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#61
10-02-2007, 05:19 PM
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Re: 10k post
[ QUOTE ]
Thank you Snow. Question though. You recommend NOT telling the bank you play poker for a living. But don't they ask for occupation in your application. Also, won't your tax returns reflect your profession? [/ QUOTE ] A no doc loan that I mentioned means they require no documentation to do a loan. In other words, if you don't have 2 years tax returns, this will probably be a good option for you, and it's pretty much just based on credit score. 
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#62
10-02-2007, 05:21 PM
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Re: 10k post
People who are looking to invest should know that investing in stocks has more variance than investing in real estate. Stocks can technically lose all their value, all though that is uncommon. This doesn't happen in real estate. However the ROI on average tends to be slightly higher with stocks, although there are little if any tax benefits.
In both cases it depends on the current market. In some places real estate investing is not a wise investment, while in others it is a very good investment. Real Estate has always been a much safer investment and will always be. Make no mistake however, if you know what you're doing in the stock market you can make likely make more money than in real estate, and it requires significantly less work after your money is invested than in real estate. Not to mention real estate is something that takes time to reap the benefits from moreso than stocks. A good thing about real estate however is that when you buy a home you can profit before even selling it by renting out to tenants. Usually you aren't able to rent it out to somebody for higher than your mortgage payments, but you at least get to take a much smaller hit. The biggest disadvantage to that however is you can't sell the home whenever you please if somebody is on a lease, but it's still a wise decision to rent it out. Sort of rambled off there but basically both are good investments if you know what you're doing. Real estate is less voilatile while the stock market tends to generate better returns.
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#63
10-02-2007, 05:32 PM
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Re: 10k post
[ QUOTE ]
This doesn't happen in real estate. However the ROI on average tends to be slightly higher with stocks [/ QUOTE ] no [ QUOTE ] Make no mistake however, if you know what you're doing in the stock market you can make likely make more money than in real estate [/ QUOTE ] no in other news 3 of my friends who play poker, 2 of them play sit and goes and make money, 1 of them plays cash games, and he loses money, so i figured out that sit and goes are more profitable than cash games.
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#64
10-02-2007, 05:38 PM
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Re: 10k post
[ QUOTE ]
[ QUOTE ] Thank you Snow. Question though. You recommend NOT telling the bank you play poker for a living. But don't they ask for occupation in your application. Also, won't your tax returns reflect your profession? [/ QUOTE ] A no doc loan that I mentioned means they require no documentation to do a loan. In other words, if you don't have 2 years tax returns, this will probably be a good option for you, and it's pretty much just based on credit score. [/ QUOTE ] What if I wait for 2 years - and have the tax returns to match. At that point do they not care what your profession is?
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#65
10-02-2007, 05:42 PM
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Re: 10k post
[ QUOTE ]
[ QUOTE ] [ QUOTE ] Thank you Snow. Question though. You recommend NOT telling the bank you play poker for a living. But don't they ask for occupation in your application. Also, won't your tax returns reflect your profession? [/ QUOTE ] A no doc loan that I mentioned means they require no documentation to do a loan. In other words, if you don't have 2 years tax returns, this will probably be a good option for you, and it's pretty much just based on credit score. [/ QUOTE ] What if I wait for 2 years - and have the tax returns to match. At that point do they not care what your profession is? [/ QUOTE ] they shouldn't, but you never know. people often have misconceptions about poker, and mortgage brokers are no different. they view anything associated with gambling as "risky", just like many people view real estate/ trading as risky. if they can't do it, they assume no one can, so they assume you could go broke and it may be a bad loan to take on. so if they don't see that you are a pro poker player, definitely don't tell them. "investor" will do.
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#67
10-02-2007, 06:42 PM
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Re: 10k post
[ QUOTE ]
[ QUOTE ] This doesn't happen in real estate. However the ROI on average tends to be slightly higher with stocks [/ QUOTE ] no [ QUOTE ] Make no mistake however, if you know what you're doing in the stock market you can make likely make more money than in real estate [/ QUOTE ] no in other news 3 of my friends who play poker, 2 of them play sit and goes and make money, 1 of them plays cash games, and he loses money, so i figured out that sit and goes are more profitable than cash games. [/ QUOTE ] I shouldn't have used the term ROI as you're right that is not nessicarily true. However, stocks have outperformed real estate for much of the past 30 years, to the tune of about 4% in annual returns. The thing about real estate is that everything is at a fixed rate and it's very rare to make a big score with all things considered. In the stock market you can make more (or lose more) by simply making a bigger investment. I rushed that post a little bit and misworded what I was trying to say. You can make a lot in both by simply knowing what you're doing, and in real estate if you know what you're doing you can make a lot of money without much risk. In the stock market it doesn't matter how good you are or even how good the company is run, you can lose a lot of money quickly. That goes back to stocks being much more violatile than real estate. With that said, there is tons of money in the stock market to be made if you have the money to invest. This is true in real estate but much moreso in stocks.
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#68
10-02-2007, 06:45 PM
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Re: 10k post
For the record, I prefer real estate over the stock market.
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#69
10-02-2007, 07:04 PM
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Re: 10k post
[ QUOTE ]
People who are looking to invest should know that investing in stocks has more variance than investing in real estate. Stocks can technically lose all their value, all though that is uncommon. This doesn't happen in real estate. However the ROI on average tends to be slightly higher with stocks, although there are little if any tax benefits. In both cases it depends on the current market. In some places real estate investing is not a wise investment, while in others it is a very good investment. Real Estate has always been a much safer investment and will always be. Make no mistake however, if you know what you're doing in the stock market you can make likely make more money than in real estate, and it requires significantly less work after your money is invested than in real estate. Not to mention real estate is something that takes time to reap the benefits from moreso than stocks. A good thing about real estate however is that when you buy a home you can profit before even selling it by renting out to tenants. Usually you aren't able to rent it out to somebody for higher than your mortgage payments, but you at least get to take a much smaller hit. The biggest disadvantage to that however is you can't sell the home whenever you please if somebody is on a lease, but it's still a wise decision to rent it out. Sort of rambled off there but basically both are good investments if you know what you're doing. Real estate is less voilatile while the stock market tends to generate better returns. [/ QUOTE ] this post is just wrong or making assumptions all over the place
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#70
10-02-2007, 07:14 PM
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Re: 10k post
[ QUOTE ]
[ QUOTE ] [ QUOTE ] This doesn't happen in real estate. However the ROI on average tends to be slightly higher with stocks [/ QUOTE ] no [ QUOTE ] Make no mistake however, if you know what you're doing in the stock market you can make likely make more money than in real estate [/ QUOTE ] no in other news 3 of my friends who play poker, 2 of them play sit and goes and make money, 1 of them plays cash games, and he loses money, so i figured out that sit and goes are more profitable than cash games. [/ QUOTE ] I shouldn't have used the term ROI as you're right that is not nessicarily true. However, stocks have outperformed real estate for much of the past 30 years, to the tune of about 4% in annual returns. The thing about real estate is that everything is at a fixed rate and it's very rare to make a big score with all things considered. In the stock market you can make more (or lose more) by simply making a bigger investment. I rushed that post a little bit and misworded what I was trying to say. You can make a lot in both by simply knowing what you're doing, and in real estate if you know what you're doing you can make a lot of money without much risk. In the stock market it doesn't matter how good you are or even how good the company is run, you can lose a lot of money quickly. That goes back to stocks being much more violatile than real estate. With that said, there is tons of money in the stock market to be made if you have the money to invest. This is true in real estate but much moreso in stocks. [/ QUOTE ] no again. you are just throwing things out there without having a clue what you are talking about.
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