That’s funny.

That’s depressing

You should totally hit up that wreath competition.

Also not sure how you didn't anticipate short term capital gains tax. The $50K mortgage to pay off tax man and get a $2/$5 bankroll isn't a bad option.

So am I going to see you in Columbus ?

I believe it's only depressing if you do nothing. You've done well for yourself to be where you are in life. I just think you're unnecessarily painting yourself in a corner by tying up so much money in an illiquid asset while rates are so low. It's a guaranteed return, sure. But your ROI on, say $30K, is far higher when invested in poker given your skills. Put differently, If you have a $50k mortgage you'll pay ~$140/month in interest. After the tax man of ~$15k-$20k (really I have no idea) you'll have around $30k. Given your history your monthly on grinding pure 1-2 and 1-2-5 is $3k-$4k depending on volume. So net net your ROI is absurd. Perhaps you can do similar with a razor thin bankroll, but why put yourself and your family through that stress?

If you grind poker for the next year on $30K with life roll needs of on average $1,200/month (I know you said you only have utilities, but add interest and food and the kiddos stuff and I'm sure it might be more than this) you'll have around $50K in one year.

Your story is inspiring and I certainly can agree to disagree if you'd prefer to take a different route. I'm a believer (not always a practitioner) of setting oneself up for success. Don't let avoidance (of the tax man) create issues that compound in your life. In your position there's literally no reason for you to have any problems. Poker players have a reputation for bad bankroll/finance management, and I think you're different, so I'd hate to see you complicate your life more than it needs to be.

Like I said, my two cents. No shade thrown here.

Might not be able to get a mortgage...if he is self employed, has to show two years income on a 1040. Also a lot of lenders don’t consider a professional poker player a job, no matter the income. Day trading you need two years consistent income. I had a friend who went through hell trying to refi as a pro poker player. In most cases, it doesn’t matter if the home is payed for. Still have to have credit, good debt to income ratio, and income.

He could likely find a hard money lender at much higher rates.


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The house would serve as collateral, right? He's got $200k+ in equity in it.

It would but you need consistent income to qualify for more as the previous poster alluded to.

I think his girlfriend has a stable job so they could do it solely on her income. He mortgage amount isn’t much. There’s work arounds. It’s doable.

Was just going to say GF should be able to get loan without issue.

Come on manggggggggg ... you didn't know about short/long-term capital gains Rayz!?

The Melody estimate at 15% is pretty close but that stock profit will be taxed at your tax-bracket rate (assuming you've been filing your poker income all these years). AND you cannot dodge it, your broker forwards all that information right on to the IRS.
Wouldn't advise dodging the Melody tax either obv but 15% is nothing so can't even imagine someone considering doing so.

She would need to be on the deed. And have income, good debt to income, and good credit. Which she probably does, but not sure about the deed.

My situation. I’m kinda cash poor a little bit. I have a bunch of rentals. And one keeps requiring repairs. Not going to sell, don’t sell, keep it, it gains 7 to 9 % in appreciation every year, just wait, don’t sell, don’t sell. Let’s try and buy something else. Leverage the banks money to work for me. Whatever you do, don’t sell. Adjust the net worth sheet, look at the gains every month. It gets bigger. Don’t sell. Hold on.

This is how you do it. Not by selling real estate and paying off cheap money.




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All of the houses I flipped in the past had a capital gains, but was able to write many things off due to rehab. The Melody is the only one I had for long term, so not sure how it’s gonna work. Now that I think of it, it too will prob have a capital gains since it wasn’t my primary home. Not sure.

Primary home was appraised for $299k 1 year ago when I got rid of that stupid PMI.
Sara and I both r on the deed. If need be, cd get a small line of credit. Gonna try not to and wait see the tax damages.
Sara said she wd much take care of all bills since I forked over $200k a couple months ago. But I hv still been paying, just because. $1k/mo has been more than enough for all living expenses plus kids, entertainment on my portion.

Right now we are sitting around $2k poker roll. Lol
$500 small emergency fund. Lol
Christmas already taken care of. Hooray!

Money coming in. $5k from Sara’s portion of inground pool. As some may know, got a pool installed 3 years ago where I paid for it from the first attempt of $40k challenge (Melody was paying my bills). Sara wanted the pool so bad, and agreed to pay half of it...$5k each tax season for 3 years.

Possible Money coming in. I’m in 2 football leagues.
• A fantasy football league where I am going to make the 6 team playoff, and end up w most fantasy points. Cd earn anywhere from $100-$550.
• In a pick em league. Where I currently stand in 1st place by 3 games out of 49 teams. Already guaranteed $350 (winner of halfway point), and cd earn an additional $1500 if can hold through 4 more weeks.

Around Jan 1. I am anticipating having around $3k-$4k poker roll. If we hv a losing month in Dec; then game fn over.
I feel optimistic saying w all factors included, shd have around $8k when it’s time to pay tax. Which may not be enough. And broke 0$.

Train wreck cd b around the corner. Gonna do my best not to find a job, and just grind poker like it’s my last dollar. Which is a horrible idea.

If I only held ENPH for 2 more months. Cd hv $200k and not a $2k bankroll.

this whole story is wild and I have been following along and rooting for you, but the bolded about fantasy football money is BANANAS--c'mon man we all know how football money comes and goes in the blink of an eye.

Solid advice!

Btw, if anyone out there wants to buy an original #wallart of a sunrise, that took place Nov 9, on my deck, after morning coffee, and perhaps a head change. I’m pricing it at $15k-$20k.

Almost hung...(*That what she said).

I know this is reallllllly hard but you've got to come to terms and just be grateful for what you did get out of it. It could have easily turned downwards and you'd be in stuck on ENPH PLUS still owe on your house.

The ENPH gain was a huge blessing because now your mortgage is gone. Your cash flow is down, but your net worth is wayyyy up.

I like a lot of the small loan ideas thrown around in this thread. I know you are absolutely capable of turning poker up, but once you get over the tax hurdle you should be clear sailing, so just do what you gotta do and get by that.

But please don't beat yourself up over making a killing on ENPH, it could always have been more. I downloaded a bitcoin miner in 2010, but I'm not a millionaire, but easily could be 10x over. But I'm not making that mistake twice, so that's why I'm heavily invested into Stellar, Ripple, Ethereum, NEO, etc. now - new opportunities on the horizon - gotta keep pushing forward and stop looking in the rear view.

Keep your eyes straight ahead and keep grinding. Just have the confidence, because you've done it before and you'll do it again. Make every day just a little bit better than the day before and a year from now you'll look back and realize things are always better than they appear.

Thanks @tswpoker1. Appreciate the post. Shd b in the clear soon ensuing. Just gotta stay focused and grind through until then.


Anyway know what percentage of sports betters are winning long term (10% juice included)?
Don’t get any ideas, but I am curious. It has to be small, right?

I personally think it's small and takes a good amount of work to edge out some small edges with a good amount of variance. I think the effort and money would be better spent in the stock market or sticking to the poker.

Unless you have resources like Voulgaris or Billy Baxter I think the odds of beating sports over any significant length of time are miniscule.

I've been gambling for a very long time, and one of the very biggest leaks I've seen in good poker players is sports betting.

Isn’t it a really dumb idea to be traveling 100 miles when you have a casino in your backyard?
I’m sorry, but something isn’t adding up. Why aren’t you playing there? Haven’t they let you back?

most pros are AT 53% REALISTICALLY.dosnt sound like much but with proper bankrol management.you can do good.i dont like to encourage people to bet but if you follow fezzik at pregame.com. you will make money.i have followed him for years.as i said without proper br manangement you will lose.

I'd say that playing poker alone, your risk of ruin is less than 5%.
Poker + stocks and your risk of ruin is probably 25%.
Poker + stocks + sports betting and your risk of ruin is probably 50%.

Now obviously the return is higher, but I'd say until you build that cash flow, why risk it?

Thanks

True indeed about ff...why I typed “possible” (money coming in).

At this point w my roll. Im looking at all “possibles”. lol

My 2 and only leagues:
•Ff Playoffs start next week for me. We need to score.
•still holding strong by 3 games in the pick em league. $2k ish for 1st. 3 weeks to go.

I flipped the script and banned them. I haven’t reinstated them yet.

Sports betting ...

Thank ya. So hard to beat the juice!

Never have done any serious sports betting. I was thinking about trying football only next year. done pretty decent the 2 years I’ve played in this pick em league..
Pick em league: pick every game, every week, against the spread. $100 entry. Player w most correct each week gets a little $, season winner gets a big chuck $, 50 players.

This may b a shot take idea for 2018. We gotta to continue to build this roll first. Hopefully, next season we hv enough to throw $100 on each game each week, and see how we do. Just a thought.

2018 break even or break loose. At least 1 shot take a month. Gonna hv to start small tho.

LET'S GO!

I don't think anybody can bet every game every week and actually rate to win fwiw. Many lines are going to rate to lose on both sides, no?