Is a 3 bedroom single family house good for MTR to traveling nurses?

Question

Hi,

I am curious if 3 bedroom single family house would be a viable investment property for MTR to nurses? I am worried that might be too big as I thought I read 1-2 Bdr are the best. Thoughts?

Marc Globensky · Answer

before you go through with this check the city state and county local codes. Tempe AZ prohibits the use of SFH's to be used to rent out per bedroom.

Chris Seveney · Answer

@Jonathan Weilbacher

I think your worries are valid. Not sure why a traveling nurse would need that much space.

Unless you were directly adjacent to the facility, that would be a reason it might interest someone.

Ozzy Sirimsi · Answer

I recently had a conversation with an investor who owns a 4 bedroom around edmonson village  and I could not believe them especially knowing edmonson village area.

He was keep renting to nurses.

If 4 bed works, 3 would work too.

Yu Liu · Answer

1-2 bedrooms are ideal for traveling nurses but I have seen 3 bedrooms taken up but a lot fewer. Try to see if you can rent it out to construction workers or traveling workers, those usually require more bedrooms from my experience

Bonnie Low · Answer

It's probably not the best option, but you may get some takers. In my experience, 1/1s and 2/1s are ideal. The vast majority of medical pros don't travel in groups and try to rent together. You do get some, but it's a minority. You also will get some who are happy to rent a room in a shared home, but the bathroom count really matters in this scenario. A 3/1 where 3 strangers have to share a bathroom is not going to rent well. A 3/2 will rent somewhat better but if you're doing the rent-by-room scenario you'll be dealing with a lot more turnover and guest disputes. Just make sure you've either developed a plan to manage that yourself or have underwritten carefully so you can pay an MTR management company to handle the rotating turnover schedule.

Zachary Ware · Answer

I think the bigger the better. Many traveling nurses will rent out a place in groups and you see many people adding as many rooms to a property that they then rent out by the room. Be careful not to create functional obsolesce when adding rooms or you can have trouble with financing on a refi or your buyer if you end up selling.

Jessie Dillon · Answer

hi! lots of traveling professionals travel in groups. for safety and company. OR take their families with them! so this is totally a viable option, but you may have higher vacancy than those with 1-2BRs. also consider putting in the work to partner with insurance companies, to provide housing for displaced families. or putting in the work to partner with traveling medical pro placement companies, who can directly place doctors and their families with you for top dollar. if you really want to go all in on the MTR strategy with a larger unit like this, check out jesse vasquez on IG. he teaches a lot about this! he's "therealjessevasquez" on there

Sara Frank · Answer

I find the one and two bedroom MTRs do the best but 3 bedrooms work too, especially if youre not adverse to running it as a "rent by the room" which is more management time and effort but can yield more cash flow

Andrew Bosco · Answer

Use the tools available to make a best guess. Here's one from furnished finder. It should help give you insight into your area and for demand. https://www.furnishedfinder.com/Travel-Nurse-Stipend-calcula...

Sean Monahan · Answer

Hi Jonathan,

I have one, two and three bedroom places I rent to traveling professionals in Baltimore.  When the pandemic hit smaller spaces worked because it was their own space they didn't have to share.  However I haven't had a problem with three bedrooms either.  You can rent by the room.  A little more work but in my opinion worth it.  In some areas rates are dropping and nurses will still be traveling so the bedroom option will definitely work.  There are also traveling professionals that just want a bed and pay less to have that.

Is a 3 bedroom single family house good for MTR to traveling nurses?

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