Buying a House on a Nurse's Income: How Do Nurses Afford $450,000+ Houses?

[SilverBells]

One of my goals is to eventually be able to purchase a house.  Many of my nursing colleagues are purchasing homes that are worth $450,000, $500,000 or even more.  Sadly, my budget is about half of that or even less, which means the houses I have to choose from are not appealing.  Most of them are small, old, or both. 

I am just curious how other nurses manage to purchase decent houses? I've been looking through my income, and I just can't find a way to make it possible to incorporate such a house into my budget.  I am salary, so there are no opportunities for overtime.

What are other nurses' experience with buying houses? How did you make it work? Did it require switching jobs? Inquiring minds want to know!

Thanks ? 

[londonflo]

4 hours ago, Curious1997 said:

. Important Must be Hispanics! They will be much cheaper and very reliable, also will be able to make referrals to their other colleagues re electric, basic construction and siding and roofing. 

My husband and I have noticed this on the HGTV shows.

[Tweety, BSN, RN]

4 hours ago, Curious1997 said:

 

It's easy. Two or more nurses combine..........

This is where you lost me.  I would never do that because it takes too much trust and  I only trust one person like that.

Many of us are single or raising families, and just doing the best we can.

2 hours ago, Curious1997 said:

I've been reading some of these posts. Doesn't anyone invest?

Not in real estate or small businesses, no.  But many of us do have mutual funds, stocks, bonds, 401K's, etc.   

[brandy1017, ASN, RN]

3 hours ago, BrisketRN said:

Wowza, I don't think my husband and I could afford a mortgage on a $350k house and we're DINKs.  We're closing on a small, slightly ugly, imperfect ranch next month.  Maybe you just need poorer or more frugal friends ? the comparison blues are real!

My thoughts exactly!  Surely she can compare herself to others who have less.  I'm sure not everyone she knows or works with has expensive houses!  But anyway until the OP learns to be content with herself and not comparison shopping  of others she won't be content!

[Hoosier_RN, MSN]

56 minutes ago, Tweety said:

This is where you lost me.  I would never do that because it takes too much trust and  I only trust one person like that.

Many of us are single or raising families, and just doing the best we can.

Not in real estate or small businesses, no.  But many of us do have mutual funds, stocks, bonds, 401K's, etc.   

I used to own rental homes. Me and hubs own 3 businesses. We also have a fiduciary financial planner. I'd say we invest how we feel is proper

[guest1163268]

6 hours ago, Tweety said:

This is where you lost me.  I would never do that because it takes too much trust and  I only trust one person like that.

Many of us are single or raising families, and just doing the best we can.

Not in real estate or small businesses, no.  But many of us do have mutual funds, stocks, bonds, 401K's, etc.   

I like my investments more tangible and 4-7% returns doesn't do it for me especially with capital gains. 

Just as we know which colleagues to trust by their behaviors etc, business partners are the same and there's always contracts and leins for protection. 

There's the added pleasure of meeting and knowing people that you wouldn't normally. My foray began with an exhaust system. I have an AMG Black 63 that developed a flexi pipe leak. Mercedes are vehicles that have numerous sensors and it really was affecting the performance. The dealership wanted $2300 to repair it. My sheetrock guy sent me to his neighborhood muffler guy. $250 while I waited. He sawed it off and adapted an existing flexi pipe. That was about 4 years ago and still working perfectly. I own 12% of that business now. He's very resistant to giving any more up and I respect that. 

Just from that one experience, in the same neighborhood I am silent in lunch trucks, auto body repair, mechanic's shop, a dance hall/club and a Bodega. Mostly cash businesses with little oversight from city hall. It's not my place to judge how they do business and they are all interconnected. They are extremely hard working people and you can tell from the state of their premises and employees just how reliable they will be. 

I play the market as well but I can't see my money just sitting there for such little returns for such a long time. This pandemic has left a slew of foreclosures and I already have a crew. Re credit, after the 3rd house I got involved in, the bank literally throws the money at you especially when you have equity. 

I invest the money and step away but when I start bringing customers in, I renegotiate terms. Every penny adds up especially if you allow capable, competent people to work for you. 

[Tweety, BSN, RN]

10 hours ago, Hoosier_RN said:

I used to own rental homes. Me and hubs own 3 businesses. We also have a fiduciary financial planner. I'd say we invest how we feel is proper

That's awesome.  The poster however was talking about investing with one or two other nurses if I understood, not a spouse and that seems a bit risky.  But I guess that's what investments require:  risk.    I'd probably be in a different spot with investments and savings if I wasn't divorced and had another good income.   But I do okay.  

[guest1163268]

10 minutes ago, Tweety said:

That's awesome.  The poster however was talking about investing with one or two other nurses if I understood, not a spouse and that seems a bit risky.  But I guess that's what investments require:  risk.    I'd probably be in a different spot with investments and savings if I wasn't divorced and had another good income.   But I do okay.  

To win the lottery you have to buy a ticket. 

Nurses make great money and if you live sensibly, you have enough left over to invest. I have partnered with nurses before I don't like, but I like their OCD and attention to detail. I'm not great with details so it helps having someone who is great at organizing. 

One of those nurses was 72 when I partnered with her after she decided to retire. I have to be on my toes because she's way smarter than I am. 

[klone, MSN, RN]

2 minutes ago, Curious1997 said:

One of those nurses was 72 when I partnered with her after she decided to retire. I have to be on my toes because she's way smarter than I am. 

I don't even understand what this means. Are you saying that she's trying to scam you, and you have to keep her in check?

[guest1163268]

1 minute ago, klone said:

I don't even understand what this means. Are you saying that she's trying to scam you, and you have to keep her in check?

I'm saying she's amazing and wonderful and I hope I can be like her when I'm her age. Forget about the money, being as together as she is a goal worth shooting for. 

[Hoosier_RN, MSN]

1 hour ago, Tweety said:

That's awesome.  The poster however was talking about investing with one or two other nurses if I understood, not a spouse and that seems a bit risky.  But I guess that's what investments require:  risk.    I'd probably be in a different spot with investments and savings if I wasn't divorced and had another good income.   But I do okay.  

I understood. And my reply is in line with your idea. I simply don't trust any coworker enough. It's easy enough to get ripped off by a family member/spouse. Even easier for someone not in the household. Besides, most of my teammates are so far in debt, investing isn't an option for them.

I'm happy that Curious1997 knows those kinds of people. I don't want to know any coworkers enough to risk my savings with them. I'd have to know them very well, ain't happening

 

[Davey Do]

On 3/6/2021 at 12:00 AM, SilverBells said:

What are other nurses' experience with buying houses? How did you make it work? ... Inquiring minds want to know!

 To paraphrase Jeff Foxworthy, “I own a home with wheels on it and several cars without, so I just might be a redneck".

[Tweety, BSN, RN]

1 hour ago, Hoosier_RN said:

I understood. And my reply is in line with your idea. I simply don't trust any coworker enough. It's easy enough to get ripped off by a family member/spouse. Even easier for someone not in the household. Besides, most of my teammates are so far in debt, investing isn't an option for them.

I'm happy that Curious1997 knows those kinds of people. I don't want to know any coworkers enough to risk my savings with them. I'd have to know them very well, ain't happening

 

I agree.  Like I said there is only one person I really trust enough to make investments with.  Still we both are doing well on our own so I'm not inclined to even consider that.  My investment counselor said I'm well on my way to live a comfortable retirement and if I life a long life like my father maybe even be a millionaire when I'm 90.  LOL.   

The main point I suppose is live within your means, save and invest in your future, however you choose to do that.  But like Curious says, you have to buy a lottery ticket to win the lottery.  Do something.