All Forum Posts by: Sean Monahan

Travel nurses are given a specific per diem for their food and shelter.  You can easily look this up at https://www.gsa.gov/travel/plan-book/per-diem-rates. For example Currently a nurse working in Baltimore city gets 137$ a day for lodging or 4110$ for the month of September. This is not their pay just housing stipend.  This should help you know if they can afford your rental.  Also please note that just because this is their stipend that this is what you should charge.  Monitor your area and find a fare value.  If it is affordable, a good rental and the traveling professional can keep some extra money in their pocket they will continue to extend and your vacancy remain very low.  Feel free to reach out with any questions. 

Hi Christopher.  It is entirely up to you.  I have no problem with going month to month with my leases.  If they are placing a physician, or any travel professional, the hospital will do what they can to keep good personnel.  In that case (and I'm not saying this will be every case), I've found they are also great people to have in my rentals.  It could also be an advantage to work with CHG for this first placement and be the best you can be and become their go to in your area.  These groups love ease so if it's easy for them to come back it'll be easier and easier for you to cash checks.

Hi Katherine.  I was a travel nurse for 6 years and also own multiple rentals that I rent out to traveling professionals.  It is just slightly more but not by much.  Contracts are generally 13weeks for the traveling professional.  I place them on a 90 day lease but also communicate to them that I understand the business and will release them with a confirmed contract cancellation (hospitals can cancel us any time they want).  I also review the market using furnished finder and Facebook pages to see how much is being charged.  A lot of people look up the stipends on the GSA website and try to charge for that amount.  Instead I rent for lower but also still higher than a 12 month lease and my vacancy is near zero because of that.  Traveling professionals love to stay where they can make the most amount of money and my investment being lower means less vacancy, happier tenants and less work.  Traveling professionals are also generally home owners so they don't bother you as much with small items that they can correct themselves.  I would say the most amount of additional work I need to do is email or text my clients every month or two (depending on their contract) if they will be resigning with the hospital and if so will they be resigning with me.  All in all I find it to be a great investment strategy.  Send me a message if you have any specific questions and good luck!

Hi Christopher.  You just need to have a good lease that CHG will sign.  Nothing is easy in life but it is easier to have the company responsible.  There should be no way that any payments are missed.  Just have them initial any additional fees you require (pets, cleaning).  I would also add an addendum that the company is responsible for the full term lease.  This covers you in case the contract is cancelled between the physician and the hospital.  Lastly, for vetting purposes you may be able to ask for a copy of the contract and back ground checks.  The hospital does a pretty good job vetting travel professionals for you.  Criminal, background, drug screening etc. 

Congrats on moving on to the final steps of licensing.  I agree with everything Joe said.  I had a good experience with Keller Williams Gateway as well and it is pretty close to home.  Great culture.

When I was starting off with one of my larger rentals (having 3 or more bedrooms), I advertised by the room and listed it full house.  Per room you can get a little more than by the whole house but it's a little bit more work.  I would rent a room and provide an incentive to the first person in that if they found some nurses or traveling professionals I'd take a small amount off of their rent for the month (generally 100-200 as a finder fee).  I had great results with that when I was starting. 

Hi Dany. Not sure your location but are you listing it as a whole home rental or rent by the room for midterm tenants?

Hey Shelly-Ann.  Sent you a message.  I know a great agent that can help you!

I started out using facebook groups for this about 6 years ago and I still occasionally post on there.  It was great but there is a shifting demographic of users utilizing facebook groups vs. furnished finder and airbnb.  Also it depends on the market one is traveling to and who is doing the listing.  Talking with other traveling professionals, and with being a travel nurse before, if you are going to a small market facebook groups can be best where as larger metros you can utilize furnished finder.  I've noticed a difference in age demographics for traveling professionals who are using furnished finder more vs facebook groups.  

Hi Brian, 

Is there a specific part of Baltimore city you are invested in.  I have recommendations based on where.