Re: how many professional gamblers own their own homes?
 

I got my home loan while I still had a "real" job, and then turned in my 2 weeks notice to quit immediately after my real estate deal was finalized. It was a planned move, and it worked well.

Re: how many professional gamblers own their own homes?
 

I'm curious as to why OP's friend wants this information?

If it is to get a GF / wife to support the concept of gambling as a legitimate enterprise then he has a uphill battle. People either accept or reject it and no amount of data will influence this for most people.

Re: how many professional gamblers own their own homes?
 

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I'm looking at buying a place but the sub-prime market in Canada is not as well developed as in the States. I can show them 8 years of paying $2700/month in rent to the same landlord plus 40% for a down-payment and as soon as I mention gambling I'm done.

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you have definately been talking to the wrong people.

Re: how many professional gamblers own their own homes?
 

[ QUOTE ]
[ QUOTE ]

I'm looking at buying a place but the sub-prime market in Canada is not as well developed as in the States. I can show them 8 years of paying $2700/month in rent to the same landlord plus 40% for a down-payment and as soon as I mention gambling I'm done.

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you have definately been talking to the wrong people.

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I'm not looking to buy till April but I tested the water last month and tried my bank as well as Xceed and both said they couldn't do it. I don't declare my income for tax purposes so they have no proof of income.

Re: how many professional gamblers own their own homes?
 

i suggest declaring income, then you will have no problem getting a mortgage. also, as a bonus, it will keep you out of jail.

Re: how many professional gamblers own their own homes?
 

this is what you need to do. declare a reasonable income, show you are actually making money from poker (using online transactions to prove it) and put down 25%. you will be approved in a day.

Re: how many professional gamblers own their own homes?
 

Paying taxes though isn't worth it. It would be cheaper to borrow the money on the street or just keep renting rather then declare income.

If I was in the States I'd agree. The IRS is scary and not going to jail is a major plus. CRA on the other hand isn't ever going to bother me.

Re: how many professional gamblers own their own homes?
 

you hope the cra isn't going to bother you. doesn't mean they won't...

it is pretty simple to declare income and not pay tax, which will keep you from getting in trouble (even if it is a remote possiblity) and also allow you to get a mortgage with a very good interest rate.

Re: how many professional gamblers own their own homes?
 

[ QUOTE ]
Paying taxes though isn't worth it. It would be cheaper to borrow the money on the street or just keep renting rather then declare income.

If I was in the States I'd agree. The IRS is scary and not going to jail is a major plus. CRA on the other hand isn't ever going to bother me.

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lol

Re: how many professional gamblers own their own homes?
 

You know what? I forgot to ask why she wanted to know [img]/images/graemlins/smile.gif[/img]