Travel nurse trying to invest in REI, need advice.

[Marie Griffin]

I need some advice. I'm a travel nurse "2 years". I just purchased a new build home in May of 2021 in Florida "used my VA home loan".

My issue is when going to use a conventional loan I'll have to quit my travel nurse job, take up a local assignment to prove I have a "steady" job. "Had to do this with my first home"

I need a lender who understands REI and travel nurse work. I'm never without a contract unless I want time off. They literally throw offers at travel nurses multiple times a day. I need a lender or someone to guide me in the right direction.

My goal is to obtain a condo on the beach, with beach views and airbnb it. Or to do a "BRRRR", near the beach and my home.

Any advice would be helpful.

Thank yall!

[Nick Velez]

A DSCR loan would fully eliminate that issue as it's not based on your personal income but instead, on the ability for the property to cash flow.
If you want to go the conventional route, you should be fine as long as you have 2 years of tax returns.  I am assuming that when you file this year, you will then have those 2 years of returns? 

[Stephanie P.]

Originally posted by @Marie Griffin:

I need some advice. I'm a travel nurse "2 years". I just purchased a new build home in May of 2021 in Florida "used my VA home loan".

My issue is when going to use a conventional loan I'll have to quit my travel nurse job, take up a local assignment to prove I have a "steady" job. "Had to do this with my first home"

I need a lender who understands REI and travel nurse work. I'm never without a contract unless I want time off. They literally throw offers at travel nurses multiple times a day. I need a lender or someone to guide me in the right direction.

My goal is to obtain a condo on the beach, with beach views and airbnb it. Or to do a "BRRRR", near the beach and my home.

Any advice would be helpful.

Thank yall!

If the newly built home is owner occupied, you'll need two years of work as a travel nurse. With that, you should be okay. You'll be restricted to long term market rents because conventional financing doesn't recognize short term rentals. You should be able to refinance out of the VA and use conventional if the numbers work.

If you want to avoid those hassles, then use a DSCR loan that accommodates short term rentals. No tax returns required although you'll have to show you've been receiving short term rents from Air BnB or VRBO or some other place.

Stephanie

[Chris Allen]

@Marie Griffin I am a travel nurse as well, though I still hold a PRN position at my staff hospital. I have run into this problem as well. I would recommend typing out a very detailed letter explaining your position, how you are paid, and how you have constant assignments. Assuming you have been "nursing" longer than two years, you could ask them to average your income from your staff assignments and your travel assignments. You might also have to go to a smaller bank that keeps loans in house or like someone else mentioned, do a DSCR loan.

Be prepared to give them every w2 you have gotten, contract agreements, and maybe even a letter from your recruiter stating the position, pay and job outlook. 

[Marie Griffin]

ok, thanks yall. I was contemplating the DSCR loan. I'm also going to try a conventional loan first. I have 2 more months to educate myself on all the different loans and options available.

[Catherine Javier]

Quote from @Marie Griffin:

I need some advice. I'm a travel nurse "2 years". I just purchased a new build home in May of 2021 in Florida "used my VA home loan".

My issue is when going to use a conventional loan I'll have to quit my travel nurse job, take up a local assignment to prove I have a "steady" job. "Had to do this with my first home"

I need a lender who understands REI and travel nurse work. I'm never without a contract unless I want time off. They literally throw offers at travel nurses multiple times a day. I need a lender or someone to guide me in the right direction.

My goal is to obtain a condo on the beach, with beach views and airbnb it. Or to do a "BRRRR", near the beach and my home.

Any advice would be helpful.

Thank yall!

Travel RN here. Recently we closed with US Commercial using DSCR Loan. @Stephanie P. recommended it and we worked with Tom Potter. He's great and so patient because we are clueless and rookie. This is our first investment. 

Good luck!

[Stephanie P.]

Quote from @Marie Griffin:

ok, thanks yall. I was contemplating the DSCR loan. I'm also going to try a conventional loan first. I have 2 more months to educate myself on all the different loans and options available.

 Don't wait too long.  Rates are screaming north faster than anyone can keep up.

[Stephanie P.]

Quote from @Catherine Javier:

Quote from @Marie Griffin:

I need some advice. I'm a travel nurse "2 years". I just purchased a new build home in May of 2021 in Florida "used my VA home loan".

My issue is when going to use a conventional loan I'll have to quit my travel nurse job, take up a local assignment to prove I have a "steady" job. "Had to do this with my first home"

I need a lender who understands REI and travel nurse work. I'm never without a contract unless I want time off. They literally throw offers at travel nurses multiple times a day. I need a lender or someone to guide me in the right direction.

My goal is to obtain a condo on the beach, with beach views and airbnb it. Or to do a "BRRRR", near the beach and my home.

Any advice would be helpful.

Thank yall!

Travel RN here. Recently we closed with US Commercial using DSCR Loan. @Stephanie P. recommended it and we worked with Tom Potter. He's great and so patient because we are clueless and rookie. This is our first investment. 

Good luck!

Thanks Cathy.  You and Lizzie were great to work with.  Tom commented to me that you made the process easy because you got him whatever documentation he asked for in a timely manner.  Soooooooooo important.  @Marie Griffin  I'll send you a PM.

Stephanie

[Andrew Carlson]

@Marie Griffin

I’ve been traveling for 7 years. It never gets easier to borrow money. Every lender gets this confused look on their face and thinks I’m a job hopping flight risk.