All Forum Posts by: Chris Allen

While I don't personally own there, Broken Bow, OK is a pretty hot place right now. Prices are pretty similar to the Smoky Mountains though, but returns are right on par if not better with some rentals. I know someone bringing in around $90k/yr gross with a 2 bedroom. Very close to DFW area, so great weekend getaway from the city, lots of newer, well designed and decorated cabins out there. I have heard rumors of them putting in a theme park of some sort?

 Hey there @Jacqueline Stoll, I am a travel nurse as well. I also work PRN at my old staff hospital, so I think that helped me a lot. But I recommend you   

1. Write a detailed letter explaining your income and your career as a nurse (highlight the fact that year after year your income has gone up). 

2. Be prepared to give every lender (reach out to many, don't take NO for an answer) all W2's and paystubs for the last two years if needed. 

3. If you have worked for the same company for multiple assignments, ask your recruiter to be a reference for your job history and your estimated outlook.

4. If all else fails, ask them if they could just "average" your income and make sure they understand that as a "career nurse" you have very stable income.  

@Christian Vaquero, as @Cameron Davis mentioned, we have a meetup at Billy Bob's (I have not made it in a while) where you can meet some great people. 

@Ben Shapley Welcome Ben! I am a nurse as well in Temple, TX (currently in Oregon on travel assignment). Great why and I am glad to see other nurses getting into real estate!

@Marie Griffin I am a travel nurse as well, though I still hold a PRN position at my staff hospital. I have run into this problem as well. I would recommend typing out a very detailed letter explaining your position, how you are paid, and how you have constant assignments. Assuming you have been "nursing" longer than two years, you could ask them to average your income from your staff assignments and your travel assignments. You might also have to go to a smaller bank that keeps loans in house or like someone else mentioned, do a DSCR loan.

Be prepared to give them every w2 you have gotten, contract agreements, and maybe even a letter from your recruiter stating the position, pay and job outlook. 

@David Mohrmann I am a nurse as well (ICU). While I agree with Rich Dad Poor Dad, I found that books like "Lifeonaire" and "The 4 Hour Work Week" were great books that instead of focusing on the actual "business and real estate" side of things, it gave a better picture of what your life could be like if you were financially independent could work on your own schedule. 

Another book that may be beneficial from an actual business side would be the E-Myth.

@Carolyn Fuller I am a travel nurse as well as STR investor. I have not used Furnished Finder as an owner, but I have tried renting from FF as a travel nurse. My personal experience is that FF is not a great platform. It definitely targets a certain group, but I have found that most travel nurses will simply use AirBNB since it is much more user friendly. I also found that most host on FF did not have great descriptions or great pictures, so it seemed like "lower quality" stay's, at least where I was looking in FL.

As far as nurses low balling you, not everyone will be the right fit. There are a few different groups of travel nurses: 1) Those looking to save as much money as possible and willing to sacrifice accommodations to do so, 2) Those wanting to be comfortable for their stay and willing to pay for it, and 3) those traveling with others and needing larger accommodations. From a poll I did on a travel nurse FB group, most that answered fell into the 2nd group.

I think there is a misunderstanding from both sides most of the time. Nurses take their "normal" rents from one market to another, so they may be going to Cali from Ohio (used to $750/mo rental vs $2.5k). And most nurses don't understand the added cost it takes or a land lord to provide this type of rental, that all have in their mind that all land lords are rich. Owners on the other hand sometimes forget most travel nurses are paying two rents while they are traveling, and may just assume that all travel nurses are making $8k/wk, when that is sadly not true. Travel nurses have additional expenses as well, and some assignments may only be paying $1,800/wk, and when you calculate dual living expenses, paying for your own healthcare, no benefits, taxes, etc... it may not be as lucrative as some might think. So owners try renting out a 30-90 day stay at the same rate as a nightly/weekly rate. 

As others have said, the market will determine what you can do. Just make sure to provide a nice, comfortable, clean, safe and furnished place. 

Check out TurnoverBNB if they are in that area for a cleaner. You will need a good cleaner that has experience with STR's. Your cleaner should act as your primary "boots on the ground" and should be able to do things like pick up supplies when needed, set out amenities and accept packages/deliveries for your property. If they do not want to do this, then you can maybe check out some local FB groups for someone. A good contractor/handyman is going to be your next person you need.

As far as setting up your property, while you can remotely set it up yourself, I would recommend going to stay at the property for a weekend + to set up the property so you, as a guest, can get the full experience. Otherwise you can hire someone else to stage the property for you. Just be prepared to pay a decent sum. There are lots of websites, YouTube Videos and podcast that can tell you how to furnish an STR; just make sure you cater to the right guest demographic you want to attract (Travel nurse vs Family Vacation). PriceLabs can help you with pricing your property but I would also look at other properties around you to get an idea.

@Travis Rogers I know we spoke yesterday but just saw this question pop up on my feed so thought I would answer haha. @Bruce Lynn is pretty close, and maybe right on the money with some areas/operators. 20-30% is pretty common. Depending on the property and person I am operating for, I would likely be at about 20%. 

It can be a hard pill to swallow paying 2-3x more than a traditional PM, but the obvious is that there is much more work that goes into operations and you have constant eyes and maintenance on the property.   

I feel ya @Karim Elsayed, I am burned out as well haha. And no, I personally do not, but I know others that do. They focus more on the Northern part's of the Austin area (Round Rock/Georgetown/Pflugerville). I would definitely check out the BP book Long Distance Real Estate Investing.