Reply To: Ways to raise capital for real estate investing…..

[Lance Thompson]

Yeah……it was a hard fought marathon between the final 2 players but congratulations to John Cynn on winning the 2018 World Series of Poker’s Main Event No Limit Title in the wee hours of the morning this morning, Sunday, July 15th, 2018. He better enjoy it cause with 7,900 entrants every year, these days the possibility of ever winning the event for a 2nd time is slimmer than slim. It’s not like back in 1980 when they only had 300 entrants. I only say that to any of you who aspire to save up the $10,000 and go out to Vegas for 2 weeks in early July one of these years to play and compete in the World Series. Don’t be even slightly deterred or defeated if you don’t make it to the final table, or don’t even finish “in the money”. Back in the 1970’s & 1980’s when guys like Doyle Brunson, Phil Helmuth & Johnny Chan were winning more than 1 WSOP Main Event bracelet they had fewer than 400 entrants. That was a much easier field to dominate than today where nearly 8,000 people enter the tournament. Here are some of the big named poker players that I spotted on tv the past 2 weeks who played in the 2018 WSOP who got bounced out and sent home with either an “in the money” winning, or in other cases got sent home with nothing but a “story”……and be advised that these aren’t any run-of-the-mill poker players…..ALL OF THESE PEOPLE play poker for a living…..this is their “profession”, it’s how they make a living….it’s how they pay the bills…..and every last one of them are multimillionaires:

#1. Daniel Negreanu

#2. Phil Ivey

#3. Joe Cada (did make the Final Table)

#4. Antonio Esfandiari

#5. Phil Hellmuth Jr.

#6. Johnnie Chan

#7. Michael Mizrachi

#8. Patrik Antonius

#9. Chris Moneymaker (that’s not his nickname, that’s his family’s real last name)

#10. Maria Ho

#11. Fedor Holz

#12. 2016 Main Event Champ Qui Nguyen

#13. 2017 Main Event Champ Scott Blumstein (got sent packing on Day 1 if I’m not mistaken)

 

From watching these guys on tv and from listening to what they’ve been saying, since poker has become such a worldwide craze and phenomenon, while they do enter the WSOP every year and while they DO take it seriously, most of them are now entering a lot of other poker tournaments in other parts of the world. Most of them are going over to Europe for the European Poker Tour tournaments (EPT), they’re entering tournaments in Australia, tournaments in Brazil and tournaments in China, Japan, Singapore and all over Asia. So yeah, they still enter the WSOP, but they’re playing in so many other tournaments that now the WSOP has turned into a small blip on their calendars.

That’s why I was saying before, check your local casino and I’ll guarantee you that they’re hosting at least ONE big tournament every month……at least one. Like at Maryland Live they do a $450 Buy-In/$100K Guaranteed tournament every month with a guaranteed 1st Prize of $20k minimum…..many times that 1st Prize swells up to $35k. That’s nothing to sneeze at.

Main thing to always remember before you get involved in playing poker or in any of these other suggested forms of investing is to ALWAYS be checking with the guys at H&R Block regarding “how much” of you tournament or cash-game winnings should be paid to the federal government for taxes. If you win tournaments, many times the casino is going to write you a check…..and when they do, they’re reporting that to the IRS. So if the casino is reporting it to the IRS, YOU HAVE TO TOO. Always report your earnings for money you make from playing poker, from cryptocurrency investing, from stock investing and from flipping houses, and ALWAYS pay your taxes good people.

 

Last thing you want is the IRS knocking on your door…..you don’t want “those kinds of problems”.

 

http://www.espn.com/poker/story/_/id/24102522/john-cynn-wins-2018-world-series-poker-main-event