All Forum Posts by: Chris Allen

 Everyone here has had great input and are pretty much hitting the nail on the head. I am a travel nurse as well, so from my experience, hospitals are still short staffed and in desperate need of nurses, but are trying options other than travel nurses (agency nurses). For example, many hospitals are doing "seasonal" contracts internally. So instead of nurses working for an agency, they apply directly with the hospital and are considered seasonal staff (I am working a job like this now). This allows hospitals to cut out the middle man, save money, while still paying nurses competitive travel rates. So even if hospitals put a "freeze" to hiring travel nurses, chances are that if the hospital is still in need of workers, there is still going to be nurses looking for furnished housing to fill those needs. 

Looks like your instincts were correct. He was in the local news today as he was indicted on fraud charges in federal court. Innocent until proven guilty of course, but it doesn’t look good.  

Hello All,

BP #671 got me super inspired to get into residential assisted living (RAL).  I'm a registered nurse that has a handful of rental properties on the side currently.   I've been actively seeking for ways to dive deeper into real estate while utilizing my healthcare/business background.  This seems like the perfect fit for me.  I paid for the RALAcademy online course - It was great and well worth the time and money for me.   After taking this course and reading other posts about RAL on BP forums, I feel very well equipped for this.

I'm currently feeling a bit stuck at this point in terms of  getting the business plan together, getting property approved, finding tenants, etc etc.  

RALAcademy does have options to take the next steps.  It seems like it could really streamlines the process.  That's great...but the cost is quite high...like high enough to drain me of most of my liquid cash.  At this point, I don't know if that would be a wise move for me.  Again, great course, I highly recommend - just getting pretty spendy if I were to purchase the next step with their company.

I wanted to see if there's anybody out there that's willing to network or connect me with potential financiers for undertaking RAL projects?

I'm in a unique spot as I'm very flexible to make moves (single, no wife/kids at the moment).  I've been a travel ICU RN and am kind of home-less (figuratively).  Family in the Midwest, Santa Fe/Albuquerque is current location.  Would prefer to start this endeavor in the Southwest, but I am fairly open minded at this point.

Any and all suggestions are welcome.  

I'm not familiar with CRNA, does he make $400k+ a year? Is he focusing on that instead of CRE?

His website sounds a lot like a guru. Nurse portrayed as a anesthesiologist

Leverage is a powerful tool.

We are building a triplex and wanting to try either STR or MTR in one unit and LTR in the other two. Just curious if the LTR tenants would be ok with the movement of STR/MTR going on next door. We currently have 17 LTR doors and did a STR a few years back and enjoyed the experience. Thanks for the advice BP!

I have a one-bedroom house I was planning on putting on Furnished Finder after the holidays. At a recent REI meetup, a fellow investor and ER doctor said his company is putting a freeze on travel nurses because of the cost. We were hoping to turn our other current rental and any future rentals into mid-term housing, but his feedback gave us pause. Are these kinds of freezes a growing trend in the healthcare industry?

Hiii, I currently own a duplex that I am house hacking, I have had the property for two years now, its an FHA loan at 2.7% therefore refinancing is not an option at this time. Bought my home for 640K worth 810K now, recently had it appraised.

I am looking to buy my next investment property, a fourplex to be more specific. I am looking at either a Conventional loan vs a DSCR loan, don't know if there are other loans I should be considering? I recently had a lender tell me that I would not qualify for a conventional loan due to DOI ratio has to be at 45% and currently I have no debt except for my current home. He stated that I would have to pay 300K to my current home to qualify, which I don't understand why that is. I am a travel nurse and I make good money but have only been doing it for a little over one year and half, but I also have a per diem job, I have been working for that hospital for 4 years now.

Also I would need 20-25% down which I don't have all of at this time. I could continue to work and save that amount which would take me another 1-1 1/2 years, wondering if anyone had any suggestions on other options to fund the down payment. Is there a way or a loan that would allow me to enroll the down payment into the loan? Would that even be a good idea? Thought about a HELOC but I am unsure if I would be able to obtain it and/or if it would generate what I need to cover down payment.

Looking for some clarification/guidance, feel so lost at the moment. Thanks in advanced. 

Hi,

My wife and I are currently shopping the market for a primary residence that we could add value to and then later cash out refinance as well as finding a lender to help us accomplish this. I have run into DTI issues in the past with lenders because they don't/won't work with stipend pay from the government even though it's signed by both parties in an agreed upon contract for an agreed upon time. For example... Let's say I am paid a net of $2068 weekly. My pay stub would reflect that I am paid $28 an hour for 36 hours for a taxable gross of $1008. The other untaxed portion on my pay stub given by the government (according to the GSA.GOV website) for a meals and housing stipend equal out to $1060. Do you guys happen to know of any lenders that work with this type of mixed stipend/taxable income?

Thanks,

Josh Meadows RN

 Taxes are the key.  If you are a travel nurse like some of our clients have been, they are paid 1099 and you need to have a track history of being self employed for 2 years before you'll qualify for conventional financing, even if you've been a nurse for 13 years, it's all about how you're being paid.  That's the case for bank statement loans as well (keep in mind these are generalizations and there may be a rogue bank statement product out there for self employed people with less than 2 years self employed, but I don't know about it).

DSCR loans work best in your situation and the more you can put down, the better the pricing. Rates are still in the 7's on a 30 year fixed (yes the points and fees are borrower paid and more than conventional). No self employed time constraints, no tax returns, no pay stubs and no profit and loss statements. The property has to have at least a .75 DSCR meaning the rent has to cover at least 75% of the total mortgage and you have to have decent credit; that's all. Find a good mortgage broker.

Hope that answers your question.

Stephanie