Bank Statement Loans? (1 Viewer)

[Payback]

Life has been up and down for us the last few months and I'm trying to make a lot of big life decisions. The first, is my lease is up in April and I'm trying to get a home loan on a place. Not sure yet if we are staying in Memphis as I've got some applications out for other places and I'm waiting to see what happens, but either way we are planning on buying in the next place we live.

Prior to filing my 2020 taxes I spoke to several banks, and tax professionals as my poker income surpassed my teaching + 2 other side job income in the last 2 years. Some that I spoke said they wouldn't take my poker income, a few said they would take half. I then spoke with some tax professionals who recommended not filing it as a Schedule C Business as I'd pay 10-15% more being hit with self-employment taxes so I followed the advice and filed under "other income." Now one of the we will take half lenders that I picked, who has all of my documentations, just got back to me after getting my last tax return. The story now is that I'm SOL on any poker income.

Anyone have experience with bank statement loan with a deposit history where I won't get bent over with a high interest rate as I'm thinking that might be another option?

 

[CraigT78]

Ugh, tough spot. I've got a guy who does loans if you want me to reach out to him, or give you his contact info. He specializes in non standard loans.

 

[Payback]

Ugh, tough spot. I've got a guy who does loans if you want me to reach out to him, or give you his contact info. He specializes in non standard loans.

That could be what I'm looking for, or just to get some more information. I should mention as we are on the TN border we are looking at TN/MS places, but there is also a chance we could be in MI or another state if another job lines up.

 

[CraigT78]

That could be what I'm looking for, or just to get some more information. I should mention as we are on the TN border we are looking at TN/MS places, but there is also a chance we could be in MI or another state if another job lines up.

I have no idea how loans work, or where licensing takes place, but I will PM you his info - he's a great guy and might be able to answer some questions or give you a referral.

 

[Moxie Mike]

That could be what I'm looking for, or just to get some more information. I should mention as we are on the TN border we are looking at TN/MS places, but there is also a chance we could be in MI or another state if another job lines up.

Real estate is super hot here in Grand Rapids - in fact the 49505 zip code was the hottest in the country as recently as last summer: https://www.grbj.com/articles/93929-west-michigan-zip-code-is-the-countrys-hottest-housing-market

I know a lot of real estate agents around here that I trust - if you're considering this area send me an email and I'll make some intros for you. mike@moxiemeninc.com - I'll also give you a primer on the poker scene if you like

 

[Changster]

Great time to buy if you can get a loan, since 30 year fixed rates are now at all time low’s.

Good luck sir.

 

[APatHand]

With regard to your poker income, you should talk to (Clayton) Russ Fox. He's a tax guy in Las Vegas that specializes in gambling income, particularly poker players. He's a little busy right now (tax prep season) but call him in May or June.
Bart Hanson had a Crush Live Poker (YouTube) segment about taxes in the last couple weeks - coincidentally, he uses Russ.

I've known Russ for about 25 years.

Clayton Financial and Tax
http://www.ClaytonTax.com
http://www.TaxableTalk.com
Phone: (702) 750-1757

 

[JMC9389]

Buying a house and getting all of the loan documents together was worse than what a tax audit would feel like. I can't imagine adding and factoring in poker income to that process.

 

[Payback]

With regard to your poker income, you should talk to (Clayton) Russ Fox. He's a tax guy in Las Vegas that specializes in gambling income, particularly poker players. He's a little busy right now (tax prep season) but call him in May or June.
Bart Hanson had a Crush Live Poker (YouTube) segment about taxes in the last couple weeks - coincidentally, he uses Russ.

I've known Russ for about 25 years.

Clayton Financial and Tax
http://www.ClaytonTax.com
http://www.TaxableTalk.com
Phone: (702) 750-1757

I know the name from a long time ago. I handle my own taxes and they are done for the year. Every year I have the debate whether or not I'm doing them myself, but I'm cheap so that's what wins. I need a mortgage person now...

 

[Payback]

Real estate is super hot here in Grand Rapids - in fact the 49505 zip code was the hottest in the country as recently as last summer: https://www.grbj.com/articles/93929-west-michigan-zip-code-is-the-countrys-hottest-housing-market

I know a lot of real estate agents around here that I trust - if you're considering this area send me an email and I'll make some intros for you. mike@moxiemeninc.com - I'll also give you a primer on the poker scene if you like

I'll let you know within a month. My wife and I met in that area and would love to get back there. If I had a job lined up I'd move there in an instant, and wouldn't even need to check with the wife. Great place for families and with 2 young boys, it's a no brainer

 

[jazzV3]

Sent PM.....

 

[BarrieJ3]

my poker income surpassed my teaching + 2 other side job income in the last 2 years.

So what you’re saying is that Martino is not the only professional on here?

But seriously, congrats on having the issue come up, and hope for a good conclusion for ya.

 

[Payback]

So what you’re saying is that Martino is not the only professional on here?

But seriously, congrats on having the issue come up, and hope for a good conclusion for ya.

Lol. It's an interesting situation to be in for sure. I could reasonably file as a professional which is strange to think about. However, I've just been running well especially last year, it was insane honestly.

The poker gods decided this year to remind me they exist and I've been getting this shit stomped on me since Jan 1. Doomswitch activated which has netted a losing month in Jan and breakeven in Feb. Yesterday was another kick in the balls so March is off to a bad start already. It's times like this that I'm thankful it's not my only source of income. Sadly, it doesn't appear like there is a good solution for now. I've talked to several professional players and some more people here/in person.

My wife and I have been taking and I think we are going to wait another year before committing to anything. If we are still in Memphis we are going to keep renting as it gives me a chance to pay off the smallish car note we are going to take and put some more money in the bank which will give us a bigger down payment option should we need it. The downside is then we have another year of 120 miles/day driving toy son's school.

Mostly I'm just hoping that I can land a new job and all this becomes a moot point.

 

[BarrieJ3]

Lol. It's an interesting situation to be in for sure. I could reasonably file as a professional which is strange to think about. However, I've just been running well especially last year, it was insane honestly.

The poker gods decided this year to remind me they exist and I've been getting this shit stomped on me since Jan 1. Doomswitch activated which has netted a losing month in Jan and breakeven in Feb. Yesterday was another kick in the balls so March is off to a bad start already. It's times like this that I'm thankful it's not my only source of income. Sadly, it doesn't appear like there is a good solution for now. I've talked to several professional players and some more people here/in person.

My wife and I have been taking and I think we are going to wait another year before committing to anything. If we are still in Memphis we are going to keep renting as it gives me a chance to pay off the smallish car note we are going to take and put some more money in the bank which will give us a bigger down payment option should we need it. The downside is then we have another year of 120 miles/day driving toy son's school.

Mostly I'm just hoping that I can land a new job and all this becomes a moot point.

Well that’s crap news sorry. I enjoy your posts, pahwms, and live stacks, so cut that losing stuff out!

Since I don’t know anything beyond the last year or two, I thought maybe that run was quite normal and was actually gonna ask if you had thought of playing full time.

Lol we’re in a similar position hoping/waiting for a job to bring us back stateside so I feel ya. Hopefully you get a clean resolution! It’s a good position to be stuck in though, hope you repeat in 2020!

 

[abby99]

The poker gods decided this year to remind me they exist and I've been getting this shit stomped on me since Jan 1. Doomswitch activated which has netted a losing month in Jan and breakeven in Feb. Yesterday was another kick in the balls so March is off to a bad start already. It's times like this that I'm thankful it's not my only source of income. Sadly, it doesn't appear like there is a good solution for now. I've talked to several professional players and some more people here/in person.

You could have invested in DJIA index funds with similar results!