loans for travel nurses, seeking investment property in Athens

[Trevor Hawks]

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!

[Georgui Kasaev]

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!