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Thread: how to buy a house as a dancer

  1. #1
    Miss. Kristina Lee
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    Default how to buy a house as a dancer

    im planning on buying a house in the next 5 years, and im curious about the best way to go about doing it.

    i have been dancing for 4 years and have not payed taxes in this time. i have somewhat good credit in the 590 range.

    i guess id like tips on buying a house, how logn you need tax records for before you can do so, and any other info would be appreciated. ill only be able to put down around 20 grand upfront.

    as you can tell i dont know much about this subject.

  2. #2
    Veteran Member Phedre's Avatar
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    Default Re: how to buy a house as a dancer

    Stated income, 12 months bank statements, have your accountant write a letter saying you have been self employed for over two years.
    Phedre
    ~ my very own pole dancer!

  3. #3
    Yekhefah
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    Default Re: how to buy a house as a dancer

    If you haven't been paying taxes this whole time, you should come clean with the IRS first. Applying for a mortgage and stating your income is going to flag you, and you are looking at a completely unlubricated gang-audit. The penalties on all those back taxes won't be pretty, especially if they have to come find you first.

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    Member sarahdancesinchica's Avatar
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    Default Re: how to buy a house as a dancer

    If you work at a club I'm not sure how easily you can get proof of employment. If you do what I do (private dancing) you can register a buisness and use that as proof of income for large loans and such, even things like renting an apartment sometimes require that.
    --Sarah

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    God/dess kryssy's Avatar
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    Default Re: how to buy a house as a dancer

    First of all, I would NOT be on a public website stating that you have danced for 4 years and not paid taxes.

  6. #6
    Miss. Kristina Lee
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    Default Re: how to buy a house as a dancer

    proof of employment and bank statements arent a problem.

    can i just start paying taxes next year and not have to file for the past years i have danced?

  7. #7
    Miss. Kristina Lee
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    Default Re: how to buy a house as a dancer

    kryssy

    the irs coming and finding me on stripperweb is not something im worried about i have better chances of winning the lottery than that happening. sheesh...

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    God/dess Paris's Avatar
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    Default Re: how to buy a house as a dancer

    When you buy a house you begin a paper trail that the IRS will follow. You do need to file your income tax return every year, even if you don't earn any money.

    If you put the majority of your money in a bank account, the IRS knows you have cash. They may not be bothering you right now about it, but you are hearing more and more everyday about people getting busted for tax evation. Thanks to the Patriot Act, people have less privacy in their personal dealings like banking, credit card purchases, phone conversations, library records, and yes, internet activity.

    Chances are that youa re such a small fish that the IRS won't bother with you, but do you want to take that chance?

    Besides (and here comes my lecture), do you want to give society another reason to hate strippers? If we are paying our taxes, we are adding a bigger burden on any lawmaker who wants to shut down strip clubs in his/her area. Loss of revenue for any municipality would change a law maker's mind about changing the law.

    Okay, lecture over.

    I know plenty of dancers who have saved and bought a house cash, though. I decided to not wait and took out a loan for my home, using stated income.


    Promote yourself and earn more money! This is a business that is owned by strippers for strippers. Let's make that money!


  9. #9
    Miss. Kristina Lee
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    Default Re: how to buy a house as a dancer

    i havent been payign taxes yet becuase im paying off some big debts that i owe right now. now that those are manageable i can start to. once i start to i dont plan on stopping.

    i would love to buy a house with cash, i just dont think that would ever happen. luckily where i live you can get a very decent house for under 100 grand.

  10. #10
    God/dess Emily's Avatar
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    Default Re: how to buy a house as a dancer

    Well, if you aren't prepared to pay back taxes, at least be prepared for the IRS to take your savings or your house.

    You don't get to have it both ways...you are either above the radar or below the radar.

    Don't be so smug about tax evasion....perhaps you should read this thread:
    http://www.stripperweb.com/forum/showthread.php?t=42268

    and here's a thread with a lot of information about buying a house
    http://www.stripperweb.com/forum/showthread.php?t=28433
    Last edited by Emily; 10-31-2005 at 01:43 PM.

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    Featured Member pixiepower329's Avatar
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    Default Re: how to buy a house as a dancer

    Ok...my daytime vanilla job is as a mortgage originator/loan officer. With a credit score of 590, you cannot get a stated income loan. You will HAVE to have 2 years of income documentation in the form of completed tax returns.....there isn't much exception to this rule. In order to be able to qualify for a stated income loan, you need a score of at least 650...and thats with a higher interest broker. A 590 with no major issues will qualify you for a low interest FHA loan, so long as you can provide at least 1 year proof of income, but most brokers would prefer to see 2 years. Any other questions....feel free to ask.

  12. #12
    buffie06
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    Default Re: how to buy a house as a dancer

    if you want a house in the next 5 years, you have time to bring up your credit score and establish your work history/tax records. I just bought my 2nd house after one year of dancing and it took stated income, however my credit score was in the high 600s. I had to show bank statements for the previous 6 months and while my home was being built I kept sending my statements. If you have been dancing as long as you say then you need to file tax returns for those years. I would use your down payment money to start paying your back taxes. You don't really even need a down payment for a new house.

  13. #13
    Miss. Kristina Lee
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    Default Re: how to buy a house as a dancer

    you dont need a down payment for a house? thats news to me i guess.

    are there any good websites out there with info on buying a house for the first time that are fairly easy to comprehend?

  14. #14
    God/dess Emily's Avatar
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    Default Re: how to buy a house as a dancer

    I bought my first house with no money down, but I was also had a good credit score and had legit 1040s.

  15. #15
    buffie06
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    Default Re: how to buy a house as a dancer

    you can find some helpful info here for first time home buyers,

  16. #16
    buffie06
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    Default Re: how to buy a house as a dancer

    in all honesty you could start doing your taxes now and in 1 year start the home buying process, as if you had just started dancing. I am just saying this b/c I really did start about a year ago and i had no problems. They didn't even want tax records of my previous job or anything. Get your credit score up and you will have more options. Good luck

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    Veteran Member Phedre's Avatar
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    Default Re: how to buy a house as a dancer

    I also work as a mortgage broker so just to let you know there are programs out there that you CAN do a stated income or a 12 month bank statement loan. It is called the subprime market. You would be looking at rates over 7%.

    However if you have not filed taxes in 4 years the best thing for you to do would be to call an accountant and get with him on filing your back taxes. You may owe money, be clear with them that you haven't paid because you didn't think you were making enough and he should be able to help you find some write off's (clothes, shit like that). Tax evasion is a real crime that you can get incarcerated for, don't put that off.

    It really doesn't sound like buying a home will be in your future within the next year unless you get something done with the IRS and get your big debts paid off and get a little seasoning time on your credit report. That will also help with your interest rate. Trying to save (with a bank) while not having paid taxes will also become a problem as they could end up taking all your savings if they come after you. Go see a good accountant first.
    Phedre
    ~ my very own pole dancer!

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    God/dess cinammonkisses's Avatar
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    Default Re: how to buy a house as a dancer

    Quote Originally Posted by Miss. Kristina Lee
    i have somewhat good credit in the 590 range.
    Ummmm as a Finance and Real Estate major I just wanted to say that a 590 range is NOT a good thing. You really do need to work on bringing that up!







    Some Douchebag: "[Pimp C] 12:43 am: its true we got to stick together the black people on SW CK you is teh condoleeza of SW"


  19. #19
    Banned Melonie's Avatar
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    Default Re: how to buy a house as a dancer

    Again, the bottom line on the likelihood of IRS attention is the 'new' IRS capability to keep tabs on the expenditure side of a person's finances as well as the income side. One of the things that now allows the IRS to do this is automatic reporting of real estate title registrations, motor vehicle registrations etc. by state agencies. Thus if you were to save up $20,000 in dancing money under your mattress, and plunk down that $20,000 as a down payment on a house next year, the first questions the IRS computers are going to raise is where are the tax returns showing where that $20,000 was earned in the first place - and how much in taxes was paid on those earnings (i.e. in order to clear $20 grand after taxes, a person would need to have actually earned $25-$30 grand). That first IRS computer question is likely to lead to a second round of computer questions ... i.e. how much in bank account interest earnings were automatically reported for that person (leading to how much money did that person actually deposit over the course of the last 1-2-3 years), what sort of car title is filed in that person's name (leading to how much did that person pay for that car and how was it financed), does this person have a credit card (and how much has this person spent through their credit card account over the course of the last 1-2-3 years) etc. All of this information is only a phone call/e-mail/fax away, should the IRS computers start waving any sort of 'red flag' which provides a reason to start asking questions.

    If the IRS automatic information requests show a pattern that a person is actually spending significantly more money than the person's past tax returns reported earning as income in the first place, it is virtually guaranteed that the IRS will show up on your doorstep sooner or later. If the IRS automatic information requests show a pattern that a person is actually spending a significant amount of money, but that person has NO previous tax returns on file, it's possible that the IRS will show up on your doorstep with a local sherriff in tow.

    As others have posted, in order to attempt to avoid IRS computer attention, a person who does not report significant amounts of income must also have financial expenditure records which do not show significant amounts of expenditures. This means a bank balance that doesn't exceed $3000. This means a car that is worth much less than $10,000. This means no house or condo. This means less than $3000 in annual credit card expenditures. This means no investments, no retirement savings, etc.

  20. #20
    Miss. Kristina Lee
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    Default Re: how to buy a house as a dancer

    ok, i guess ill be filing back taxes before i worry about anything else. my best regular is an accoutant so ill be having him do them for me, as he does some of our managers taxes as well.

    but i thought 590 was a decent credit score? i thought the highest you could go is 800? what range is considered good to best?

  21. #21
    Banned Melonie's Avatar
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    Default Re: how to buy a house as a dancer

    for the very best 'deals' on loans and mortgages, you're talking 680+

  22. #22
    Veteran Member Phedre's Avatar
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    Default Re: how to buy a house as a dancer

    If you go below 680 then you would be looking at about a 1-3 points higher in a rate. So having a 720+ is good credit. You also will more than likely need to have 3 open and current credit lines (credit cards, auto loans, etc). The best way you could do that is to start by establishing 3 small credit accounts ($100) and paying them down ($20 each payment), not paying them off, regularly.
    Phedre
    ~ my very own pole dancer!

  23. #23
    Miss. Kristina Lee
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    Default Re: how to buy a house as a dancer

    i have those already. i just need to pay off the debt on my credit card and i know my score will go up. i owe 7 grand on it.

    somehow with my bad credit scorei have 2 credit cards with limits of 15,000 each. thats why i assumed i had good credit. heh.

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    God/dess Emily's Avatar
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    Default Re: how to buy a house as a dancer

    Quote Originally Posted by Miss. Kristina Lee
    my best regular is an accoutant so ill be having him do them for me, as he does some of our managers taxes as well.
    maybe reconsider this?

    I personally wouldn't want anone involved with the club involved with my taxes, let alone a regular. If things go wrong with him, he has so much information on you. If something goes wrong with the club, they may come looking for you.

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    Featured Member lunchbox's Avatar
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    Default Re: how to buy a house as a dancer

    Last I checked to get the best rate you needed a 620 with 20% down +closing costs and proof of few months worth of payments, and steady income.

    5 years is a long time to improve your credit. You can buy a POS $2k car and pay it off over a year then sell it back, and make sure they reported it to agencies. You can also get a CD secured loan, shop around for that some places just charge a standard markup of 3%, otehr places will gouge you. Whatever you do make it take at least 6 months, otherwise it won't show up.

    BTW, your credit inquiries don't affect your score. I think anyone else's within a 14 day period count as 'seeking new credit' and essentially are just counted as 1.

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