how do gamblers buys home

[Trident]

the only bad thing is that the areas I'm looking to purchase homes in the price range of 500-700k

40k

40K a year and looking at homes in 500-700K range.

[jjgold]

verfy few win at sports and the ones that do bet both sides to the game 'no risk

[nikossf]

Why can't they declare their winnings as income and get a house?

Wow..1 correct answer out of 20.. nice work.

[acl123]

Get a job...thats how

[PAULYPOKER]

Buy houses with cash in depressed areas set them up for section 8 housing,bingo you now have a legitimate business..............

[19th Hole]

Without a legiti income and not paying taxes on gambling winnings

Never mind...just saw the 40K income.

Wadda ya doin'...where ya goin' w/ 40K.
Lookin at 3/4M homes.


Well okay...Ya better hit it big.

[Blacke]

Would you trust a woman with putting a home that's paid off in her name

The mortgage can be in a different name than the deed...meaning she can be the only name on the mortgage and both or either one of them can be on the deed and considered the property owners.

[chips1031]

40K a year and looking at homes in 500-700K range.

that was from last year 2011

[hockey216]

bank will never give you a huge loan if you dont have verifiable income... especially if you arent even listing it on your income tax return.

buy it with cash is just about your only option.

[SlickFazzer]

Dummy corporations.

[djefferis]

Gamblers don't buy houses, they rent.

No gambler needs a house, gotta be able to move with no forwarding in the event you have a bad week.

[Boner_18]

I sure hope youve made 40k unreported for 5+ years. IRS still offers 10% of recovered $$ from tax cheats to the whistleblowers. Just made a smooth 5gs.

[Goat Milk]

Why would i live there If you can believe it, 53.6% of all children in Detroit are living in poverty, and only 25 percent of all students in Detroit graduate from high school at this point.

You can get a house in a good part of Detroit for 10 thous

[str]

i think purchase a home with all cash will raise some red flag with the IRS. My question is how do you get approved for a mortgage

No chance.

Straight cash homie.

No morgage without proven income.

Stated income is long gone and the #1 reason all the crap hit the fan.

[SteelRain]

Dummy corporations.

[ProfaneReality]

Well, I don't know if it's still possible, but I can speak from personal experience that as few as 4 years ago, banks were doing what were called "no doc" loans. Didn't have to verify income. It was simply based on your credit score and the loan to value ratio.

[Darkside Magick]

Form a trust .....then buy a crib...don't put shyt in your name

[str]

Well, I don't know if it's still possible, but I can speak from personal experience that as few as 4 years ago, banks were doing what were called "no doc" loans. Didn't have to verify income. It was simply based on your credit score and the loan to value ratio.

That was stated income. You paid a higher % rate but did not have to verify it. If you were responsible with it, it was maybe O.K. but as we all know, most people were not responsible with it.

That is LONG gone and as I said , what got many people that could not afford it, into trouble.

The banks greed to make more money on the interest % and therefore sell the loan to wall street at a larger profit margin, which is where 99% of them went, caused all the toxic loans.