Travel nurse interested in Real estate investing

[Jacqueline Stoll]

Hello! My name is Jackie. In the past, I was a staff RN of 3 years and have been a travel nurse for the last year. I am very interested in starting out in the real estate investing in the near future. Specifically, I am interested in short term and long term rentals. I do not own any property as of yet. I am a Southern California native  however I am a South Carolina resident as I went to school and worked there for 5 years. I hope to eventually buy my first home in California close to family, however I am open to other locations. 

 I am looking to connect with any other travel nurses and other members who can give some insight on how to go about investing as a traveler in regards to getting approved for a loan not having a substantial amount of taxable income. 

Currently I am doing my research and learning the basics of investing. I am extremely open minded and looking to learn all that I can. Any and all advice would be helpful! Thanks so much.

[Peter Mckernan]

@Jacqueline Stoll Hey! Glad you are jumping in on the investing plan and getting your feet wet while doing the right research. You are narrowing in on your plan, the two things I always tell people are pick a place and get approved for a house. That being said, once you have those things picked out you can really hit the ground running fast. 

You seem to have picked California, but maybe not a specific area, I would do that and then pick some local real estate agents in that area (and referral agents from friends/family) to sit down with or get on a Zoom call. Talk to them about their expertise, what they invest in (get one that invests), and then get some referrals from lenders from the agents and family/friends. Do not just interview one agent and lender, get a few interviewed so you pick the right one for you! 

[Justin Hoggatt]

Good luck on getting started and you're in the right place.  By first home in CA, do you mean that to be your first primary residence?  Or, are you thinking that might be your first short term rental?  For your short term rental, I'd want to make sure you have a good staff setup that is able to be flexible.  It requires a good cleaning crew but that can come from a good manager in this space.  I'm confused about your mention that you don't have substantial taxable income - but I'm assuming this means you don't have a good w-2 for a loan?  Besides this aspect, you'll need a sizable down payment, which I hope you're also taking into effect - rental properties require more down payment than primary residences.  Since you've left the door open here for any help, if you have any more specific questions, feel free to search on here or ask away.  Good Luck

[James Carlson]

@Jacqueline Stoll

I'd chat with a lender first. That's the first and biggest hurdle you need to clear. Have them run your credit (it's not nearly as big of a "ding" against your credit as people fear), and give them a few documents and within a day they can tell you what you would qualify for. Or, if you don't qualify, they'll be able to tell you right away what you need to do to qualify. 

Last resort, there are DSCR loans (debt service coverage ratio, if you like details) that qualify you based on the potential revenue of the underlying asset (ie. how much money the Airbnb or short-term rental will make). They don't care about your income. They care about the home making money. That's an option, though the rates are more like 5% instead of 3.5%, but hell, historically speaking 5% is a steal, especially if you do the STR right and are making bank on that.

Whatever loan you use, like Justin said above, you'll likely need 20% for a down payment. So if you're looking in SoCal or places like where we work in Denver and surrounding Colorado mountain areas, you're likely needing $100k to even start a conversation. If that's not doable right away, I think partnering with a friend is a good option. I think it's better to get your foot in the door than to wait three years saving money but not gaining equity and not gaining experience for the net one.

Good luck!

[Wale Lawal]

@Jacqueline Stoll, thank you for that introduction, and welcome to BiggerPockets.
I hope you continue to learn from everyone on this platform.
If you have not, great books to read are:
 Rich Dad, Poor Dad
 The Millionaire Next Door
 Cash Flow Quadrant
 Tax Free Wealth
 Set For Life
 Rental Property Investing
 The Millionaire Real Estate Investor
 The REAL Book of Real Estate
 So Good They Can’t Ignore You
You are more than welcome to reach out if you have any questions.
Good Luck and go make it happen!

[Chris Allen]

Quote from @Jacqueline Stoll:

Hello! My name is Jackie. In the past, I was a staff RN of 3 years and have been a travel nurse for the last year. I am very interested in starting out in the real estate investing in the near future. Specifically, I am interested in short term and long term rentals. I do not own any property as of yet. I am a Southern California native  however I am a South Carolina resident as I went to school and worked there for 5 years. I hope to eventually buy my first home in California close to family, however I am open to other locations. 

 I am looking to connect with any other travel nurses and other members who can give some insight on how to go about investing as a traveler in regards to getting approved for a loan not having a substantial amount of taxable income. 

Currently I am doing my research and learning the basics of investing. I am extremely open minded and looking to learn all that I can. Any and all advice would be helpful! Thanks so much.

 Hey there @Jacqueline Stoll, I am a travel nurse as well. I also work PRN at my old staff hospital, so I think that helped me a lot. But I recommend you   

1. Write a detailed letter explaining your income and your career as a nurse (highlight the fact that year after year your income has gone up). 

2. Be prepared to give every lender (reach out to many, don't take NO for an answer) all W2's and paystubs for the last two years if needed. 

3. If you have worked for the same company for multiple assignments, ask your recruiter to be a reference for your job history and your estimated outlook.

4. If all else fails, ask them if they could just "average" your income and make sure they understand that as a "career nurse" you have very stable income.  

[Diandra Duncan]

Quote from @Chris Allen:

Quote from @Jacqueline Stoll:

Hello! My name is Jackie. In the past, I was a staff RN of 3 years and have been a travel nurse for the last year. I am very interested in starting out in the real estate investing in the near future. Specifically, I am interested in short term and long term rentals. I do not own any property as of yet. I am a Southern California native  however I am a South Carolina resident as I went to school and worked there for 5 years. I hope to eventually buy my first home in California close to family, however I am open to other locations. 

 I am looking to connect with any other travel nurses and other members who can give some insight on how to go about investing as a traveler in regards to getting approved for a loan not having a substantial amount of taxable income. 

Currently I am doing my research and learning the basics of investing. I am extremely open minded and looking to learn all that I can. Any and all advice would be helpful! Thanks so much.

 Hey there @Jacqueline Stoll, I am a travel nurse as well. I also work PRN at my old staff hospital, so I think that helped me a lot. But I recommend you   

1. Write a detailed letter explaining your income and your career as a nurse (highlight the fact that year after year your income has gone up). 

2. Be prepared to give every lender (reach out to many, don't take NO for an answer) all W2's and paystubs for the last two years if needed. 

3. If you have worked for the same company for multiple assignments, ask your recruiter to be a reference for your job history and your estimated outlook.

4. If all else fails, ask them if they could just "average" your income and make sure they understand that as a "career nurse" you have very stable income.  

 Hi @Chris Allen has this worked for you? I’ve done all of the above so far and still nothing lo. It’s like I’m speaking another language to lenders. For travel nursing to be such a high demand and high paying job, not many lenders are privy to this. At this point I’m tired of middle men loan officers lol