react-native: Invalid directory /Users/node_modules/react-native

I’m getting this error when I add react to an empty react-native project

Steps to reproduce:

react-native init test

Go to /test and edit add react (npm i --save react) or modify package json like this:

{
  name: "test",
  version: "0.0.1",
  private: true,
  scripts: {
  start: "react-native start"
},
dependencies: {
    react: "^0.14.3",
    react-native: "^0.14.2"
  }
}

Run the iOS project and I get the following error:

2015-11-23 11:33:19.073 [error][tid:main][RCTBatchedBridge.m:436] Error while loading: Unable to resolve module react-native from /Users/jonas/Development/3nit/myabi-native/myabi/index.ios.js: Invalid directory /Users/node_modules/react-native
2015-11-23

using node 5.0.0 on OS X El Capitan