| There is a misperception that all athletes are | | | | and believe me they would love to tell you about it. |
| multi-millionaires and they can just pay cash for | | | | You can also ask the team's player development |
| everything. They don't need to borrow money to buy | | | | representative or your agent who they might |
| a house, they can just pick the one they want and | | | | recommend. If you still can't find a good referral then |
| write a check. Not so. | | | | do an internet search for professional athlete |
| Athletes are paid in some of the most complicated | | | | mortgage loans. You will find people who have |
| ways imaginable and it is very difficult for them to | | | | expertise in this field are out there. There are experts |
| borrow money. Without the proper guidance from | | | | who can guide you through this process but let me |
| professionals it can be devastating to a player's wealth | | | | give you some simple tips that will help you get started. |
| plan if they end up in the wrong mortgage. Let me help | | | | First, write a short biography. Put down on a single |
| you understand some of the techniques used to help | | | | piece of paper a short description of your athletic |
| improve the possibility of an athlete getting a loan | | | | accomplishments. Tell me how you got to this point |
| approved to buy a home. | | | | and where you think your career will take you. Tell me |
| You would think that being a professional athlete would | | | | why you think your team selected you. In this |
| allow you monetary advantages that the average Joe | | | | biography, list the people you have on your financial |
| does not get. Lavish homes, exotic cars, vacations | | | | team. Your agent most likely set you up with a few |
| around the world and cash overflowing your wallet. | | | | financial planners to interview. List the names of the |
| Well get your head out of the clouds because all is not | | | | people you have spoken to or are speaking to and the |
| what it seems. | | | | amount of money you expect them to be managing |
| After years of late night practices, lifting weights to | | | | for you. Don't forget to include what salary you expect |
| exhaustion and studying every technical nuance of | | | | to be paid by the team this year as well as any signing |
| your game, you have finally made it. You've made the | | | | bonus you received and if you have any |
| final cut and have achieved your life long dream of | | | | endorsements from corporate sponsors. |
| becoming a professional athlete. Congratulations! Now | | | | Second, provide some evidence. Lenders are always |
| you will be invited to all the parties, soon you'll be dating | | | | trying to mitigate risk. You need to give them reason to |
| a supermodel and news of your sprained pinky finger | | | | believe that you will pay them back. If you don't have a |
| will be headline news. Getting a home loan should be a | | | | credit history, ask the power company or your cell |
| piece of cake right? Wrong! | | | | phone company to provide a payment history to you. |
| Huh? | | | | This will establish a record of how you have paid a |
| The realities of life are about to hit you in the face. | | | | creditor. Most of the time, these things don't reflect on |
| Your bank tells you that you don't qualify for a loan. | | | | a credit report, but a good lender will take these things |
| "But I play for the (insert team name here)." "Why can't | | | | into consideration. |
| I get a loan?" Because you have no credit, bad credit, | | | | Third, ask your agent to give you some historical |
| no job history, seasonal employment, you're contract is | | | | background on a similar player who was drafted or |
| not guaranteed, you have no money in the bank, | | | | signed last year. Like I said previously, a lender is |
| payment shock, or any other list of reasons the bank | | | | looking for historical evidence to base a decision upon. |
| can come up with that make no sense to you. Well let | | | | If you can show that last year, the player drafted #79 |
| me tell you something, the bank has made its decisions | | | | overall was signed to a contract worth "X" amount for |
| about lending money for years before you even | | | | "X" years, you have established a baseline upon which |
| picked up a pacifier let alone caught your first | | | | a reasonable person can make an educated guess. |
| touchdown. And they will continue making loans long | | | | Fourth, get a recommendation from your coach. Both |
| after you are retired and forgotten. | | | | your former coach and your current team can write |
| Listen, from a business standpoint, the bank has good | | | | you a recommendation. With this, the lender will be able |
| reason to deny your loan request. You just got "hired" | | | | to make a character judgment. As your mother |
| and there is no evidence of your income. You've got | | | | always told you, character matters. |
| very little if any credit history and there is no way to | | | | Finally, be reasonable. It's never a good idea to try to |
| determine if you will be a good customer or a flake. | | | | purchase the most expensive property in the |
| You just moved here from (enter your college town | | | | neighborhood. Think of your potential home as being a |
| here), and the only history of paying your rent on time | | | | free agent. If your home is high priced, then you limit |
| is provided by the school that had you on scholarship. | | | | the number of people who can afford it. No different |
| Would you lend yourself money? Probably not. So | | | | then if you are a free agent and you're asking for a |
| what do you do? Well here's the answer. | | | | contract that is at the top end of players in your |
| The simple fact is that you need to understand some | | | | profession. Only a select group of teams can afford |
| basic principals of business and employ a professional | | | | you and therefore you limit the number of potential |
| to help you secure a loan to buy the home you've | | | | suitors. Real estate is the same. If your home is really |
| always wanted. You don't need to sit on the sidelines | | | | expensive, then it will take longer to sell when you |
| waiting for a year to pass just so you can reap the | | | | move. The sports industry is one where careers are |
| benefits of home ownership. By the way, owning a | | | | generally short and odds are that you will move within |
| home is probably the best move you can make in | | | | 5 years. Don't put yourself or the bank in a position |
| your first year of your professional career. Your CPA | | | | where it will be difficult to unload your property. This will |
| will tell you that you need tax deductions and one of | | | | help you in the long run. |
| the best ways for you to get them is through owning | | | | You see, it really isn't that hard to purchase your first |
| real estate. | | | | home. It can be intimidating and sometimes even down |
| There are banks that understand the professional | | | | right frightening. But if you surround yourself with |
| athlete. You just need to know where to find them. | | | | people who are professionals in their field and they |
| Believe it or not, some of the best advice on who to | | | | have your interest at heart, you should be able to get |
| trust is from other athletes who have been where you | | | | the home of your dreams without breaking the bank. |
| are. Most of them will have experience with a lender | | | | |
