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Buying a house with poker money

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06-02-2008 , 07:37 PM

loxxii

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Join Date: Oct 2005 Posts: 2,283

I am in the process of buying a house. I have a job as a teacher, but I got my down payment with poker money. I am required to show my lender bank statements which include some deposits from pokerstars. Should I be worried about this?

Also, my poker winnings make my ability to pay a mortgage easy, but I doubt it can be included in a debt to income ratio. I can pay the note without the poker income, but leaving it out just makes my ratio look tight.

Has anybody else been through this?

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06-02-2008 , 08:10 PM

captZEEbo

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I'm no expert, but my inclination is that they won't care about deposits from poker stars.

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06-03-2008 , 12:40 AM

kahntrutahn

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Join Date: May 2005 Posts: 8,054

You could always put more money down... if they give you some static, just offer another 5% down. Be sure to carry a wad of hundo's with you and slap it on the table when the appropriate moment arrises.

You could always incorporate your poker winnings as well... pay yourself a salary and have W2 income that those crappy banking institutions love to see. FWIW, I do this.

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06-03-2008 , 12:59 AM

RikaKazak

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1.) the bank will NOT care at all about "poker/gambling transfers"...I've done tons of transactions and shown tons of statements to tons of different people, and no one cares (irs, DoL, banks, etc. etc.)

2.) If you pay your taxes on the poker income, you can count it in your debt/income ratio...if you didn't pay your taxes you can count it, but if they "do actually look at your statements" you can't count it

3.) I've done TONS of properties from poker income, doesn't matter the least bit, tons of poker pros get loans, day traders, handicappers etc. etc....banks care way less than you might think

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06-03-2008 , 08:21 PM

SossMan

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Originally Posted by RikaKazak

guess i don't have to reply to this thread.

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03-27-2009 , 08:20 AM

loxxii

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Join Date: Oct 2005 Posts: 2,283

I know this is old, but I had a set back and now I am ready for the plunge.

I hear you guys but, I am still a little worried about the question "why did you have $5000 deposited from HOMEDISCOUNT into your account in one week?"

I guess I just tell the truth, but I am worried they will report me and I will be ruined.

I know you guys have experience and I should listen, so I will just bite the bullet and do it.

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03-27-2009 , 12:26 PM

TomCollins

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Originally Posted by loxxii

Who are they going to report you to? What are they going to report you for? Are you not paying taxes on it?

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03-27-2009 , 06:59 PM

jogsxyz

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Originally Posted by loxxii

I hear you guys but, I am still a little worried about the question "why did you have $5000 deposited from HOMEDISCOUNT into your account in one week?"

In the future spend your poker money, and save your salary.

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03-27-2009 , 07:38 PM

RikaKazak

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Originally Posted by loxxii

ummm....I don't mean to be an ass but I want to give you a little bit of a reality check. $5,000 means NOTHING to big banks like wells fargo etc.

I have had a few months where $100,000+ magically appeared multiple times from poker and it's never been an issue. And I do a lot of RE compared to the average person.

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03-27-2009 , 08:50 PM

#10

Henry17

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If you are paying your taxes on it I don't understand what the concern is.

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03-29-2009 , 06:19 AM

#11

HeyEveryone

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Join Date: Jan 2009 Posts: 639

in todays market MANY banks care if you have "gambling" income. Just make sure ur taxes dont show "pro gambler" have them show "Self employed" instead and just put the number in for gambling industry (banks will often overlook that and gambling industry is a lot easier to get a loan than "pro gambler" even if they look.

Source: got a mortgage after being denied by 2 banks because I wrote "pro gambler"

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03-29-2009 , 03:17 PM

#12

markksman

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Banks are rarely worried with magic money being deposited INTO your bank account.

Banks actually like money, and they like to loan people money who have money. So having more money is rarely a negative when dealing with a bank wanting to give you more money.

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