All Forum Posts by: Chris Allen

Yes, at least me personally, and other travel nurses I have spoken with, will look at AirBNB and compare that with what they can find on FF. Some markets FF just dosent really have much to offer, or where I am currently at in Oregon, the properties were just really poorly furnished or overpriced for the quality of rental. So I found two stays on AirBNB vs FF. 

 Hi there Paige, I am a travel nurse as well, and I think you are definitely in the right mindset, but I don't think there is necessarily a "wrong" answer. A few things I have to ask and my opinion are

Question) Would this house have the ability to make money as a rental? At least enough to pay for itself and a little extra for future expenses.

     Opinion) If this house can pay for itself, can cover basic future expenses and has strong potential for future growth, I would lean towards renting.

Q) Do you really NEED the cash to invest in something else or can your personal savings get you started in buying some multi?

     O) Like above, if you don't really need the cash, then I lean towards keep. But if you know you need that cash to "level up" into a better investment, then I think its reasonable to sell in/after July when you have two years in the property to avoid Capital Gains. 

Q) What type of loan did you purchase with? Conventional, FHA, VA, 20% down, etc...?

O) Depending on how much equity you actually have based on the down payment you did, it might be a great idea to go ahead and sell when you know the market is up and you are within your two out of the last 5 yr. But also, if you bought via FHA and you plan to hold, I would think maybe re-financing out of the FHA to get rid of PMI as well as freeing you up to use FHA again in the future, possibly for a multi family.

I am a travel nurse and from my experience, most travel nurses opt to find their own housing. That being said, I am not saying to not focus on connecting with travel RN agencies to get their housing, but I think listing on AirBNB/VRBO/Furnished Finder/FaceBook would be your best bet. Most Travel Agencies give RN's 1 of 2 options: 1) Receive a weekly housing stipend that is Tax Free 2) the Agency provides housing. Taking the tax free stipend and finding a slightly cheaper place is what a lot opt for as to pocket the difference. 

Look up Travel Nurse FB groups, there is a FF FB group for RN and Landlords to post listings as well. Just be prepared for some negative comments from nurses who don't understand real estate complaining about high rents lol. 

Hi there Cierra, I own a duplex in Killeen as well, I sent you a PM about the attorney in Temple that I spoke with, he was very knowledgeable and owns a lot of properties in the area himself.  

 Fellow travel nurse here and I would agree with you on this strategy in most locations, but will say this is a pretty popular strategy in High Priced areas such as San Francisco (I have a buddy who is paying $1600/ mo for one bedroom in a 4 bedroom townhome). I did a poll on one of the travel nurse FB pages a few months ago, and a majority of nurses said they would be willing to pay a premium for their own, private place (1-2 bed). The next closest group said that they would pay a premium for a larger place for their family or friends who are traveling with them (3-4 bed), the least desirable was renting out a private room in a house designated to other healthcare travelers with a shared space. 

 Hi there @Lawrence Ratliff, I currently live in Killen. From what I am seeing right now, I think it would be difficult to get exactly that in Killeen. You can definitely find some properties that will meet the 1% rule, but I think they are becoming harder to find and like you said, will need some rehab. 

I don't think that there are a lot of SFH's that will demand a $1,500/mo rent in Killeen, and the ones that do, are typically more expensive than $150k.

I am not sure how much research you have done on the Killeen market, but the neighborhoods can change really fast, so just be aware if buying without physically driving the neighborhood, that you might think you are buying in a B neighborhood, but are really buying in a C-D. 

@Katherine D. Marin Not to hound what basically everyone has said about not quitting nursing school, but I would definitely agree with them. I am a BSN and originally planned to go back to school to become a CRNA. After my first year of nursing, I found out about real estate investing and have since decided going back to school is not for me. I keep telling myself that if I were to start off again with my knowledge now, I might have gotten my real estate license straight out of high school, and went FT into the world of real estate while I learn. 

That being said, I do not regret becoming a nurse. As you stated, it is easy to get burnt out and nursing definitely is not for everyone, but it is difficult to get the full picture of nursing and the value you can bring to patients unless you have actually worked as a nurse, not just seen them at work. God could be telling you that you should consider another career path, but this could also be His way of encouraging you to lean on Him through this challenging time while He tries to teach you something that could help you later on down the road (obviously I can't tell you what He is telling you, just food for thought).

But the connections you make and stable career can definitely help your investing down the road, so I encourage you to check out some study tools and feel free to reach out if you need anything! You got this! The "High Stakes Testing" definitely is messed up when it comes to graduating, the only test that truly matters in the NCLEX. 

Looks great! What do the numbers look like for you on what you are renting for compared to expenses with HOA/Utilities/etc..?

 Hey there Jeremiah, welcome to the world of real estate! I am an RN down here (Work in Temple, currently living in my HH Duplex in Killeen). I can tell you that Killeen is a "hit or miss" city, where you can be in an okay neighborhood in one spot, and a block over be very rough. Right now multifamily properties are going a bit crazy. I bought my duplex in 2019 for $137k (still needed some work and updating), about a month ago my neighbor sold for $225k and across the street is wanting to list soon for $250k. "General Rule" that I have seen in Killeen is the closer you are to base and the more north of I-14, the more rough it gets, but there are some pretty good pockets scattered around. 

I personally am looking to move out of Killeen and be closer to Temple/Belton, and honestly with homes right now, I am considering just buying a new build. A lot of the SFH I am seeing right now could benefit from some minor updating, and for a 3:2 you are looking at Low-Mid 200's. While you can get a 3:2 New build for a little more in the mid-upper 200's.

I really like Temple and Belton (Right on I35, great school districts, university, major medical center), but I would also look at Harker Heights (nicer submarket of Killeen). If you want a multi-family, you are going to need to look more in Killeen/HH and either pay a premium ($400k) for a duplex, or be okay with a slightly older multi that may either need work, or might be in slightly less desirable location. 

If looking a a SFH, you may consider renting out rooms to either travel nurses, college students, or something like that.

@Justin Dean As others have mentioned, there is not one right answer. While I think most will agree that consumer debts are bad, it also raises the question of where is your money best spent, <4% rate debts vs >10% return investments. Like @Joshua Janus said, since your are not leaving nursing, you can just buy investments and let the properties cash flow snowball your debt payoff. So I agree with the points everyone above has made. 

Alternatively, I would challenge your to consider raising your income to pay off your debts quicker AND have money left over to invest. You mentioned with your current pay, you could feasibly pay off your debts in 6-12mo. Assuming your wife and family are on board with your financial plan, I would put the feelers out about you transitioning to PRN at your current job and taking at least 1-2 travel assignments. I am a travel nurse, and I am sure you already know that you can potentially make much more money in a very short amount of time. While it is difficult to travel if your family is unable to go with you, there are options for some local assignments, or even just doing a short term assignment (4-8wk). There are assignments out there paying $7k+ for 48hr's/wk; this could allow you to supercharge your loan payoff and savings just off of one or two assignments.