buying real estate

[daryn]

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http://pokerdb.thehendonmob.com/play...=r&n=29364

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oh man, that 1k event at turning stone was sick. got it all in w/ TT vs AK when there were 15 left, i had a pretty good sized stack, as did the AK. he busted me, anyway the guy ended up finishing first. IT COULD HAVE BEEN ME!!!

the guy flipped his cards face up when contemplating calling my preflop all in too. how bush-league.

sorry for poker content

[BeerMoney]

Haven't u discussed this on here before?

[ddollevoet]

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there's pretty much no way you'll be able to get a mortgage by yourself if you cannot prove a reliable source of income in the future.

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This is correct. The key words here are "a reliable source of income in the future". Any lender will want proof of this, and this usually means income from having a real job with a real company for a minimum of 2 years.

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Dude you're totally wrong.

Stated Income Loan

It's amazing what you can do with a large chunk of cash and a good credit score.

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I just did a quick search of Stated Income Loans and came up with this:

General Requirements:

Lenders usually look for a minimum of 2 years of self-employment history or employment history in the same field. Proof for minimum of 2 years employment history for self-employed borrowers may be accomplished by obtaining a typed letter from a accountant/CPA on their company letterhead to get verification of the borrowers self employment. If an accountant is not available, two years of business license or confirmation from 3 disinterested business associates may be required. Your ability to qualify for the loan is based on the income stated on the application. The income must be in line with your occupation.

I somehow doubt "Poker Player" will be in line with these requirements.

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Daryn would most likely want a No Income loan where income is not disclosed, but assets are disclosed and verified and must meet an adequacy standard.

The bank account where Daryn keeps his roll would most likely be adequate.

See here for definitions of mortgage requirements.

[GrooveNougat]

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need some info on buying a house/condo

can you just walk into a real estate office and start asking questions? i am kind of a bum, i don't see myself fitting in. also nobody in their right mind would give me a loan due to having no job but what if parents co-sign? should it be no problem after that or could i still run into trouble?

let's put it this way, what is step #1?

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Daryn,
The advice on here so far has been a mishmash of incoherent blabbering. Step 1, put on your good sweatpants and go talk to a real estate broker. Step 2, they'll put you in touch with a mortgage broker who will tell you anything you need to know about getting a loan.

As long as you've got the cash, they'll be tailoring to you. www.realtor.com or www.themls.com might help you get started too.

Good luck house/condo hunting.
Cheers

[daryn]

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Also, you implied that you are not reporting your poker winnings to the IRS.

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i made no such implication

[daryn]

ok so my primary plan right now is to go to the bank tomorrow (where all my money is) and ask them what's up.

[Sponger15SB]

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If you don't have a job, how are you going to afford a place?

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hmmmm hmmmm hmmm, lets see, what kind of message board are we on? damn, what could daryn do to make money and yet not have a "job"...... I'm just at a loss here.

[KaneKungFu123]

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ok, everyone is talking up this "pre-approved" business, and i'm digging it. problem is i know nothing about any of this stuff. what does that even mean? sounds like a good first step though

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how is daryn going to get preapporved when he doesn't have a job. from what ive read he is either gonna have to make a big down payment, like 1/3, or have someone co-sign with him.

[bugstud]

daryn, just follow this advice. It is more than spot-on.

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okay --

first you need to figure out what you can afford to pay in payments. ins. taxes repairs etc per month. that figure is about 30% of your income-- max.
triple or quad your income and that is about the house you can afford-- max.

read about buying real estate first so you know something, as you dont as of yet. then look for owner financed properties. either by an ad or calling some real estate agencies and asking what they know of in your range. this way you dont have to qualify at all. and dont pay closing costs and points or fees or mortagage insurance.
then learn to judge what each place you look at is worth. you can not believe anyone else-- period. good luck.

if you must fall for the loan route, you can usually get a no approval needed loan if you put at least 25% down. you have to go to more than one place. its called work.

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[chucksim]

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daryn, just follow this advice. It is more than spot-on.


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Yep. I'm a big proponent of buying rather than renting, but you really need to honestly and accurately consider how much you can afford. Owning a home means a lot of "hidden costs" each month you may not have thought about.

Utilities, food, incidentals, furnishings, etc can all eat into your monthly nut. Ray's comment about 3x annual income sounds about right to me. You can do more, but to be comfortable, I think that's about what you want to look at. If you can't get the place you want for that price, you can't afford it.