loans for travel nurses, seeking investment property in Athens

3 Replies

Hello biggerpockets!

I am looking into buying my first rental property in Athens, Ohio for a college rental. Ideally, it would be a multi-family home within walking distance to campus. I graduated from graduate school in May of 2018 and was hoping to buy my first deal by the end of 2019. My occupation is a Traveling physical therapist.  The bulk of my pay is per-diem pay (non-taxable via housing and meal stipends). The contracts I work are 13 week assignments. I chose this path as it allows me to make about 90-100k per yr after tax, however my W-2 income is only about 25-30k. I see other traveling nurses/therapists getting denied for loans due to the "temporary" nature of our jobs and low taxable rate. I was wondering if getting a loan for a multi-family would be possible given my low W-2 income. 

What steps can I take prior to talking with lenders to better improve my chances of getting approved for a loan when the time is ready?

P.S. First post, after 3 years of following the podcast and reading the biggerpockets books. I'm excited to be involved with this great community. So thanks in advance for your help!


We also invest in Athens and it has been a great market for consistent student rentals. 

After two years of tax returns showing +90k/yr you should qualify for a conventional loan no problem - barring you don't buy a lambo. 

Best of luck!

Hey, @Trevor Hawks welcome to the community. I am no expert on loans, however, it has been my experience that it is absolutely critical to shop your lenders. I went to 9 different banks in my town before one of them gave me the loan I was looking for.  When you visit banks to make sure you have your papers in order. 2 years of tax returns and w2, a recent pay stub, last two months bank statements, an ID. If you have a property in mind and you have a rough understanding of what the expenses are and what the net income will be, then have that written out as a business plan. Most of the commercial lenders will look more at the actual property you are looking to purchase than at your own score. Hope this helps a bit. Good luck investing in Athens OH, and if you ever in Athens Ga give me a shout ill show you the town!

Yes, that is very helpful Georgui. I will be doing some lender shopping next month when I visit a few local banks. I'm hoping the local banks will be a little more lienient on my pay schedule as it is a little different than the norm.

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