Exploring MTR in Phoenix area

[Teena Phoolka]

Hi, I want to understand how is the market for travel nurses/ furnished homes.

I am planning to buy a SFR with no hoa in East valley area of Phoenix and give it out to travel nurses.

How is the market? vacancy rates for Travel nurses? can i do this in SFR with hoa? Any other options for building cash flow positive home or should i stick to traditional way and finding long term tenants? how can set up this whole system (MTR) while being out of state?

Any recommendations on which areas i should target in Greater Phoenix area?

Thanks

[Walter Moneypenny]

Finding a place with no HOA in the east valley is not an easy task. You most likely will be in Mesa, or on the outskirts of the metro area, in my opinion. My experience with travel nurses has generally been in the west valley or in the City of Phoenix. With that said, there does not seem to be a high demand for travel nurses in general. If you have a connection with a company that provides them, I would get in contact with them. During Covid I was dealing with some homeowners who were nurses that were going to CA for travel jobs.

Most older HOA's do not have provisions about STR's (I would say pre-2010 or so). In my 25 years of doing HOA's, before getting on the happier side of life, I encountered very few in older HOA's, but they are out there. Some have limits on the number of rentals in the HOA. Newer HOA's tend to address the issue with minimum rental lengths, or in some cases a total ban. It is very important to read the CC&R's before you buy. I had a homeowner buy in a new community with the intention of making it an STR, but he missed the 6 month minimum rental in the community.

CC&R's are a recorded document and in Maricopa County can be found by searching the County Recorder's website.