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!
Status hungry people are happy to pay that property tax and I appreciate that,
And the cost of repairs?Roofs are expensive, not even including plumbing, HVC and the rest of those necessaries. These are inevitable and you as the landlord probably are responsible.
Curiosity, you live in a shipping container. Ain't life grand! But I do understand your tin home is just to sleep and keep your stuff in.
Would I live in a residence that only provides a bed and shower? Well I worked hard to move past that. I love historic properties. I live in a 6000 sq ft house on the National Register and pay no where near that in property taxes and revel in the architecture of my house, inside and out.
Qurantining here, while not ideal, was comfortable, plenty of room. Both my husband and myself had areas to develop our hobbies.
Just be on top of the situation when the city or state padlock the door for irregularities in paying state and federal taxes. The authorities do not care who owns the property.The intent is to stop the business. Hard to rent/sell a property when the state puts a padlock on it. Even silent owners get pulled into the mess when the IRS/state comes calling.
Best wishes, I hope you really do develop a property empire!
Well thank you so much londonflo for being so concerned about my welfare. I really appreciate it. And congratulations on living in an old historic home. I love finish carpentry and the details on older homes I love. You can't get anything like that today without paying an arm and a leg.
Just be on top of the situation when the city or state padlock the door for irregularities in paying state and federal taxes.
State taxes are due every month, if you make enough. And the state tax enforcers in my city are on top of it. I have had a side business for 25 years. I always filed my monthly sales tax and when it turned out I made a 1 cent mistake I paid my $10.00 fine. I have met quite a few that take out a sales tax number and don't't pay that or annual federal taxes. It is amazing to me how many DON'T pay Income taxes..
Perhaps you have already required you business to cc. you their tax filing.
Status hungry people are happy to pay that property tax and I appreciate that,
Just a heads up. I have a bookkeeper for my businesses that I sub out to who then sends it to an accountant who signs of on it. It's all under an LLC so they can't come after me. So I'm good on that score re taxes. Hint, you have to have layers. Spend the extra money for a good bookkeeper because if you use just an accountant, it will cost you more in the long run.
I actually think that if you get into trouble with the IRS your nursing license could also be affected so I'm actually quite careful.
This thread was about a nurse affording a big expensive house. I just suggested that it's possible using the skills we already have.
My silent partnerships come with the caveat of you have to speculate to accumulate.
State taxes are due every month, if you make enough. And the state tax enforcers in my city are on top of it. I have had a side business for 25 years. I always filed my monthly sales tax and when it turned out I made a 1 cent mistake I paid my $10.00 fine. I have met quite a few that take out a sales tax number and don't't pay that or annual federal taxes. It is amazing to me how many DON'T pay Income taxes..
Perhaps you have already required you business to cc. you their tax filing.
So a little nugget of infor. My father's law firm has a tax attorney who sublets his office from my dad's building. Trump the magnificent, has gutted the IRS and unless you owe in the hundreds of thousands, you don't even make a blip.
I incorporated in Delaware so it's quarterly there. City tax you haven't got a choice, which is why I have both an accountant and a bookkeeper. Layers!
Specializes in ICU,Tele,Interventional Radiology,PACU,Research.
1 hour ago, londonflo said:
Status hungry people are happy to pay that property tax and I appreciate that,
And the cost of repairs?Roofs are expensive, not even including plumbing, HVC and the rest of those necessaries. These are inevitable and you as the landlord probably are responsible.
Curiosity, you live in a shipping container. Ain't life grand! But I do understand your tin home is just to sleep and keep your stuff in.
Would I live in a residence that only provides a bed and shower? Well I worked hard to move past that. I love historic properties. I live in a 6000 sq ft house on the National Register and pay no where near that in property taxes and revel in the architecture of my house, inside and out.
Qurantining here, while not ideal, was comfortable, plenty of room. Both my husband and myself had areas to develop our hobbies.
Just be on top of the situation when the city or state padlock the door for irregularities in paying state and federal taxes. The authorities do not care who owns the property.The intent is to stop the business. Hard to rent/sell a property when the state puts a padlock on it. Even silent owners get pulled into the mess when the IRS/state comes calling.
Best wishes, I hope you really do develop a property empire!
You can do a lot with a shipping container. Our friend Google will show how much. Square footage is a personal choice. I can actually make use of a 100 ft and be happy. Atleast I am debt free. My house is more than 1000sq,more than enough for one person.
And for the record my self build went through the state required inspections. I don't think they will be putting a padlock on something they approved
Life is about choices,I chose a less unconventional way of living, the road less taken.
I am happy and debt free. I could make minimum wage and still maintain my house.
Specializes in Nurse Leader specializing in Labor & Delivery.
1 hour ago, Curious1997 said:
Mate, if you live on either coasts in any large major city, there are many areas where the school systems are excellent and houses are at a premium. Areas already occupied and un-builderble due to zoning restrictions or ordinances means even the smallest of houses are coveted. Even in the burbs certain areas have prestige and amenities that make them desirable.
You might have been out of the game a bit too long. My house is in the smaller range but I have land that I rezoned and delineated and subdividable. It costs $175 - $225 per Sq ft to build in my area. You need 4 acres minimum and you don't even have sewer or water. I had to put in a Wisconsin mound and a well. 75% of the houses around me are in the millions but they are all over 6000 sq ft and on a golf course. The school system is excellent with the private school averaging around $40k per year.
And it's by no means near the best neighborhood. Top 10 maybe in my neck of the woods. Imagine what their taxes are like?
My point exactly. Property taxes are, for the most part, based on the tax assessed value of a home. A home’s property taxes are not going to be $24,000 unless the house is in the millions. Multi-million dollar homes are not the norm, or typical for what the average RN is going to be purchasing.
You can do a lot with a shipping container. Our friend Google will show how much. Square footage is a personal choice. I can actually make use of a 100 ft and be happy. Atleast I am debt free. My house is more than 1000sq,more than enough for one person.
And for the record my self build went through the state required inspections. I don't think they will be putting a padlock on something they approved
Life is about choices,I chose a less unconventional way of living, the road less taken.
I am happy and debt free. I could make minimum wage and still maintain my house.
Think FIRE- Financial Independence Retire Early.
Yeah, what's with this shipping container lark? I mentioned using a construction trailer because it's just me and it's over 400sq ft. It's got hvac in one unit on the back that pipes hot or cold air throughout, a lovely bathroom, a kitchen and a huge conference room. And you can buy used ones for under $20k.It would save me a bundle if I rented my house. Davey Do actually put the idea in my head.
I'm single so I don't need much. Being frugal is how you save money. My only indulgences are my cars and I like good hotels and restaurants. I work hard so I can play a little.
My point exactly. Property taxes are, for the most part, based on the tax assessed value of a home. A home’s property taxes are not going to be $24,000 unless the house is in the millions. Multi-million dollar homes are not the norm, or typical for what the average RN is going to be purchasing.
Here’s how I pulled it off. I already have construction loans so my bank works with me. This piece of land was 8 acres but there was some wetlands on the back with flora and fauna issues meaning EPA involvement. No developer would touch it. I bought it reasonably cheap because of the wetlands. It took me over a year to get it delineated ,subdivided and rezoned residential. First house 2000sq ft with a 1400 Sq ft basement at $75 a Sq ft in an area where the average build is around $180 per sq ft. I have my own crew. Sold for over half a mill, profit around 175k immediately turned over to avoid capital gains into the next house which is next door, which is mine. 2200 sq ft with a 1000 sq ft basement at the same $75 per sq ft build. My house is completely paid off. I don't have kids so I don't need the school system. I couldn't sell it because of capital gains but I can rent it. It was a project for profit.
That's how you progress on a nurse's salary. We have organizational skills that are unmatched. Running a construction project is nothing compared to dealing with a unit. I can't speak to nurses the way I speak to the lazy buggers who turn up or send them packing. As long as you keep an eye on the framers, everything else just falls into place. Windows and doors fit as they should and all the other subs are happy. Plus I like construction!
tate required inspections. I don't think they will be putting a padlock on
They will put a padlock on it if the sales taxes are not paid ( monthly, quarterly or annually) --depends on the sales amount. The states are VERY vigilent on cash businesses..>>
Just saying. I was not talking about code violations.
It's hard to answer your question when I don't know what are you live in, your age and financial situation. The good thing is that the interest rates are the lowest I've ever seen them. When I bought my first place, I went asked the realtor what I can afford, and that helped narrow it down. Now looking back, I think it's important to connect with a trustworthy financial consultant to help you with this individual decision. Plus I hope you are putting away money for retirement. Also, Dave Ramsey's financial peace university is a good resource. I think it's very important to retire with your own home so that when you're on a fixed income you won't have to worry about rent increases. Good luck and I look forward to hearing your decision.
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Well thank you so much londonflo for being so concerned about my welfare. I really appreciate it. And congratulations on living in an old historic home. I love finish carpentry and the details on older homes I love. You can't get anything like that today without paying an arm and a leg.
6000 sq ft sounds cavernous.