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Old 06-11-2012, 09:24 PM   #1
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Traveling nurse full timing

Okay we are set to full time for 2 years. My wife is a nurse and can easily fill a traveling nurse position, we are planning on renting out the house and home schooling our 9yo. Been planning for a while and most concerns have been addressed. Still nervous. I do remodeling and have been a subcontractor of some sort for 20 some years most recently doing kitchen cabinets. Planning on heading west (from NC) and doing 13 week stints for 2 years or so.

Any advice? money should be fine, we will be okay renting the house and should get a decent stipend for housing. I will try to get a local job in construction to help pay a few bills, just want to hear from the experts. We have been camping for 15 or so years so we know the basics. Just worry about the not having all my tools, garage, cooking for 2 years in a tiny kitchen etc..

Thanks

John
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Old 06-12-2012, 05:44 AM   #2
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Checking with a tax adviser on renting your home. It is my understanding that once you rent your home it becomes an investment/income property for IRS standards and can never again be classified as your private residence. Your insurance for your home will have to be changed to rental property and that limits or eliminates, depending on your policy, any coverage for your personal items that you have in your RV.

Just something to think about.
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Old 06-17-2012, 07:44 PM   #3
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Thanks, but it's not really a tax situation I am worried about.
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Old 08-24-2012, 10:04 PM   #4
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We are outta here in one week!! Staying in NC for 13 weeks, then FLA. Then headed west!!!
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Old 11-06-2012, 10:54 AM   #5
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Unhappy Rental property

I will give you some advice on rental property. Sell your house and take the money. A rent house is a money pit! Do not let the renter know who you are, or anything about you. You need to hire a property manager to take care of all of the contracts and to deal with all of the problems from the renters. Your house will be trashed out in a couple of years and it will cost you alot of money to put it back together. I will sell you my rentals today and they are all paid off.
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Old 11-06-2012, 01:30 PM   #6
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We have been landlords since 2002. We had a house that we bought for our residence, my job moved me and we couldn't sell the house. Since 2002 we have had only 2 different set of renters and no major problems. We did refinance the loan as investment property and changed the insurance to cover just the dwelling and no contents (cheaper this way). Because of your current occupation any problems that develop you will be able to fix yourself. I make sure that my renter calls me for EVERY little thing. This gets me into the property often to inspect and I can notice little things before they become big things. Having someone else pay the loan down for you and gain equity in an investment is nice. I mentioned that this is an investment and investments at time take money and upkeep. Find a buddy that lives close that can run over there on a moments notice and check on "water dripping from somewhere..." I have heard this statment before...Insist on a deposit equal to one months rent and remember that any maintance or repairs are tax deductible as well and the mortgage interest. The renters pay my mortgage and I get to use it for a deduction!
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Old 11-06-2012, 05:27 PM   #7
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Quote:
Originally Posted by taylorj View Post
I will give you some advice on rental property. Sell your house and take the money. A rent house is a money pit! Do not let the renter know who you are, or anything about you. You need to hire a property manager to take care of all of the contracts and to deal with all of the problems from the renters. Your house will be trashed out in a couple of years and it will cost you alot of money to put it back together. I will sell you my rentals today and they are all paid off.
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Ok. I am a contractor and do remodeling. I am not concerned with damage to the house. Brick rancher all tile/hardwood floors. No problem. I have good renters who have been paying their rent a week early. I have checked on the house a few weeks ago with no damage at all. I like the idea of other people paying my note.
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Old 11-06-2012, 06:13 PM   #8
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I hope you have a good experience with renting. That said, I was also in the residential repair business and from that experience working for property management firms, I would not do it unless I was near enough to keep an eye on it myself. I have seen rental property trashed and abused. Carpet and paint after each tenant. Your cost analysis will be adversely affected if the property is not rented all the time.

I hope your experience is different from mine.

It will be an adventure for all of you!
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Old 11-06-2012, 07:38 PM   #9
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My dad has 20 rent houses in the area and has never had a problem, that's all he has done for 30 years. My cousin lives 2 houses down. The people renting the house are good friends and are even watching my goat. The lady next door was my grandmothers best friend. The house is in a development that most people have lived there since 1969 and I know almost all of them, The house has no carpet and I have a hispanic friend that would paint the whole house for less than one months rent. I am a licensed contractor that has 25 years remodeling experience. Renting the house is of ZERO concern to me. Cost analysis isn't a factor. counting the traveling stipend we get we don't even need to rent the house, but $1500 a month is nice.

We are having a blast and are picking out our next stop as I type. Thinking St. Petersburg. Looking for a good campground near the hospital. Maderras Beach is what we are researching.

Yall have fun and thanks for your concern.

John
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Old 11-24-2012, 12:24 PM   #10
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Looks like you are living my pre-retirement plan. Keep us up to date on how things are working out for your family. Wife is a little nervous getting started but has been a RN for over 30 years mostly in the hospital environment. Bot a pinnacle a few months ago, we will just need to get the guts to go for it before we wait too long.
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