The secret life of a professional poker player: I’m on the fringes of society

Also as the residential mortage is cheaper and if BTLs makes money you are better off not renting the residential mortgage must be better than a BTL for a poker player. Send a private message to daddyrnac. Find Threads Started by Gullanian. Message 10 of By Poker King - Find More Posts by Gullanian. Those ancient philosophers had a tonne of good advice for the modern-day poker player to add to his or her psychological toolkit.


Codigo del Bonus Bet Who are the Most Popular Twitch. The Stars Group Inc. The Re-Emergence of Patrik Antonius. Pokerstars Introducing Split Hold'em. Online Poker Scandals Live Tournament Results Cash Game Results Poker Bonus Promotions World Series of Poker Poker Room News Online Poker Tournament Results Random Poker News Miscellaneous Poker Articles Published on You have a young poker player, say 21 years old, who makes his living playing poker online.

This player dropped out of school at the age of 19 to play poker full-time and doesn't have any other income. This player has done well enough for himself that he has managed to accumulate a fairly substantial bankroll. This player is tired of renting an apartment or of living at home with his parents, and has decided that he is going to parlay some of his poker bankroll into a mortgage. By owning an apartment instead of renting or living at home, this player will be building up equity with each monthly mortgage payment, plus he will have something tangible to show for all of his hours spent playing online.

The big question now becomes: The good news is that it is possible for this person to be approved for a mortgage. The bad news is that banks have tightened their lending standards in the wake of the subprime mortgage collapse, and it will take a little more effort to receive an approval.

There are certain steps that you will have to take if you want to give yourself a chance of being approved for a mortgage, if your story is similar to the one that we mentioned above. Pull your credit history. Do you have any outstanding collection notices? Are there any errors in your credit history? The first thing that a bank is going to do is pull your credit history. If you have any outstanding debts that have moved to collection, your first step is to contact the collection agency to try and settle any outstanding debts.

Find out how much it will take to settle, and then make sure that you get a letter from them stating that you have taken care of the outstanding debt. Your first step is to clean up your credit record as best as you can. If you have any outstanding loans or credit card balances, make sure that you stay up to date with your payments. Make sure that you are up to date in your tax filings. If you have never filed or have never reported your poker earnings, then get an accountant, and fast.

You will have to pay outstanding taxes and penalties, but you will help avoid a potentially ugly audit down the road. Find More Posts by rambo Find Threads Started by rambo Send a private message to freddy Find More Posts by freddy Find Threads Started by freddy Send a private message to chezlaw.

Find More Posts by chezlaw. Find Threads Started by chezlaw. Send a private message to jeccross. Find More Posts by jeccross. Find Threads Started by jeccross. You've got a friend in me Posts: Send a private message to Henry Find More Posts by Henry Find Threads Started by Henry Find More Posts by Klakteuh. Find Threads Started by Klakteuh. Send a private message to Stake Monster.

Find More Posts by Stake Monster. Find Threads Started by Stake Monster. Send a private message to pofigistka. Find More Posts by pofigistka. Find Threads Started by pofigistka. Send a private message to daddyrnac. Find More Posts by daddyrnac. Find Threads Started by daddyrnac. Originally Posted by Stake Monster I applied for a mortgage in Canada through a broker and got one with a "self-employed mortgage" which is basically what Henry described.

Send a private message to milkywaykid. Find More Posts by milkywaykid. Find Threads Started by milkywaykid. Originally Posted by daddyrnac First-time buyers can get buy-to-let mortgages, although fewer than half of buy-to-let lenders will consider applications from first-time buyers. Send a private message to dirty banana Find More Posts by dirty banana Find Threads Started by dirty banana Send a private message to Gullanian.

Find More Posts by Gullanian. Find Threads Started by Gullanian. Originally Posted by Gullanian This might be a dumb suggestion, but can't poker players set up a Ltd company in the finance space where their profits are routed through?

Originally Posted by Gullanian Ah knew there was a reason that was dumb No point paying extra rake. Send a private message to kabyz. Find More Posts by kabyz.

Find Threads Started by kabyz. Send a private message to lovehatepoker. Find More Posts by lovehatepoker. Find Threads Started by lovehatepoker. Originally Posted by chezlaw Also as the residential mortage is cheaper and if BTLs makes money you are better off not renting the residential mortgage must be better than a BTL for a poker player.

Originally Posted by daddyrnac What are you saying here? Better off not renting what?