Getting a loan as a Poker Pro

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Getting a loan as a Poker Pro

Postby Streetska » Thu Jul 26, 2012 1:21 pm

Hi guys,

I was just thinking about this a while ago. Let's say a full time poker pro who makes decent money (5000+) consistently on a monthly basis wants to buy a flat. Will this individual ever be able to get a loan, be it from HDB or a Bank? As proof of income is a requirement, how would this person cross that bridge as the legality of online poker is not quite cut-and-dried. I would great to hear what you guys think about this. Cheers!
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Re: Getting a loan as a Poker Pro

Postby wreiza » Thu Jul 26, 2012 3:10 pm

you cant get a loan without an income statement. Although poker income can be proven "stable" its is still considered gaming/gambling revenue ( legal or not) and since the amount is non taxable .. its also does not help to qualify for a loan. It would be too dicey to even try to make a case with it with the relevant parties.

One way around it is using another property (ie your parents) as collateral ( providing you can convince them to do so.
or
save save save

Hope it helps. Gd lk!
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Re: Getting a loan as a Poker Pro

Postby Streetska » Thu Jul 26, 2012 3:36 pm

Hi wreiza,

I understand what you mean about not being able to qualify for a loan. I don't think declaring oneself as a poker pro would be a sensible thing to do in most situations, let alone one related to a loan. I was just wondering about alternative ways around this predicament. Using another property as collateral is one way I suppose but then again it involves relying on someone else. There must be other more self sufficient methods out there (I hope).
Streetska
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Re: Getting a loan as a Poker Pro

Postby kr176 » Thu Jul 26, 2012 3:51 pm

Pay CASH!!!!!!!

Or get a job.......
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Re: Getting a loan as a Poker Pro

Postby Streetska » Thu Jul 26, 2012 4:53 pm

:lol: I wonder why I never thought of that ;)
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Re: Getting a loan as a Poker Pro

Postby wreiza » Thu Jul 26, 2012 5:28 pm

agree with Kr176.. notmuch with an alternative route..

of course the fantasy route...

get hooked with a super rich and chio chick that will fund you. ..
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Re: Getting a loan as a Poker Pro

Postby oxygenwong » Thu Jul 26, 2012 5:57 pm

Be good enough for PS to approach you on their team, get paid by them and there comes your income statement
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Re: Getting a loan as a Poker Pro

Postby Streetska » Thu Jul 26, 2012 8:32 pm

Wow, sounds like its virtually impossible huh. Speaking of PS approaching, how does that happen. Any idea?
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Re: Getting a loan as a Poker Pro

Postby kilerkido » Fri Jul 27, 2012 12:07 pm

Declare your income.. Authorities doesn't have to know that its from poker. Pay your tax. Use the tax statement as proof of income.
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Re: Getting a loan as a Poker Pro

Postby Streetska » Fri Jul 27, 2012 3:49 pm

What would you declare it as then?
Streetska
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Re: Getting a loan as a Poker Pro

Postby wreiza » Fri Jul 27, 2012 5:24 pm

for real? i am assuming you are not above 35 so you cannot buy HDB. 5k a month is not going to be enough income to take a loan or realistically service a condo/apt.

There are ways to do it but i think getting a job or save like mad. Like insurance guys or property agents.

to answer your question technically under
//other income//
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Re: Getting a loan as a Poker Pro

Postby Streetska » Sat Jul 28, 2012 6:18 pm

Thanks for the input guys.
Streetska
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