Question for the pros doing this for a living

[TommyO]

Just read Balkii's (sp?) post on his first year of doing this for a living. Great post by the way. Congratulations!

I saw several comments about how it's great playing poker for a living because you don't have to answer to anyone but yourself. Just curious if any of you have had to borrow money to buy a car, buy/re-finance a house etc. I would love to see the loan officers face when you tell him you play poker for a living. Has this been an issue for any of you guys?

[LImitPlayer]

If you are playing for a living, forget about any any kind or loans, morgatges, credit cards etc from anybody.

Be prepared to always pay in cash.

The exception to this is if you have already established yourself. I already had good credit, a very small morgatge and a car lease before I made the jump to pro.

[zaxx19]

Actually probably a much better way to live anyway....With the exception of a mortgage...a cosigner could work though.

[mrjim]

I know a prof. day trader who pays for everything cash and he gave me three reasons.

1. Tough to get a loan (if not impossible).

2. You don't want monthly payments in a job that has variable monthly income. If you have a bad month it's nice not to have to worry about your car payment.

3. If you go broke, you have assets you can sell to get back on your feet.

Same logic would apply to poker pros.

[SinCityGuy]

[ QUOTE ]
If you are playing for a living, forget about any any kind or loans, morgatges, credit cards etc from anybody.

[/ QUOTE ]

That's just not true. If you've been making a good income and accurately reporting it on your tax returns, you can get a mortgage or car loan just like anybody else.

[ScottTheFish]

Just plan to pay cash for things. It's a better/smarter way to live anyway. Borrowing money to pay for things that depreciate in value like cars is not good.

If you have a decent down payment, there are tons of alternative mortgages you can get if you look around. Look for a lender that does manual underwriting and doesnt just look at a credit score. You'll be fine.

Build up enough savings to live for a few months if things go bad, and tell the bankers and credit card companies to piss off.

[bernie]

[ QUOTE ]
2. You don't want monthly payments in a job that has variable monthly income. If you have a bad month it's nice not to have to worry about your car payment

[/ QUOTE ]

I sort of agree but he should have enough extra behind him not to worry about single month to month bills. Basically a 2nd 'living expenses' roll covering a few months at least that he can use in the down times. If he's an added payment a month away from having to really worry about expenses, he may be living beyond his means and/or spread himself a little thin.

b

[dogmeat]

Many homes are available as "assumables", meaning you assume the loan, or the seller will carry you. As far as calling yourself a poker player and getting credit - it is very tough. Almost every lender wants to verify your employment.

I am lucky enough to have a wife that earns more than me, and we have very good credit. However, I also set-up a small business with a phone number (my cell) and web site. It has small expenses, but a checking and savings account - is listed with the state, pays sales tax, and can verify my employement.

Live poker earnings go in my pocket. Online earnings from any sales, rake-back deals, bonuses etc. go on the business books. End of the year - well there is self-employement tax, but it's a trade-off to show a "real job". It's worth it to me.

Dogmeat /images/graemlins/spade.gif

[emonrad87]

[ QUOTE ]
[ QUOTE ]
2. You don't want monthly payments in a job that has variable monthly income. If you have a bad month it's nice not to have to worry about your car payment

[/ QUOTE ]

I sort of agree but he should have enough extra behind him not to worry about single month to month bills. Basically a 2nd 'living expenses' roll covering a few months at least that he can use in the down times. If he's an added payment a month away from having to really worry about expenses, he may be living beyond his means and/or spread himself a little thin.

b

[/ QUOTE ]



This is good advice for ANYONE, because you could lose your job at any time and it could be a couple months before you get working again.

[Kurn, son of Mogh]

If you are playing for a living, forget about any any kind or loans, morgatges, credit cards etc from anybody.

Absolutely not true. "No Income Verification" mortgage loans (where you can simply use your AGI from tax returns and leave the asset portion blank) are not uncommon, you can get credit cards and car loans just as easily as any other self-employed person.

Do you get the lowest rates and best terms? No (and neither does the guy who runs the local pizza shop), but you still can get credit.

[TobDog]

Ditto!

My home loan and my refi of my home loan(at a lower rate) was all done on stated income, my problem was that I had IRS documented income but my salary was bad(I was making $9.75/hour at my old job, not enough to cover the $200k loan) The rate is not that much higher than the perfect credit, prefect income rate.