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10-19-2020 , 02:28 PM
#1
Balbomb
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old hand
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Hi guys, I was hoping for some recommendations or direction on choosing a local bank so that in about 18 months we can be financed to buy a home. In particular I was wondering about a bank that is comfortable dealing with professional poker players and the different pluses and minuses of our job. Really appreciate any help.

- grant
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10-20-2020 , 11:15 AM
#2
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MSchu18
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Schwab...

your home loan will be shopped around so it DOES NOT need to be tied into your personal bank.

or... to be honest, I might consider using crypto to work the capital/liquidity.
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10-20-2020 , 02:13 PM
#3
A Train
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centurion
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Def not Chase.

One Nevada CU has been great with me.
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10-20-2020 , 04:14 PM
#4
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I guess I am saying, why do you need a 'local' banking institution? as long as funds are 'Seasoned', it wont matter if the funds are local or not.

Credit unions are always a good choice also... nevada has a couple to choose from.
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10-20-2020 , 05:30 PM
#5
BruhKGB
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Vaguely remember Negreanu tweeting about changing banks a while back to a place that was more poker/gambler-friendly in Vegas. Might be worth a look if you feel like scrolling through his last few months worth of tweets.
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10-20-2020 , 05:33 PM
#6
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I am not sure what that means exactly... all banks are governed by the standards and practices of the FDIC if they are insurable and legal.

if you plan on not declaring anything and trying to amass a roll, I made the suggestion of using crypto to move liquidity around and in some instances, hide it from the IRS.

Schwab will help if you travel internationally... but so will Crypto.

is there some feature you are weighting more for the bank?
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10-20-2020 , 08:07 PM
#7
madlex
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Quote:
Originally Posted by MSchu18
I am not sure what that means exactly.
Probably that some banks are not interested in having professional gamblers among their customers.

I know a couple people who had their accounts closed after they truthfully answered questions about the source of deposits. I think the majority of accounts was with Bank of America but I am sure there are other banks who handle it the same way.
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10-20-2020 , 09:23 PM
#8
Balbomb
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Ideally we are trying to find someone that has a better understanding of poker income, particularly the discrepancies in month to month or even year to year (my yearly income in 2018 is very low for the level of house we are looking for)

Yea exactly madlex, although the deposits have not been a problem I’m with BOA now and would never dream of trying to do a mortgage through them
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10-20-2020 , 09:43 PM
#9
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MSchu18
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Quote:
Originally Posted by madlex
Probably that some banks are not interested in having professional gamblers among their customers.

I know a couple people who had their accounts closed after they truthfully answered questions about the source of deposits. I think the majority of accounts was with Bank of America but I am sure there are other banks who handle it the same way.
I've never heard of anything like that... banks WILL ask you the source of larger 'cash' deposits as a function of the doj and for tracking, but gambling winnings don't constitute an issue here imho.

Any large deposits I've made that were done at a teller (as opposed to a atm) has always been answered with 'gambling winnings' and I've NEVER ever had an issue.

Gambling is a 'legal' enterprise...
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10-20-2020 , 09:56 PM
#10
madlex
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Just googled for it out of curiosity and the bank that closed Negreanu’s account was BoA.

No idea why they did that you, might not be gambling related.
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10-21-2020 , 12:44 PM
#11
Balbomb
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My biggest concern was that through a mainstream bank like chase or Bank of America that due to my profession they would want an absurdly high down payment on a house like 25-30%
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10-21-2020 , 06:46 PM
#12
pig4bill
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Banks like that don't give good deals unless you're straight arrow down the line ordinary Joe. You're generally better off going to a mortgage broker.
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10-22-2020 , 12:16 PM
#13
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At best, you're going to be treated like a small business owner. You'll need at least two years of income statements (usually tax returns) to show that you're a consistent winner. If you've been fudging your income to avoid having to pay taxes, it is now going to bite you in the ass.

Looking for a low down payment doesn't help. They want you have a lot of money tied up in the house so you won't be tempted to just walk away if you have money troubles. Even if you do walk away, they want to be able to sell the property and get something out of it.
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10-23-2020 , 12:03 PM
#14
snowman
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where you bank and where you get a house loan have nothing to do with each other.

you get no special treatment for banking with them.
this is no longer the 1950's where that mattered.

you will be considered self-employed and need 2-3 years of bank statements and 1040's to prove income.
if you don't claim it and file on a 1040 they will not consider it.
my friend makes 25k plus a year on ebay, doesn't claim it and it wasn't allowed to be used when he applied for refinancing
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10-23-2020 , 12:06 PM
#15
snowman
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Quote:
Originally Posted by venice10
At best, you're going to be treated like a small business owner. You'll need at least two years of income statements (usually tax returns) to show that you're a consistent winner. If you've been fudging your income to avoid having to pay taxes, it is now going to bite you in the ass.

Looking for a low down payment doesn't help. They want you have a lot of money tied up in the house so you won't be tempted to just walk away if you have money troubles. Even if you do walk away, they want to be able to sell the property and get something out of it.




1st time home buyers can use hud loans with as little as 5% down and credit scores lower than 600 but they still need proof of income
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10-23-2020 , 12:25 PM
#16
Gzesh
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Quote:
Originally Posted by MSchu18
I guess I am saying, why do you need a 'local' banking institution? as long as funds are 'Seasoned', it wont matter if the funds are local or not.

Credit unions are always a good choice also... nevada has a couple to choose from.
A local bank is less likely to decide down the road that it wants nothing to do with "gambling".

For example, I once had a company in Nevada that entered into a publishing license deal to produce and distribute Spanish language versions of some poker book titles. Banking was set up with Chase in Nevada, with whom I did other banking for other businesses. . About 6 months later some cara picha at Chase in Texas decided to close the banking because someone back wherever did not want to provide banking to a "gambling" related business.... not even a simple book publisher

OTOH, thumbs up for Credit One Nevada ....
Last edited by Gzesh; 10-23-2020 at 12:31 PM.
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10-23-2020 , 12:53 PM
#17
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It also doesn't matter (much) who you get your mortgage thru, as, often before the first payment is made, you will be sold to BofA or WellsFargo, anyway.

Both of mine were, so 100% factual.
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