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Old 12-31-2006, 10:01 AM
homeboy604 homeboy604 is offline
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Join Date: Jul 2006
Posts: 692
Default advice needed on buying first house/apartment

so i'm a 400nl grinder looking to finally buy some property.
this will most likely be a 250k-300k apartment.
i currently live with the parents in vancouver, canada and i am 24.
i quit my job in august and have been playing full time since.

i have roughly $62,000CAD in liquid assets (includiing BR) and within a month or 2(where i will have hopefully saved at least 10k more) am looking to buy an apartment.

my credit is not the best, but i dont have any outstanding debts currently (although there were some in the past.)
i do however have a pre-paid credit card, and i imagine that helps a bit with my credit rating.

what is my best play here in looking to get a mortgage ?
i am going to have aprox. 40-50k available for a down payment/fees.
i know that if you have 25% of the total cost of the property, you are "pre-appoved" for a loan, but what does this entail? i was told that just because you have the 25% of the money, doesn't mean you are actually approved.

now obviously i have some roadblocks, as i do not currently have a "real job" and have no plans on getting one.
i can make approx. 10k a month playing poker, but i might have a hard time convincing a bank of this since i have not yet declared myself a "professional gambler" with revenue canada.

i have a few outs though.
i have a good friend, that knows a broker out of alberta who gives loans to people such as myself (as long as you have a 10% downpayment available.)

my aunt in edmonton, is a bank manager and im hoping she can help me out as well. i will be seeing her in person in 3 weeks and will be talking extensively to her about this.

so any suggestions for what i should do here?
should i just bite the bullet and declare the "professional gambler" status with income canada, pay my 30% tax for the year and get a loan that way (which will probably be complicated and take time," or should i go through my friends broker (which sounds sketchy and will probably charge me a high interest rate.)

do i have any other outs available here?
thanks for the help!
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