Question for the pros on the board

[Bigwig]

How do you handle disability insurance? My company, for example, or any of the ones I can write from would not cover a poker player. So, my best guess is to join something like the National Association for the Self-Employed and get a group program.

What have you done?

[Big Limpin']

I quit smoking, excersise more, and eat less red meat.
I'm only 25 though.

[wuwei]

[ QUOTE ]
I quit smoking, excersise more, and eat less red meat.
I'm only 25 though.

[/ QUOTE ]

I'm not a pro, but this sounds like a good plan for me as well.

Damn those cigarettes. Damn them to hell.

[UMTerp]

Is it possible to get a home loan (if you're a first-time buyer) as a poker pro? That's pretty much the #1 reason I'd be apprehensive about making the jump.

[SuitedSixes]

There was a thread about this a few months back in the "General" forum. To buy a house you would need to secure a "paperless" loan. Essentially, you are making a down payment so large that your credit is not an issue.

As for insurance, there was a good thread about this last week in the "Internet" forum. It sounds like there are getting to be more options all the time. I have looked into the COBRA laws, and it is actually a pretty good deal . . . expensive but allows you to keep your insurance from your employer for almost two years.

Here is the strategy as I understand it:
Be sure your last day is somewhere in the beginning of the month, so you are covered until the end of the month. You have 180 days from your last day at work to elect to take COBRA. You can be in an accident, on say, the 30th day and then choose to pay for COBRA at that point. You are eligible for COBRA for 18 months after leaving your job.

There are few laws that are employee friendly, but this really seems to be one of them.

[UMTerp]

[ QUOTE ]
There was a thread about this a few months back in the "General" forum. To buy a house you would need to secure a "paperless" loan. Essentially, you are making a down payment so large that your credit is not an issue.

[/ QUOTE ]

SS, you mind linking that thread? I can't seem to find it. What percentage are we talking here?

Also, are there any legal ramifications about getting a loan while still employed at a "real" job, then quitting shortly thereafter to play poker, provided you still make the payments punctually?

[eagle]

No, as long as you had the job when you filled out the bank applications there is no issue. If you didn't have the job than your application would have been fraudulently submitted violating both criminal and civil law.

[NegativeEV]

[ QUOTE ]
Also, are there any legal ramifications about getting a loan while still employed at a "real" job, then quitting shortly thereafter to play poker, provided you still make the payments punctually?


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Get ahold of a couple of local mortgage brokers and walk through your questions with them. Just be 100% open with them and they'll tell you what your options are. If you feel that you've disclosed too much information, you can go to a different mortgage broker (or directly to a lender) when you move forward with your purchase.

Generally you should be able to get a "stated income" loan where you don't need to "prove" your income, but you will need some credit history and a decent credit score. Your broker will tell you this, but what you do after the closing of the loan (i.e. changing jobs, quiting, etc.) should not trigger a loan default (and if you're making your payments the lender will never re-open your file anyway).

[swarm]

Terp once you have the loan and it's closed there is nothing they can do legally if you quit your job and play poker. The only thing you fear is bankruptcy, that's it.

All the mortgage companies care is that you make your payments on time. You could be a drug dealer for all they care, they just want you to make payments.

The best case scenario for a poker player is to have a wife that has a job that has benefits, then your covered plus you have a guaranteed income base that gives you ease of mind.

You can always get an interest only loan if your scared of making payments. This type of mortgage can be cheaper than rent. Of course the only equity you earn is house appreciation.

[skipperbob]

That depends entirely on what % of Purchase Price you can put as down payment....To a smaller degree on what recent tax returns look like