Travel Nurse with a Pit Bull - Housing Question

globalkimSRNA · Sep 10, 2016

Share the math with me? Not sure where you're coming from. There is no way it comes close to costing $2000/month plus. I realize this depends on where you are working, and which State. Fuel efficiency with a class B is comparable to an SUV. Upkeep of a new RV is more inconvenient than it is expensive, if you buy well.

So tell me how the math is not that difficult?

Boondocking would be the way (and I believe the only way) to be ahead financially. The math is not that difficult.

NedRN · Sep 11, 2016

Sure. But you have to tell me what you are getting. How much, and how much you are going to finance at what rate. How much insurance you buy will change your costs and risks.

Operating costs for most RVs exceeds a dollar a mile just as a very conservative estimate (without a specific number to crunch, my suspicion is that when you factor in depreciation, it may exceed $2 a mile). Two thousand miles to an assignment and back will cost you $4,000 without park fees.

Buy used and depreciation will be less but maintenance costs will be much higher.

In places where you might pay $2,000 for rent, if you find a spot for $600 you are doing well. Some parks are well over a thousand in major cities.

Done right, your total costs will be similar to renting. Both ways can vary dramatically in cost. Housing can be shared at less than half the cost of renting privately. You can boondock in your RV saving a good bit but having to pay to dump and gas for the generator.

globalkimSRNA · Sep 11, 2016

This was really informative, Ned. Thank you for taking the time. You must be an RV'er (or maybe you once were one, or also want to be one).

I was thinking of an 80G loan. Nothing down, with a competitive loan rate. This is a healthy loan for new class B. New ones (that are diesel) get 17-20 mpg average. Take a look at the Winnebago Travato.

Street parking in a class B (no slide-outs) and next to no generator use...so I guess boondocking most of the time. No way would I pay $1000 a month in a major city...that's silly. I'd rather drive an hour out during my string of days off, do some mountain biking or skiing, and chose an affordable camp for 4-5 days. RV insurance is crazy cheap.

Thoughts?

Sure. But you have to tell me what you are getting. How much, and how much you are going to finance at what rate. How much insurance you buy will change your costs and risks.
Operating costs for most RVs exceeds a dollar a mile just as a very conservative estimate (without a specific number to crunch, my suspicion is that when you factor in depreciation, it may exceed $2 a mile). Two thousand miles to an assignment and back will cost you $4,000 without park fees.
Buy used and depreciation will be less but maintenance costs will be much higher.
In places where you might pay $2,000 for rent, if you find a spot for $600 you are doing well. Some parks are well over a thousand in major cities.
Done right, your total costs will be similar to renting. Both ways can vary dramatically in cost. Housing can be shared at less than half the cost of renting privately. You can boondock in your RV saving a good bit but having to pay to dump and gas for the generator.

NedRN · Sep 11, 2016

Let's try a simple analysis of first year costs. $80,000 for the RV, let's say 5% sales tax of $4,000. Your RV first year interest cost at 10% will be $8,400. Your RV first year depreciation is 10% or $8,000. Your $84,000 investment is now worth $69,600. So far you have $14,400 in first year costs. Add a $1,000 for insurance. Another $3,000 in gas and scheduled maintenance first year (diesels require frequent oil changes and urea top offs). Since this is a new vehicle, there shouldn't be non-covered repairs and you won't need tires unless you are unlucky with road hazards.

Total first year costs are $18,400 or $1,533 per month (with zero RV park fees). Anecdotally, I have never paid more than $1,000 a month housing, and that includes numerous assignments in the SF Bay area (none below the Golden Gate bridge in the last five years though). Mind you, this is anecdotal and I don't have a travel partner nor pets. So at an average of $800 a month for housing, and 10 working months a year (on average), I am paying $8,000 a year for non-owned housing, a huge $10,000 below your first year costs of RV ownership. Mind you, a "typical" traveler (whatever that might mean), may incur similar housing costs to the cost of RV ownership.

Just for fun, I looked up the cost of renting an RV with perhaps the largest company, Cruise America. $100 a day for a "standard size Class C" or $3,000 a month plus mileage at 35 cents a mile. It is difficult at best to porifice out gross profit margins in industries you know little about but if their costs run at 50% of revenue, that is very close to my estimate of around $1,500 a month (plus mileage). So my analysis of actual annual costs on new RV is likely pretty close.

For analysis from a different perspective, AAA publishes costs per mile of operating vehicles. That is the all in cost of ownership (or lease), depreciation, taxes, insurance, repairs, and maintenance. The 2016 cost of operating a medium sedan is 57 cents a mile (given 15,000 miles a year). For a 4 wheel drive SUV, the number is 91 cents a mile. So I think my earlier guess of at least a dollar a mile is indeed low. I'd say now reviewing this stuff that $1.50 a mile is a better rule of thumb.

http://exchange.aaa.com/wp-content/uploads/2016/04/2016-YDC-Brochure.pdf

Anyway, in conclusion, the analogy about RV ownership is similar to that of travel versus staff advice: do it for the lifestyle, not the money. If that is how you manage your life, you will be happy.

One last bit of advice is that the sweet spot for RV ownership is probably to buy a 5 year old low mileage one. This should serve satisfactorily for several years of use before the repair costs start to escalate. I'm going to guess that your total cost of ownership will be 30% less than a new purchase.

Argo · Sep 12, 2016

Here are my real costs for you. Mind you i have a travel trailer, its nice and more than enough space.

Truck is paid for. If you need it new thats gonna be easy $500/month

Travel trailer msrp $55k, paid $33k. I have solar that i put on myself. Thats $300/month.

Trailer insurance is cheap, $200/year.

Park costs can get high, bay area is easily $1500/month plus electric. I got a free membership to a campground that has a few spots in the bay area, all 1 hour from downtown San Francisco. Therefore i stay for free, includes all amenities and costs.

My comute costs me the most and its just under $400/ month in diesel.

Parking my truck is gonna happen either way, rv or not.... 45/week, 180/month.

My monthly cost to live is $300(trailer) + $450(diesel)....

I could find a roomate situation for around $1000/month. Renting a studio in the vicinity of my hospital is $2400/month....

I also boondocked at another assignment/hospital for quite a while, 11 months.

Depending on where you are going and individual situation it CAN save you money. It can also cost more, do your math.

Bonus is that you have your own same place at each assignment, it take me about 15 minutes to pack up and drive off as well as get set up.... no leases, when you get a contract pulled you just bail without worrying about the landlord.