Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader

Richard Latimer

Been thinking about writing this for some time but it's becoming more and more relevant and I need some advice from those that know. Also maybe throw some ideas around and see if any hit.

I'm sure there must be others like me where this could become of import so it would perhaps be good to pin the post for future me's looking on. It's most definitely trading related and not something discussed much already around her.

You would think that the hardest part would be making the money but no, when you have it it seems you need convince people you could get it again and that you're not a degenerate gambler!

So I'll open up the floor and ask the property mogul himself @Ryan if he could perhaps offer some pointers?

Martin

@keith-anderson flip me what kind of mates do you have, that's awful!

Richard Latimer

Plus like I say, I've been working self employed for him for years now. This is just a necessary extension to that so I can get what I need in the next few months.

Richard Latimer

@keith-anderson said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:

@richard-latimer said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:

@keith-anderson said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:

@richard-latimer said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:

Made a few enquiries with landlords on FB and wasn't all that positive. Think I've found a way out of my dilemma.

Cousin is going to employ me to do what I was doing before but with a full time salary and in addition I'm going to trade for him as well as myself.

I know I can do it.

So do I now consider myself a professional trader/semi professional trader or someone who just got lucky haha!??

Initially I just want the salary but if all goes well I'll have commission on the top haha.

I'd never trade for a family member.

It's my best way forward and I'm confident I can do it. Looking at it like I'm employed as a trader haha

Remember I done it for my mate a few years ago coming up to Christmas? He's not really my mate anyone. He got greedy, wasn't happy with the returns one month. Accused me of taking some. It isn't worth it.

I'll be very mindful but we have a love/hate relationship anyway haha!

Are you referring to the post you made trying to help someone out?

Akiva Anderson

@richard-latimer said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:

@keith-anderson said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:

@richard-latimer said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:

Made a few enquiries with landlords on FB and wasn't all that positive. Think I've found a way out of my dilemma.

Cousin is going to employ me to do what I was doing before but with a full time salary and in addition I'm going to trade for him as well as myself.

I know I can do it.

So do I now consider myself a professional trader/semi professional trader or someone who just got lucky haha!??

Initially I just want the salary but if all goes well I'll have commission on the top haha.

I'd never trade for a family member.

It's my best way forward and I'm confident I can do it. Looking at it like I'm employed as a trader haha

Remember I done it for my mate a few years ago coming up to Christmas? He's not really my mate anyone. He got greedy, wasn't happy with the returns one month. Accused me of taking some. It isn't worth it.

Richard Latimer

@keith-anderson said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:

@richard-latimer said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:

Made a few enquiries with landlords on FB and wasn't all that positive. Think I've found a way out of my dilemma.

Cousin is going to employ me to do what I was doing before but with a full time salary and in addition I'm going to trade for him as well as myself.

I know I can do it.

So do I now consider myself a professional trader/semi professional trader or someone who just got lucky haha!??

Initially I just want the salary but if all goes well I'll have commission on the top haha.

I'd never trade for a family member.

It's my best way forward and I'm confident I can do it. Looking at it like I'm employed as a trader haha

Akiva Anderson

@richard-latimer said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:

Made a few enquiries with landlords on FB and wasn't all that positive. Think I've found a way out of my dilemma.

Cousin is going to employ me to do what I was doing before but with a full time salary and in addition I'm going to trade for him as well as myself.

I know I can do it.

So do I now consider myself a professional trader/semi professional trader or someone who just got lucky haha!??

Initially I just want the salary but if all goes well I'll have commission on the top haha.

I'd never trade for a family member.

Richard Latimer

Didn't want to buy again so soon but part rent/part buy has to be the first stepping stone.

Richard Latimer

Made a few enquiries with landlords on FB and wasn't all that positive. Think I've found a way out of my dilemma.

Cousin is going to employ me to do what I was doing before but with a full time salary and in addition I'm going to trade for him as well as myself.

I know I can do it.

So do I now consider myself a professional trader/semi professional trader or someone who just got lucky haha!??

Initially I just want the salary but if all goes well I'll have commission on the top haha.

Ryan

@richard-latimer In the last 6 months matey.

Landlord and agents get a lot of stick in the press etc... (rightly so in a lot of cases) but I've always found the case that they are just people and they develop a nose for the job - if you are open and honest then they'll help you out.

Richard Latimer

@ryan said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:

I’d not mention trading, I’d just explain the situation.

Mate of mine literally been in the same situation, he explained that he and his wife had split and paid 6 months upfront and no dramas - even with an agent wasn’t an issue.

I think he said he was looking for a job and had left his job to look after the kids (which was why he didn’t have a job at present). Then paid upfront and nobody was bothered.

The landlord wants two things, rent paid and ability to get you out if you don’t. If you’ve paid the rent upfront for the contract no dramas.

When was this though? Have they tightened up since or was it recent?

Richard Latimer

@ryan wow, that's so not what I'm being told elsewhere.

Would be lovely if true.

Ryan

I’d not mention trading, I’d just explain the situation.

Mate of mine literally been in the same situation, he explained that he and his wife had split and paid 6 months upfront and no dramas - even with an agent wasn’t an issue.

I think he said he was looking for a job and had left his job to look after the kids (which was why he didn’t have a job at present). Then paid upfront and nobody was bothered.

The landlord wants two things, rent paid and ability to get you out if you don’t. If you’ve paid the rent upfront for the contract no dramas.

Ryan

@martin exactly or been made redundant that day lol it’s crazy.

Martin

@ryan said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:

@richard-latimer There are lenders out there who will take trading income into consideration but the fees and interest level they want are crazyyyy!

You can declare your earnings and pay tax on them to increase your chances, as long as they don't dog too deep into where the money comes from - which they are doing a bit more now.

Martin's idea of the job front is the smartest as it's not long with pay slips. the house I now live in we got the mortgage a year ago and it was funny my wife took in 3 pieces of paper, I had a bloody file full lol

As a landlord I'd not be bothered if somebody offered a 6 month upfront for a 6 month tenancy, even 6 on a 12 month would work for me!

It's crazy isn't it! Roz just had to show two pay slips, she could have had a job for two months on a temporary contract for all they knew.

Richard Latimer

Thing is, do you just show them a lump sum of £10k in your bank on top of house sale or show them your betfair statement which clearly shows a steady incline but also exactly where it came from and how it came about?

Richard Latimer

@lee-woodman said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:

@richard-latimer You could probably make it work but presuming that’s a no compromise adjective then just start the ball rolling and see where the bottleneck appears. Each landlord will see it differently. Personally I would be careful not to make it sound like gambling but term it as trading. It’s easy to sound strange to someone but it’s more credible with 10k cash to spare

Yeah I know, if I were trading stocks and shares on the London exchange everyone would be wow, that's great. As it's a betting exchange and football.......oooh gambler!

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@richard-latimer You could probably make it work but presuming that’s a no compromise adjective then just start the ball rolling and see where the bottleneck appears. Each landlord will see it differently. Personally I would be careful not to make it sound like gambling but term it as trading. It’s easy to sound strange to someone but it’s more credible with 10k cash to spare

Richard Latimer

@lee-woodman said in Applying to rent/obtaining a mortgage, with LARGE CAPITAL, 'low' income/'no'' income, as a Pro Trader:

@richard-latimer I’d personally just get a job to show as proof of earnings then pay the rent upfront out of ‘savings’. How old are the kids? Do you need 3 bed or could they share?

They've had their own rooms for ages and are both difficult. One likes the light on, the other likes the full dark. It would be a nightmare!

Proof of earnings wouldn't be anywhere near what I need. Like £1100-£1200 a month. Wouldn't get a shed round here for that haha!!

Money up front I can do. That part is easy.

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@richard-latimer I’d personally just get a job to show as proof of earnings then pay the rent upfront out of ‘savings’. How old are the kids? Do you need 3 bed or could they share?