All Forum Posts by: Ryan Herting

Hi @Matthew Collver 

First I would like to clarify that I am no expert in the travel nursing field, I'm in lending, but this might be helpful. I've done some research and have a friend who is in this space and this is what I can provide you with. It’s important to know who actually rents out travel nurse housing. Sometimes, the agency rents the housing. Other times, the travel nurse rents the property. Typically, this choice is left to the travel nurse.

Overall, this is what travel nurses typically look for in housing:

1. Provide lease terms of 3 months or less
2. Month-to-month lease terms are highly desirable
3. Furnish your property
4. Provide utilities, cable and WIFI. Roll the cost into the price.
5. Price your property inline with normal market values.

Also, this website, hands down, provides the best information on travel nurses https://www.thegypsynurse.com/... 

Length of Stay

Travel nursing contracts typically last 13 weeks. Contracts can be both longer or shorter than 13 weeks. However, only a small percentage are over 13 weeks. Therefore, if you must lease your property for longer than that, then travel nursing is not the right market for you.

Contract Cancellations

Additionally, hospitals can cancel travel nursing contracts for any number of reasons. Moreover, travel nurses are away from home so they may come across any number of reasons to cancel a contract early. This is simply the nature of remote contract work.

Furnishings

The property should always be furnished down to the "forks" I like to say.

Utilities, Cable and WIFI

Travel nurses strongly prefer properties that provide utilities, cable and WIFI. Setting this up for them would be a hedache

Price

Travel nurses typically avoid properties that charge high premium prices for short-term stays but, you can certainly factor in the cost of furniture, utilities, cable and WIFI. Travel nurses expect to pay extra for those services.

Hope this was helpful!

Hey @Andrew Nunamann

Rates are at all-time lows- yes, pull the cash out and roll it into another investment property. As long as your rent covers the new mortgage, insurance, and taxes, then you’re good to go. It will probably still cash flow too if you only pull out 100k based on a 225 value. I work in lending so let me know if you want to chat about this further 

A lot of people on BP have been asking about the hot markets to invest in, so our team thought to put together a list for the investing community!

These 7 cities are showing a need for speed when it comes to being hot on the market, and there’s no show of slowing down in the near future.

ATLANTA

In the last 5 years, Atlanta has been a hotspot for creative arts. From being home to some of the hottest filming locations to becoming the hometown to a variety of tasteful cuisines and culture, it’s an investor’s dream spot. In 2020, sales prices increased by roughly 16% compared to the prior year, bringing in renters moving from all over the world for new job opportunities. Compared to neighboring cities, 50% of Atlanta’s population is made up of renters.

MEMPHIS

Home to the first hotel chain and self-serve grocery store, it’s no shock that Memphis has made our top 7 list. With a youthful and diverse population, the music city is home to some of the most popular Fortune 500 companies (e.g. FedEx, AutoZone, Amazon, and more). The job opportunities alone bring in new residents looking for career growth.

CHARLESTON

Rich in historical passion, Charleston is more than old money. It’s ranked as one of the country’s best cash flow markets, bringing in a surplus of tourism and pivotal rental opportunities. From being a vacation hotspot to constantly rotating through a steady real estate market, the town consistently brings in an overturn for rentals. From 2008 to 2010, Charleston’s population growth reached an 18.5% increase.

TAMPA

As the 3rd largest city in Florida and 48th most populated city in the US, Tampa houses nearly 400k residents in the city alone. With a real estate market as hot as this city, the demand for rentals is at a constant high, leaving it difficult for first-time homebuyers to compete. Average rent in the city, as of 2020, runs between $1,000 and $1,300, making it one of the most affordable rental locations.

RALEIGH

Jobs are plentiful in this North Carolina city. Not only is the city home to the state’s university, but it’s home to one of the largest biotech research parks in the world. 70% of Raleigh is zoned for residential use, making it a more affordable rental city compared to other major cities. In 2020, rental rates saw an increase of roughly 2% and have grown by 13% in the last 3 years.

NASHVILLE

Nicknamed “Music City,” Nashville is home to some of the most well-known talent in the industry. It’s sort of the Hollywood of the South. The real estate market is robust and the city has some of the highest inbound growth in the USA. 46% of the residential housing units in the metropolitan area are considered renter-occupied.

BOSTON

Home to nearly 695,000 residents, Boston isn’t only the capital of Massachusetts, it’s the largest city in the state. The economy is filled with diversity and is fast growing due to its modern style, location, and history. The city hosts a surplus of Fortune 500 companies and attracts over 21 million visitors each year from tourism alone. Built for both short and long-term rental properties, the return on investment is consistently increasing and home to many Airbnb rentals.

Comment if you have any questions or share any tips that you might like to add !

Hi @Cynthia Garcia

Here are some of my thoughts on your questions.

1. To go about building a power team I would make calls to real estate agents, property management companies, and local appraisers to start. They can guide you to a reliable contractor in the area since they see all the projects locally.
2. As for neighborhood suggestions, I would use available data on Redfin, Zillow, Rentometer, and your conversations with agents to narrow down on specific markets. Also, a basic google search will provide local articles on neighborhoods. Once you narrow in on your neighborhood it's worth a trip to walk the streets and get a feel for the neighborhood. I would do it early and late to make sure you know what happens at night.
3. As for other advice, be patient and stay committed to your vision. Know your numbers, build a great team and execute

Hope this helps!!

@Patrick Flanagan,

My partner at my company has worked in the space and has taught me about it, being that my company lends to short term property owners. I personally don't have these types of units. 

I would definitely recommend looking into the demand for travel nurses for your area because there is a lot of turnover.   

@Patrick Flanagan,

First, it’s important to know who actually rents out travel nurse housing. Sometimes, the agency rents the housing. Other times, the travel nurse rents the property. Typically, this choice is left to the travel nurse.

Overall, this is what travel nurses typically look for in housing:

1. Provide lease terms of 3 months or less
2. Month-to-month lease terms are highly desirable
3. Furnish your property
4. Provide utilities, cable and WIFI. Roll the cost into the price.
5. Price your property inline with normal market values.

Also, this website, hands down, provides the best information on travel nurses https://www.thegypsynurse.com/... to always be aware of when renting to travel nurses:

Length of Stay

Travel nursing contracts typically last 13 weeks. Contracts can be both longer or shorter than 13 weeks. However, only a small percentage are over 13 weeks. Therefore, if you must lease your property for longer than that, then travel nursing is not the right market for you.

Contract Cancellations

Additionally, hospitals can cancel travel nursing contracts for any number of reasons. Moreover, travel nurses are away from home so they may come across any number of reasons to cancel a contract early. This is simply the nature of remote contract work.

Furnishings

The property should always be furnished down to the "forks" I like to say.

Utilities, Cable and WIFI

Travel nurses strongly prefer properties that provide utilities, cable and WIFI. Setting this up for them would be a hedache

Price

Travel nurses typically avoid properties that charge high premium prices for short-term stays but, you can certainly factor in the cost of furniture, utilities, cable and WIFI. Travel nurses expect to pay extra for those services.

Hope this was helpful!

Hey @Garrett Fox,

You stick to disciplined investing. You make your money on the buy. I would target nothing less than 10-15% ROI despite being outbid in this market. Stay focused on the target returns

This market is extremely saturated due to lack of inventory, and low mortgage rates - so unless are 100% sure in the area/market you are investing in that appreciation is happening due to good fundamentals growing population, employment growth, centralized location, walkability/amenities, etc. I would not overpay

@Nathaniel Tant,

Here's a list of what to focus on, that typically goes overlooked, and provides a high ROI. The most important rule of thumb is usability!! People always overlook this and it has the highest potential to sell to the customer. Here are some things to consider below.

• Kitchen pantries
• Soft closing cabinets
• Dovetail joints - Adds a nicer finish to the cabinetry
• The latest trend in cabinet colors and paints - you can use Pinterest for this
• Floating Shelves - reduce cost and adds aesthetic to the feel (base shelves are more expensive than uppers)
• Functionality is key - Storage for plates, pots, and pans
• 12x24 tile flooring offers the best bang for the buck
• Splurge on the backsplash because it is very inexpensive to do adds appeal
• Depending on the dimensions of the room, you may consider a smaller upper cabinet

Hey BP Family,

I noticed that many investors inquire on ways to cut costs in kitchens, but sometimes by doing this, they miss out on the best ways to add value to a kitchen that is not expensive.

Here's a list of what to focus on, that typically goes overlooked, and provides a high ROI. The most important rule of thumb is usability!! People always overlook this and it has the highest potential to sell the customer. Here are some things to consider below.

• Kitchen pantries
• Soft closing cabinets
• Dovetail joints - Adds a nicer finish to the cabinetry
• With a higher-end rental, you might consider a pot filler above the range
• The latest trend in cabinet colors and paints - you can use Pinterest for this
• Floating Shelves - reduce cost and adds aesthetic to the feel (base shelves are more expensive than uppers)
• Functionality is key - Storage for plates, pots, and pans
• 12x24 tile flooring offers the best bang for the buck
• Splurge on the backsplash because it is very inexpensive to do adds appeal
• Depending on the dimensions of the room, you may consider a smaller upper cabinet

Hope this was helpful BP family! If you would like, drop your questions below, or if you have any helpful tips, add them below.

Hey @Nathaniel Tant

What type of rental property is this? Higher End or just your average rental property. I have a couple of rental properties in my portfolio and I would definitely recommend using particleboard. Done properly, you won't even be able to notice the difference. To really get a lot of value out of your kitchen, and what really sells, I would look at ensuring the soft close of cabinets, dovetail Joints to Particle Board, and adding a pantry. These are typically missed in Kitchen renos.

Hope that helps!