How do professional poker players buy houses? - Page 2 - Business, Finances and Investing Forum

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How do professional poker players buy houses?

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11-27-2015 , 04:58 AM

#26

Pinkmann

old hand

Join Date: Nov 2014 Posts: 1,487

I'm guessing most of this thread is American, but anyone in Europe?

I'm curious if anything is much different across countries.

Last edited by Pinkmann; 11-27-2015 at 05:04 AM.

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11-29-2015 , 09:13 AM

#27

Any2Cards2008

journeyman

Join Date: Sep 2007 Posts: 385

How about for Australians?Any1....with real experiences

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11-29-2015 , 12:23 PM

#28

dessin d'enfant

Guest

Posts: n/a

Quote:

Originally Posted by IntheNow

Uhhh, yes. I'm a professional and just bought a house recently. Put 20% down and showed 2 years tax returns, very good credit, some extra cash leftover after down payment, zero debt, ect.

What he was saying is, the process shouldn't really be any different than someone with a normal job.

I think it's prob closer to somebody who owns a business. I've always been asked for recent pay stubs/proof you are still employed now, as opposed to just last few years income.

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11-29-2015 , 05:57 PM

#29

Mihkel05

banned

Join Date: Jul 2015 Posts: 4,835

Quote:

Originally Posted by dessin d'enfant

I think it's prob closer to somebody who owns a business. I've always been asked for recent pay stubs/proof you are still employed now, as opposed to just last few years income.

Yep.

Unless you use some sort of deceit with reporting (claim you are a self-employed day trader, tell mortgage broker you are poker player, taxes show something else), you shouldn't face issues with your stuff. Same as other self-emplyed folks.

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12-18-2015 , 10:17 PM

#30

stlcardinals

grinder

Join Date: May 2011 Posts: 429

lol have any poker players actually taken out home loan before?

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12-19-2015 , 02:50 AM

#31

borg23

Carpal \'Tunnel

Join Date: Nov 2012 Posts: 15,046

tons have. if you pay taxes on your winnings it's not a problem.

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12-19-2015 , 04:56 PM

#32

farmslicer7

veteran

Join Date: Oct 2006 Posts: 2,066

Quote:

Originally Posted by stlcardinals

lol have any poker players actually taken out home loan before?

Yea, bought a house last summer. Paid taxes as a pro for 10 years, they only wanted last two years tho. And before we closed they wanted a year to date 'statement'

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12-19-2015 , 07:05 PM

#33

IntheNow

journeyman

Join Date: Apr 2011 Posts: 363

Quote:

Originally Posted by stlcardinals

lol have any poker players actually taken out home loan before?

Before this last post of yours, 6 different people in this thread have responded to you saying they have. Now Farmslicer has made it 7.

So why would you post here and ask again? Clearly you aren't actually looking for an answer. What's your angle/play here OP?

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12-22-2015 , 08:54 PM

#34

stlcardinals

grinder

Join Date: May 2011 Posts: 429

Quote:

Originally Posted by IntheNow

I don't see 6 poker players saying they have bought a house as very many poker players lmao. I was told Freddie Mac does not allow for gambling winnings to be used for a mortgage. So anybody who was allowed to use it must have filed schedule C and had a history of making a living doing it.

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12-23-2015 , 02:15 PM

#35

IntheNow

journeyman

Join Date: Apr 2011 Posts: 363

Quote:

Originally Posted by stlcardinals

Lol wtf? You never asked or mentioned anything about very many poker players. The post I quoted was you specifically asking if ANY had.

And of course professionals that have bought houses filed a schedule C (thats how you file as a pro), as well as had a history of making a living doing it.

This just keeps getting more bizarre...

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12-23-2015 , 07:31 PM

#36

Wealth$

adept

Join Date: Nov 2015 Posts: 1,162

The simple answer is yes you can get a loan if you meet the criteria posted by everybody in here. I'm not sure why your trying to debate here.

If you really want a loan and meet the criteria, you can make it happen. There may be some banks that don't allow it but you can make it work if you want to....

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12-23-2015 , 09:15 PM

#37

onemoretimes

Pooh-Bah

Join Date: Sep 2012 Posts: 3,535

Quote:

Originally Posted by stlcardinals

GTFO /thread

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12-23-2015 , 10:03 PM

#38

fanmail

Carpal \'Tunnel

Join Date: Jun 2005 Posts: 32,698

Click a mouse

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12-23-2015 , 11:52 PM

#39

Shoe

Carpal \'Tunnel

Join Date: Jul 2004 Posts: 11,869

OP, you have to be a winning poker player to qualify for a mortgage.

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12-26-2015 , 08:57 PM

#40

RikaKazak

Carpal \'Tunnel

Join Date: Jul 2005 Posts: 9,662

Quote:

Originally Posted by stlcardinals

lol have any poker players actually taken out home loan before?

lol yes

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12-27-2015 , 12:19 PM

#41

domer2

Carpal \'Tunnel

Join Date: Jul 2006 Posts: 34,140

I did not encounter any resistance to buying a house with gambling income....I had a schedule C and gave them two years of tax returns with my employment listed as Gambler. I also re-financed in 2014 to get a lower APR, again without any problems.

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12-27-2015 , 12:21 PM

#42

domer2

Carpal \'Tunnel

Join Date: Jul 2006 Posts: 34,140

Quote:

Originally Posted by stlcardinals

It is impossible to get a loan from certain banks as a professional poker player that is true.

Which banks are those?

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01-07-2016 , 01:36 AM

#43

billburr

journeyman

Join Date: Nov 2013 Posts: 223

is this a ok thread for direct lender recommendations (hopefully in california) where their underwriters have no problems signing off for pro poker players as 1st time homebuyers? i need help soon as soon as i turn in my 2015 taxes. recommendations please

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01-09-2016 , 12:41 AM

#44

billburr

journeyman

Join Date: Nov 2013 Posts: 223

Quote:

Originally Posted by stlcardinals

Did you explicitly make it clear that the "gambling income" you want to use to qualify is the number that appears on line 12 of your 1040? and NOT line 21? I think this a very distinct difference. They still said no?

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01-10-2016 , 02:39 AM

#45

H0LDiT

aka plzjustHOLD

Join Date: May 2010 Posts: 1,809

Anyone in the UK have experience with this?

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01-10-2016 , 10:56 AM

#46

Z06Fanatic1

adept

Join Date: Feb 2015 Posts: 835

Quote:

Originally Posted by billburr

i dont think there's any difference between a pro poker player and a small business owner - income is income when you're self employed....2-3 years of solid tax returns + reasonable credit score should do it

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01-12-2016 , 11:52 AM

#47

FlipsTix617

newbie

Join Date: Jan 2016 Posts: 39

Your wife.

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01-14-2016 , 08:04 PM

#48

loololollo

grinder

Join Date: Jun 2013 Posts: 653

buy it outright

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01-15-2016 , 03:01 AM

#49

thorleif

veteran

Join Date: Jul 2006 Posts: 2,427

*mic drop*
/thread

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01-19-2016 , 02:55 AM

#50

PunnyYouSayThat

Tattoo Commissioner

Join Date: May 2007 Posts: 5,097

slightly off topic question for someone who knows the answer;

I'm considering buying a condo in CA and i currently have a doberman dog. If i'm buying, are there HOAs that can prevent me from having a pet? even though i'm buying?

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