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!
Specializes in Nurse Leader specializing in Labor & Delivery.
1 hour ago, Curious1997 said:
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!
You seem to have lost sight of my point, which was that typical homes do not cost $2,000/month in property tax.
You also don't seem to grasp that a person who has poor time management and no savings, likely doesn't have the abilities or wherewithal to do what you stated above. Hence, your advice to become a silent partner in various businesses, or buy a subdivision and flip it, is not particularly helpful advice to the OP. I.e. your advice is a bit unrealistic and tone deaf.
You seem to have lost sight of my point, which was that typical homes do not cost $2,000/month in property tax.
You also don't seem to grasp that a person who has poor time management and no savings, likely doesn't have the abilities or wherewithal to do what you stated above. Hence, your advice to become a silent partner in various businesses, or buy a subdivision and flip it, is not particularly helpful advice to the OP. I.e. your advice is a bit unrealistic and tone deaf.
No one could be a bigger plonker than me. I do have guts however and an ability that all nurses have to problem solve. I am also unafraid to be told no or to get lost. Perseverance!
The point is that unless you get moving doing things, you never know what you are capable of. I realized that I didn't have the details oriented focus to make a successful business, so I bought into businesses ran by such people. That is something anyone can do. I've invested from 5k to 80k in businesses and only contributed by bringing in customers from people I know who because they received excellent service recommended others etc.
It's that nay say attitude that holds people back. Always thinking about the negative instead of the positive.
I may be repeating myself here but OP if you have to buy an older house (my choice but I know not yours) ....as you fix it up, contact your local newspaper detailing something unique you did, for their home section (usually in the Saturday paper). You may want to write up a catch such as "local nurse who works 60 hours/week has created her comfort oasis to recharge" .Also look to neighborhood associations that designate historic local properties by virtue of their design. Get your house on a house tour. The end run is to get your property on the "National Historic Register". I did that.....lots and lots of work but your local group may help you. This generates not an enhancement in the price of your home, but more people are intrigued by it --it makes it more desirable.
I am on my umteenth house using this strategy but will probably live here until the funeral home takes me out.
@SilverBells, out of curiosity is it the same with vehicles? Lots of people drive large suvs/trucks they really don’t need but as status symbols. I know a medical assistant driving a hummer working 2 jobs and medical assistant driving Older escalade that had to rent a tire as she couldn’t afford to replace the tire ( who knew you could rent tires!). I’m driving a 15 year old vehicle. In NP school there was a coworker one year behind me that was looking at the schedule & asked how I hardly worked any shifts. Well second year is harder, but I also said I bet you drive a nicer car. She had a new Mustang while I drove a 3-4 year old Toyota Corolla bought used at 1 year old that I paid off before I even started NP school.
So SilverBells you drive a Landrover? Lexus or Mercedes?
Even with a household income of around 450K this year and probably around 550K next year we cannot afford to buy a home due to a plethora of issues:
a. I owe around 160 K in student loan debt and my SO owes maybe another 60K. Plus I owe about 30K in credit cards (down from about 50K last year).
b. We have changed self employement jobs in the last year and I have only been self employed for one year.
c. My credit score is only about 640 due to high credit card amounts (my SO does have a score in the mid 700's and no credit card debt).
We do not have more than about 20K for a down payment. Getting health insurance will probably be a priority before getting a home. Still, with income at 500K (gross before 1099 taxes) I cannot imagine being able to buy a home in the next two years (I don't even have health insurance) and it causes me to question how someone would be able to do this with 60K in income . Our vehicles (minivans) have almost 200K miles and we don't owe on them.
Even my $1800.00 in monthly rent seems steep. The new movie Nomad even made me consider van or cheap RV living, but since we need internet for our jobs and the ability to see clients without "talking over each other" this would seem difficult.
@SilverBells, out of curiosity is it the same with vehicles? Lots of people drive large suvs/trucks they really don’t need but as status symbols. I know a medical assistant driving a hummer working 2 jobs and medical assistant driving Older escalade that had to rent a tire as she couldn’t afford to replace the tire ( who knew you could rent tires!). I’m driving a 15 year old vehicle. In NP school there was a coworker one year behind me that was looking at the schedule & asked how I hardly worked any shifts. Well second year is harder, but I also said I bet you drive a nicer car. She had a new Mustang while I drove a 3-4 year old Toyota Corolla bought used at 1 year old that I paid off before I even started NP school.
So SilverBells you drive a Landrover? Lexus or Mercedes?
My everyday drive is a 95 Toyota Camry with 262k miles and the original drivetrain. It is my favorite ride. So reliable I would bet money on it easily driving to the other coast without a problem. Poor fuel mileage because I don't upkeep it but then you don't have to.
I've found your posts in this thread really interesting and kudos to you for finding so many opportunities for putting your money to work. I do believe you're underestimating your intelligence and business acumen to a great degree and the average bear would probably not be able to pull off what you're doing without breaking a few laws in the process.
I do not have a mind for business, business law, accounting, finance, investing, or any of that. Don't get me wrong, I have enough sense to manage my money appropriately, pay bills, minimal debt, save a chunk from each paycheck. But that's about the limit of my financial guile!
the average bear would probably not be able to pull off what you're doing without breaking a few laws in the process.
I do not have a mind for business, business law, accounting, finance, investing, or any of that. Don't get me wrong, I have enough sense to manage my money appropriately, pay bills, minimal debt, save a chunk from each paycheck. But that's about the limit of my financial guile!
One of my younger brothers is a lawyer, another is a CPA, both work for the family business (in which I have minimal involvement). I talked about some of this to them last night, asking questions, wondering if this type of investment situation could be for me. They say that laws vary by state, but also LLC status doesn't protect you in the presence of illegal activity in any state (including tax issues, immigrant status issues, business conducting illegal activity such as theft/fraud, etc). I stand by my comment that any investment is okay, as long as the investor has their eyes wide open going in, and @Curious1997sounds like they inherently understand those risks and will continue to take them. It will pay off well if no issues, could backfire big if there are any issues. It just depends on resources state and federal (IRS, etc) wish to expend
Technically, I don't need a larger or brand new home, especially since it would just be myself (at the moment) and any pets I may have. For me, it's just that buying an older or smaller home would be another source of disappointment in my life as larger or newer homes are usually a symbol that one has been successful.
This is a "you" problem. It's not about houses or nursing or pay.
So many of your posts are about wanting someone else's life, or, to be more accurate, what you perceive someone else's life to be. Not only do you want it, but you want it RIGHT NOW. You also want it right now without changing anything you're currently doing.
Buying a huge family home for one person just so she can appear successful is a ridiculous waste of money. No one is judging your home, except you. And I'd also wager that even if you had the giant house of your dreams, you'd still be unhappy because you'd find it too big and too lonely and a reminder of the husband you don't have and the kids you don't have and the relationships you don't have because you work a million hours and won't take any steps to change working a million hours (but still have time to post on AN about working a million hours and how many diet Pepsis you buy from the vending machines).
Just STOP!
There is NOTHING that is going to make you happy until you deal with whatever insecurities are driving you to be unsatisfied with, basically, everything in your life. A big house isn't going to make you feel successful because it's just a symbol. It doesn't get to the root of the issue. There is always going to be someone with what you perceive to be a better house or a better job or a better education or a better family or a better dinglehopper. If you keep focusing on these external markers, you will never find peace or happiness. As many have said in your other threads (but maybe repetition might help it sink in), get some counseling to figure out what YOU really want, and what YOU are willing to do to get it, and why YOU keep making the same old choices instead of the changes that might get you what you say you want.
I don’t think wanting to own a home is superficial. My parents bought a nice three bedroom ranch on an acre in Indiana in 1972 for 15k. Adjusted for inflation that house would cost about 100k today. However similar homes in the area today go for about 250k. The “American dream” has gotten much more difficult for the middle class.
klone, MSN, RN
14,857 Posts
You seem to have lost sight of my point, which was that typical homes do not cost $2,000/month in property tax.
You also don't seem to grasp that a person who has poor time management and no savings, likely doesn't have the abilities or wherewithal to do what you stated above. Hence, your advice to become a silent partner in various businesses, or buy a subdivision and flip it, is not particularly helpful advice to the OP. I.e. your advice is a bit unrealistic and tone deaf.