how many professional gamblers own their own homes?
 

I have a friend that is looking for demographic information on how many professional gamblers are property owners? Any thoughts on where I could direct her for this info?

Re: how many professional gamblers own their own homes?
 

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Re: how many professional gamblers own their own homes?
 

I'm trying right now but bankers really hate to hear the word "gambler."

They want 3 years of self employment history. By that time I'll be buying straight cash, lol (kinda).

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3.

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I rent my primary residence but I own a vacation property in the Algarve.

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.

Re: how many professional gamblers own their own homes?
 

My sister's a mortgage broker, and she can get you a mortgage easily if you are putting 40% down... no costs to you (bank pays her). PM me if you want info.

I know this for a fact, as I have 4 houses [img]/images/graemlins/smile.gif[/img]

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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?
 

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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.

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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?
 

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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

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

Re: how many professional gamblers own their own homes?
 

I own a home paid for by poker. I have 2 years of income taxes paid and had no problem getting a great loan, 3% down paying 6% for 30 years.

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

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His equity vs. the CRA here is like 98%

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account 363

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Also my lender had no problem whatsoever that I was a pro poker player, w-2's work magic.

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Not quite sure what the running total is, but add me to the list.

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Click the mouse and lose your house LDO

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Also my lender had no problem whatsoever that I was a pro poker player, w-2's work magic.

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Where did you get a w-2?

Re: how many professional gamblers own their own homes?
 

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

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His equity vs. the CRA here is like 98%

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I'd say it is 99.999%. I've stopped filing income tax because I don't want to push my luck but for the years 2000-2004 I claimed $32k in rent payed to get my Ontario rental credit while declared my annual income as $100-300. If that didn't get their attention I don't know what will.

Re: how many professional gamblers own their own homes?
 

I don't know why I said w2, I meant 1099.

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Re: how many professional gamblers own their own homes?
 

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

[/ QUOTE ]

His equity vs. the CRA here is like 98%

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I'd say it is 99.999%. I've stopped filing income tax because I don't want to push my luck but for the years 2000-2004 I claimed $32k in rent payed to get my Ontario rental credit while declared my annual income as $100-300. If that didn't get their attention I don't know what will.

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lol?

Re: how many professional gamblers own their own homes?
 

I understand the lol but what is the "?" for?

Re: how many professional gamblers own their own homes?
 

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

[/ QUOTE ]

His equity vs. the CRA here is like 98%

[/ QUOTE ]

I'd say it is 99.999%. I've stopped filing income tax because I don't want to push my luck but for the years 2000-2004 I claimed $32k in rent payed to get my Ontario rental credit while declared my annual income as $100-300. If that didn't get their attention I don't know what will.

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I can't speak to the CRA, but the thing about the IRS is while you're not likely to be audited, if you are, they don't understand the concept of table stakes.

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The CRA is in the same ballpark as like... Larry, Curly and Moe.

Or Jay & Silent Bob.

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Who cares. I doubt very many, since most are living in apartments or hotel rooms supplied by the casinos.

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It seems like pro gamblers have a lifestyle that fits apartments much better than homes.

Re: how many professional gamblers own their own homes?
 

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It seems like pro gamblers have a lifestyle that fits apartments much better than homes.

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Certainly. Homes have lawns, snow removal, outside maintenance, etc. That takes up too much time.

I also like having security to keep random people from just showing up.