Looking for some general advice about buying my first house.

IWEARGOGGLES · #1 11-30-2007, 01:09 AM

I didn't really think about shopping for the mortgage before shopping for a house. That is a really good point.

I picked the 10% figure because I factored in closing costs, etc.

I do play professionally and I play higher stakes tournaments. I've done very well the past couple years. I am not a 1/2NL pro, I just thought it would be a good idea to take a low variance approach to actually paying for my life expenses, rather than worrying about a bad month in tournaments.

Some very good stuff in this thread! Keep the good suggestions rolling!

shipurstack · #2 11-30-2007, 01:14 AM

i have been wanting to start investing in real estate for awhile now, and i just want to know from any poker players that own a house how hard is it to get a mortgage if your occupation is a professional gambler.

cwar · #3 11-30-2007, 01:38 AM

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i have been wanting to start investing in real estate for awhile now, and i just want to know from any poker players that own a house how hard is it to get a mortgage if your occupation is a professional gambler.

[/ QUOTE ]
So true, lining up some creative financing is a good option you probably have more connections than you know as a poker player for this kind of thing.

SenatorKevin · #4 11-30-2007, 01:39 AM

[ QUOTE ]
i have been wanting to start investing in real estate for awhile now, and i just want to know from any poker players that own a house how hard is it to get a mortgage if your occupation is a professional gambler.

[/ QUOTE ]

It's hard for anyone to get a mortgage now, especially if you don't have all the paper trails. If you're a pro gambler, make enough and have the proper documents to prove it you should be in reasonable shape.

cwar · #5 11-30-2007, 10:08 AM

This is not necessarily true its always going to be hard as a pro gambler IMO your best bet is to have an LLC that you have paid yourself out of for 2+ years. That being said there are so many ways to creatively finance this kind of stuff like owner financing, wraps, assumptions, private second loan or taking on a partner.

prohornblower · #6 11-30-2007, 05:51 PM

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how hard is it to get a mortgage if your occupation is a professional gambler.

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Try manual underwriting. A "manually underwritten" mortgage. I've heard these are good for salesmen or whomever has a low, or nonexistent base salary.

DoubleDealDecker · #7 11-30-2007, 06:50 PM

Do not do it!
Reread previous sentence.
We are at the end of a huge housing bubble and things are going to get real ugly. There will be blood in the streets. Interest rates will go down because the Fed has no choice. Auto sales are getting crummy.
This is no disrespect to Detroit. If you can deal with the cold
it can be a great place. However, if you continue to pay $300 a month rent for the next year, you should be able to purchase what most people consider a mansion for the price of what you are thinking about paying for a townhouse today.
Housing will come back, American autos will come back, interest rates will rise, Detroit will come back, but not within the next year.
If you are worried about a bank loan... don't... there will be plenty of desperate owners willing to finance.
Also, if you wait and purchase a tired, but still serviceable mansion a year from now it will be a great place
to put excess, unwanted cash.
Kash is King, keep your powder dry.

DoubleDealDecker · #8 11-30-2007, 06:54 PM

ps everything I just said goes for real estate for the rest of
the U.S. except for the mansion stuff.

spex x · #9 12-01-2007, 12:07 AM

[ QUOTE ]
Do not do it!
Reread previous sentence.
We are at the end of a huge housing bubble and things are going to get real ugly. There will be blood in the streets. Interest rates will go down because the Fed has no choice. Auto sales are getting crummy.
This is no disrespect to Detroit. If you can deal with the cold
it can be a great place. However, if you continue to pay $300 a month rent for the next year, you should be able to purchase what most people consider a mansion for the price of what you are thinking about paying for a townhouse today.
Housing will come back, American autos will come back, interest rates will rise, Detroit will come back, but not within the next year.
If you are worried about a bank loan... don't... there will be plenty of desperate owners willing to finance.
Also, if you wait and purchase a tired, but still serviceable mansion a year from now it will be a great place
to put excess, unwanted cash.
Kash is King, keep your powder dry.

[/ QUOTE ]

I'd recommend that you take this advice with a wheel barrow full of salt.