Back in the day, gamblers and criminals seemed to be one and the same. Gambling was considered seedy and was looked at as an underground activity most associated with criminal activity.
In the year 2021, gambling is more acceptable though gambling-related crimes are likely still in play just not as obvious.
Are you a professional gambler? Is gambling profit your main source of income?
Did you know that you could buy a home with gambling winnings? Keep reading this guide about how to get a mortgage if you’re a professional gambler.
How to Become a Professional Gambler?
Are you wondering, “How do you become a professional gambler?” Your first rule of thumb is to build up a bankroll. You need significant startup money so you are prepared for low points in your betting.
There’s no guaranteed professional gambler salary so you need to create a money-management strategy so that you can maximize your winnings and try to prevent major losses.
Start out playing low-stake games or free ones to practice. Don’t gamble large sums of money until you’ve researched, put in the work, and proven you can win at free or low-stake games.
The pandemic helped grow the online gambling industry. Learn how to play online casinos real money here and avoid being caught up in a scam.
These professional gambler tips can help you when it comes time to apply for a mortgage.
How to Get a Mortgage as a Professional Gambler
Gambling is not considered a stable source of income so it’s difficult for mortgage underwriters not to take issue with it. It’s next to impossible to predict what a professional gambler’s finances will look like over the next few months. Let’s look at some ways to improve the chances of getting a mortgage.
Pay Off Debt
Mortgage lenders look at your debt-to-income ratio. Paying off as much debt as possible puts you in a better position when applying for a mortgage loan.
Stop Betting for a Period of Time
For a period of three to six months, stop gambling and sports betting. When you apply for a mortgage, lenders look at your bank history usually over the prior three to six months. If your bank accounts don’t show gambling winnings and losses, your chances for approval improve.
Open a separate account for your gambling transactions so they don’t show up on your bank statement.
Being a Professional Gambler
Now that you know how to get a mortgage as a professional gambler, you can take this information and start the home buying process. Make sure you have all of your paperwork in order and speak to a mortgage broker.
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