"The Downswings of Property and Poker"

[millidonk]

Eso,

Lots of numbers get thrown around as to what sort of deposits first time buyers are looking at having to put down in the current climate. Realistically what would you say that a poker player with no real proof of income (holdem manager graphs at best) would need to put down on a £120k house. i.e. how much money do you have to throw at a mortgage broker to make him want to take your word for it that you'll pay him back

My guess is 30k

[Eso Kral]

Eso,

Lots of numbers get thrown around as to what sort of deposits first time buyers are looking at having to put down in the current climate. Realistically what would you say that a poker player with no real proof of income (holdem manager graphs at best) would need to put down on a £120k house. i.e. how much money do you have to throw at a mortgage broker to make him want to take your word for it that you'll pay him back

Hi Dan
A lot comes down to credit score as some lenders still look at 15% deposit but would want to see an amount on one bank statement for it to go through others want 3 wage slips which are obv hard to get for you Pro's.
I am sure there are ways of getting a deal through though.

[skolsuper]

Eso,

Lots of numbers get thrown around as to what sort of deposits first time buyers are looking at having to put down in the current climate. Realistically what would you say that a poker player with no real proof of income (holdem manager graphs at best) would need to put down on a £120k house. i.e. how much money do you have to throw at a mortgage broker to make him want to take your word for it that you'll pay him back

I got a 115k mortgage on a £150k house, speak to an IFA, a good one will 100% be able to get you a mortgage if you can genuinely afford it.

[Junior Senior]

Dan, it's far from easy to use poker monies as proof of earning. When I bought my fist house 7 years ago I was playing full time / in between standard jobs and not one provider through a good broker would take into account my 'wages' whatever they were as it wasn't guaranteed. Fortunately my missus earnt enough and we had a big enough deposit to get around it but I was very surprised they took such an attitude.... I mean I had spreadsheets and graphs and all sorts :-)

The higher the deposit the better here but I reckon minimum you would need to get any decent deal would be 20%

[paulhouk03]

What do you think of lease mortgages?

My friend told me something about them but I am not too sure if its a good idea to go down?

Sorry Paul do you mean a mortgage on a leasehold property?

No

say a Landlord has a mortgage that he is struggling to pay because the property is empty, have bad tenants or bad agent
and it is almost in the process of getting repossessed.

You can lease their property off them for x amount of years and have an option to buy at the end of the term with a set price agreed within the lease.

[Eso Kral]

What do you think of lease mortgages?

My friend told me something about them but I am not too sure if its a good idea to go down?

Sorry Paul do you mean a mortgage on a leasehold property?

No

say a Landlord has a mortgage that he is struggling to pay because the property is empty, have bad tenants or bad agent
and it is almost in the process of getting repossessed.

You can lease their property off them for x amount of years and have an option to buy at the end of the term with a set price agreed within the lease.

Oh I see, well I have never heard of that way around but have seen companies who will do that for clients who are on the verge of reposession and they will give you X (normally a lower than market value figure due to need for speed and their goal of making a few ££) for the property and you lease it back off them with the option of buying it back at an agreed amount at the start.

This seems a good idea for people in trouble but in reality in most cases they have got themselves in that situation and even though in the short term they will be ok I would guess very few ever get themselves back in a position to rebuy the property.

[smashedagain]

What do you think of lease mortgages?

My friend told me something about them but I am not too sure if its a good idea to go down?

Sorry Paul do you mean a mortgage on a leasehold property?

No

say a Landlord has a mortgage that he is struggling to pay because the property is empty, have bad tenants or bad agent
and it is almost in the process of getting repossessed.

You can lease their property off them for x amount of years and have an option to buy at the end of the term with a set price agreed within the lease.

Oh I see, well I have never heard of that way around but have seen companies who will do that for clients who are on the verge of reposession and they will give you X (normally a lower than market value figure due to need for speed and their goal of making a few ££) for the property and you lease it back off them with the option of buying it back at an agreed amount at the start.

This seems a good idea for people in trouble but in reality in most cases they have got themselves in that situation and even though in the short term they will be ok I would guess very few ever get themselves back in a position to rebuy the property.

Sounds like Chinese loans and Triad stuff again to me

[Junior Senior]

Rich, if i were looking for a career change and considered estate agency would i have to start right at the bottom and are there any qualifications i would need to achieve? I have always enjoyed following the property market and have dabbled myself with rentals. Apart from the obvious traits that are well characatured what makes a good estate agent?

Hey Greg, there are no qualifications required to be in agency as most people fall into it like me from other failed sales professions and when I am looking to employ I would rather employ someone with no EA experience than someone who has worked for 3-4 companies and then comes into our offices and says "well we didnt do that there".

In terms of where you would start it is defo most likely to be as a negotiator type role but the bigger companies will be inclined to fast track good candidates quickly and they like to employ from within so I would expect a decent 1st year negotiator to earn no less than £18k and if they earnt less than £15k then they are probaby in the wrong job.   Basic Salaries in the first year for this type of role are likely to be between 10-15k dependnat on how you negotiate yourself and if you are in a busy office you can earn early 20's, then when you start to value properties your basic can move upto late teens and you then earn by selling  and or listing properties and once you get to Assistant Branch Manager Status you can look at 35-40k income in an office turning over £300-325k.

If you are serious I would concentrate on the bigger companies EG   Bairstow Eves/Frank Innes/Spicer Haart Group as they will offer good development potential and have many other offices that wont hold back your progression if your happy to work in different offices in the East Mids.

Attributes I would be looking for are - (in no order)  Well Presented, Punctual, Reliable, Personable, Driving Licence, Confident as I can give them all the other skills over time myself.

Hope this helps..

Thanks. Pretty much as i thought. Might stick to Resourcing then :-)

[redsimon]

Any over under 2.5 goals bets lined up for weekend or has Chompy's algorithmn (sp) gone rusty?

[celtic]

Any over under 2.5 goals bets lined up for weekend or has Chompy's algorithmn (sp) gone rusty?

Haha, it was the sicilians algo thingy. Quoted tho, in the hope Chompy sees the comparison and tilts.

[redsimon]

oops

[Eso Kral]

Any over under 2.5 goals bets lined up for weekend or has Chompy's algorithmn (sp) gone rusty?

Haha, it was the sicilians algo thingy. Quoted tho, in the hope Chompy sees the comparison and tilts.

Haha  yeah it was Sicilians Algorithm and he has not posted yet so I guess it has been having some fine tuning and we will see it for the 2012/13 season in a few weeks.

I have not played on these and wont for a couple of weeks to let the season bed in but have put a plethora of season long bets on and will post itt in a bit

[DMorgan]

have put a plethora of season long bets on and will post itt in a bit

weeeeee I'm in a punty mood today time to get on

[Eso Kral]

I love the start of the footie season and as soon as the Racing Post publish their guide put on a few mug punterish accas on season long stuff and 3 out of the last 4 years I have returned well over a grand with my biggest bink paying for a chunk of my wedding as documented early on in the diary.

This year I was lucky enough to have a Rory Mcllroy bink a week ago along with another sports double which gave me a pre season roll of a grand to play with and over the past week I have invested the LOT and am going to post all my accas and selections here for hopefull thin bragging rights come the end of the season.  Posted in the oreder I fancy them the most

Man City over Liverpool
Man Utd over Liverpool
Newcastle over Sunderland
QPR over West Ham
Darren Bent to score more league goals vs S.Long
Cardiff over Bristol City
Hull over Barnsley
Leicester over Forest
Leeds over Barnsley   £400 acca

Chelsea over Liverpool
Cardiff over Forest
Bradford over Northampton
Barnsley to be relegated  £275 acca

Olympiacos to win the greek league
Cardiff over Forest
Reading over Southampton
Rotherham over Fleetwood
Chelsea without Man U and City  £80 Acca

Peterhead and Queens Park without Rangers
Luton to win the Blue Sq Prem
Barnsley to be relegated  2 x £30 Accas plus a further 2 x £15 accas with
Sheff Utd to win League 1
Southampton to be relegated

[Eso Kral]

Part 2

Barnsley to be relegated
MK Dons to be promoted
Jelavic top Everton league scorer
Leicester over Forest  £90 acca

Malaga EW without Barcelona & R.Madrid
Prem Handicap (Hills)  QPR+37, Everton +27, Reading +46
League 1 Handicap  Sheff Utd Scr, MK Dons +3
6 x £3.50 EW Trebles

Prem Handicap   West Ham, Southampton, Reading, Stoke, QPR, Everton  (Laddies)
Champ Handicap  Leicester, Cardiff, Blackpool, Watford, Burnley
League 1 Handicap   Sheff Utd, MK Dons, Preston, Bournemouth, Notts County, Yeovil
League 2 Handicap   Rotherham, Southend, Bradford, Northampton, Torquay, Aldershot
1080 x 4p ew accas + 1080 4p win accas

and finally

Torres Top Chelsea league scorer
Jelavic Top Everton league scorer
Accrington to be relegated
Reading over Southampton
Leicester over Forest
£50 acca

They will all now be locked away and not looked at again untill the end of November!!!
Although some people will look at it in terms of a grand being layed out I personally find that it stops weekly punting just for the sake of it as you normally have a few sweats and are funking or antifunking different teams enough that you only bet on what you really fancy.  Works for me anyways...