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 ? 

[Wuzzie]

6 minutes ago, Tweety said:

 If you don't need a $400,000 house don't consider it.  You can't take it with you and save that money for other things like travel.

This^

I was mortgageable for 350K at the time I bought my house. I spent 119K. Which allowed me to fix it up, drive newer cars and travel. Now my "old, small" house appraised at 285K when I refinanced for a lower interest rate. I was able to switch to a 15 year loan and my house will be paid off in 6 years yet my payments are about what I'd spend on an average 2 bedroom apartment. The COL in my area isn't low but also isn't California high either.

[ThePrincessBride, MSN, RN, NP]

I feel like I am missing something...when did OP say that he/she spent hundreds a month on vending machines???

 

To answer the question, most of the nurses I know that have that kind of house are usually dual-income, work crazy amounts of overtime, or have well-off parents.

[Rose_Queen, BSN, MSN, RN]

5 minutes ago, ThePrincessBride said:

I feel like I am missing something...when did OP say that he/she spent hundreds a month on vending machines???

 

[amoLucia]

PrincessBride  - OP has numerous other posts but the one you refer to is her addiction to Diet Pepsi sodas and Reese's PB cups that she buys in quantity from the cafeteria vending machine (and then she panics & resents it when the machine is empty!). She brags she drinks 6 to 10 or more per shift. .

You do the arithmetic - couple hundred/month and then it's like she thinks it's funny as she brags about it. But then she starts this post, bemoaning that she can't see how to afford a home purchase.

[guest1163268]

I have one building worth in excess of $750k, 13 apartments. I own my house outright $370k?. 4 businesses as a silent partner with quarterlies around $10k in repayments. 

It's easy. Two or more nurses combine. Get a fixer upper in a neighborhood of $300k houses. Get a building appraisal You get it for about $200k. Use Angie's to find appraiser or I know the building trade so I initially began with building sites in a development. Rotate shifts. You are looking for a sheet rock guy and a plumber. 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. 

$230 should have you a sorted house that will be revalued in the $300k range. Get it rented and use the equity of $70k to move on. 3 or 4 houses later you have enough money for a $500k house. 

It does help that I can actually do all the work myself so very difficult to jip me. I only do the finished work which I like and is the most expensive and brings the most value to the house. Crown moldings etc. 

Anyone interested in going this route, by the 2nd house make sure you have a llc. 

 

[BrisketRN, BSN, RN]

On 3/6/2021 at 10:02 PM, SilverBells said:

Unfortunately, my salary is a bit below the $6000 we are talking about.  With minimal monthly expenses, a $350,000 may be possible, but more realistically $300,000 would probably be better.  Which still, unfortunately, doesn’t give me much for options.   I’ll probably end up having to settle for something I’m not pleased with while watching others somehow purchase more desirable homes.  With the hours I put in at work, this is very frustrating 

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!

[guest1163268]

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

When you take your car to your local garage, someone you have found to be reliable and not a cheat. Doesn't anyone enquire if they could become a silent partner for a money investment? 

Your local Bodega, the auto body shop?Your insurance person? Hair salon, nail salon? 

You run into reliable, trustworthy people every day. Approach them! It's far easier getting investment money from you for expansion or upgrade than going to the bank. Charge a small fee say 5% and a 5% percentage of the profits. This is tax free if structured correctly. 

It all adds up and you have a stake in the business. 

[klone, MSN, RN]

It requires a lot of seed money to become a silent partner in a business. Do you really think a nurse who is struggling to buy a house really has $50,000-100,000 just lying around to invest in someone else’s business?

[guest1163268]

2 minutes ago, klone said:

It requires a lot of seed money to become a silent partner in a business. Do you really think a nurse who is struggling to buy a house really has $50,000-100,000 just lying around to invest in someone else’s business?

That's because you probably only frequent the fancy areas. You can get into smaller businesses for as little as $5k. I have an auto body shop that I invested 10gs in and then funneled from my business groups and people at the hospitals I work at. No frame damage, just cosmetics. But you can charge $1k plus to paint a car and my guy employs Hondurans, his countrymen. I have instituted oil changes, tune ups, brakes etc. From a 5% stake I now own 60% of the business in less than two years because of the customers I brought in. All I do is bring customers in. 

Inner city is rarely inspected but I make sure that we keep up to code. We don't do any insurance work. 

Immigrants are extremely hard working but have problems with city hall. That's where I come in. I am involved in a nail salon and since covid, the ladies make house calls. 

You will not believe the amount of people playing games today since covid. A goldmine! 

If you look for opportunities, you will find them. 

[speedynurse, ADN, BSN, RN, EMT-P]

I have learned - or am trying to learn - that I can’t compare myself to other people. Maybe 2 incomes or a better job can afford a house like that. It depends on the area and cost of living. There are many that do live beyond their means and then regret it. However, I honestly don’t worry about how or why other people can or cannot afford a certain home, lifestyle, car, vacations, etc. All I can do is be responsible for what I can afford, my decisions, etc. 

[CommunityRNBSN, BSN, RN]

2 hours ago, Curious1997 said:

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

When you take your car to your local garage, someone you have found to be reliable and not a cheat. Doesn't anyone enquire if they could become a silent partner for a money investment? 

Your local Bodega, the auto body shop?Your insurance person? Hair salon, nail salon? 

You run into reliable, trustworthy people every day. Approach them! It's far easier getting investment money from you for expansion or upgrade than going to the bank. Charge a small fee say 5% and a 5% percentage of the profits. This is tax free if structured correctly. 

It all adds up and you have a stake in the business. 

That is 100% not something I am ever, ever going to be interested in doing. But never fear, my spouse and I are well set for retirement and for our son’s educational expenses, so I’ve managed to survive without my local Bodega or nail salon. 

[klone, MSN, RN]

2 hours ago, Curious1997 said:

That's because you probably only frequent the fancy areas.

LOL! Oh? What an odd presumption.