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I should surpass the $10mm mark for lifetime profits. .....
Then take $100,000-$250,000 and pay cash for a small house or condo (depending upon where it is you want to live). If you move later, turn it over to a management company to manage for you. It wouldn't hurt you to diversify.
Often when all's said and done the most valuable asset people have is Real Estate...
Money in the bank is only worth what it can be exchanged for...
I know two local landlords that got into deep trouble renting prepaid rent.
One was so happy with himself... he had had rented a nicer upscale home to a business man that travels a lot and was paid one year rent in advance... in cash!
Several months later he is watching the evening news and sees footage of a grow operation bust... it was his property...
The damage was immense with mold everywhere... the inside of the home is where the pot was growing... all the sheetrock had to come off and the meter had been bypassed... a huge mess and here he was so happy to have collected a year in advance and boasted his tenant never called him with a complaint...
Then take $100,000-$250,000 and pay cash for a small house or condo (depending upon where it is you want to live). If you move later, turn it over to a management company to manage for you. It wouldn't hurt you to diversify.
The only problem is that it is generally accepted that you must own a house for at least 7 years to break even with renting similar accommodations for same period. That's an old rule which I expected was formulated in a more sane, stable housing market. A few recent samples I examined (if typical with US in general) indicate that the housing market is going up at about 5%/year. Back in the '50s it may have been a few percent per year. I estimate cost of closing a housing sale as 9%-10%, so it's conceivable that you might break even after 2-3 years... Maybe...
There is the additional gamble in that even if my 5%/year statistic is true, even if it applies to all suburban areas (my samples were suburban) that you have to consider we have an election in just 2 months and IMO both likely candidates may introduce a great deal of uncertainty in the housing market (and the rest of the economy) so there is just no telling if the 5% figure could hold, no telling if it's a good guess, no telling if it's representative of the housing market in general, no telling if it applies to urban and/or rural markets. (It's very unlikely my figure would apply to rural markets. I have absolutely no idea about urban markets.)
Still. The OP is a gambler, right?
He says he has documentation of legal income and if it's gambling then as long as it was earned at a legal gambling establishment in a state with legal gambling, or Internet website legal in his state of residency, and reported to the IRS as income and taxes pay upon it, I see no reason to discriminate any more than discriminating against any other legal occupation.
Okay, I'm stumped. You've got over a million in the bank from online poker? I was under the impression that was illegal in the US. And you claim that you have four years of tax returns that report this income? Huh????
Is it legal to gamble online in the US?
Many US residents are confused over the legality of online gambling in the United States, and for good reason. The existing federal gambling laws don’t really pertain to online gambling. But that didn’t stop federal officials from declaring that online gambling was illegal in the US. Then last year, the Department of Justice flip-flopped its stance by saying that all online gambling is not illegal – just online sports betting. The US government now says that it’s up to the states to decide whether or not to allow its residents to gamble online. States such as Nevada, Delaware, and New Jersey have already begun offering legal online gambling, and many more states will soon follow. Gamble Online USA - Best Legal US Online Gambling Sites 2016
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