only a small percentage are over 13 weeks. Therefore, if you must lease your property for longer than that, then travel nursing is not the right market for you.

Contract Cancellations

Additionally, hospitals can cancel travel nursing contracts for any number of reasons. Moreover, travel nurses are away from home so they may come across any number of reasons to cancel a contract early. This is simply the nature of remote contract work.

Furnishings

The property should always be furnished down to the "forks" I like to say.

Utilities, Cable and WIFI

Travel nurses strongly prefer properties that provide utilities, cable and WIFI. Setting this up for them would be a hedache

Price

Travel nurses typically avoid properties that charge high premium prices for short-term stays but, you can certainly factor in the cost of furniture, utilities, cable and WIFI. Travel nurses expect to pay extra for those services.

Hope this was helpful!

[Patrick Flanagan]

@Ryan Herting

Wow Ryan this was extremely helpful!!

Thank uou

[Ryan Herting]

@Patrick Flanagan,

My partner at my company has worked in the space and has taught me about it, being that my company lends to short term property owners. I personally don't have these types of units. 

I would definitely recommend looking into the demand for travel nurses for your area because there is a lot of turnover.   

[Angie Tonini-Rogers]

Hi! Thanks for the info on furnishedfinder! Does anyone know if they allow cohosting? 

[Angie Tonini-Rogers]

@Patrick Flanagan darkening curtains and blinds are great for nurses regardless of shifts they work. Quiet spaces also

So they can rest after long 12-14 hour shifts. Most nurses work 4-12 hr shifts on their 8-13 week assignments so they wanna sleep when they’re off. 

Single Family homes would be comfortable and quiet for sure & some Nurses travel with their pet friend. Also some nurses travel with their friends for assignments so a 2 Or 3 bedroom house could go for more if you rent a “room” To each nurse in their “group”. 

[Erik Spell]

@Patrick Flanagan I'm a little late to the party but I will say that I've had a studio apartment rented by travel nurses for 2+ years and they are excellent renters!  Clean, quiet, easy to manage and honest.  They will also pay a premium for their place as well.  The biggest challenge I've faced is background checks and lease agreement dilemmas - with a non-short term rental but also not a full 6/12 month lease, some have been a bit resistant to paying for a background check.  In building relationships with them, I've learned that most don't ask but that seems a bit too risky.  I've been accepting a contract to support in the interim as they do get background checked before hire and this has been a little easier even if they will take a photo, not expose their pay, etc.  I just need to know they aren't criminals :-)  Hope this helps.  

[Julie Williams]

Everyone knows that mutts are better than purebreds. And psychotics...offensive...both to the nurses and to people who are psychotic.