"Co-brokering" - Posted by Fred in Kentucky

Posted by Michael Morrongiello on January 17, 2001 at 20:05:16:

The outfit you mentioned is going through some serious re-organization. Having been investing,buying, and brokering notes for over 17 + years, I have seen numerous “players” come and go. This is nothing new.

Names like Security Pacific, Wells Fargo, Fleet Finance, Chrysler First, Family Credit, etc. all at one time or another bought paper and no longer are in business or doing so.

A great way to save yourself a lot of headache and heartache is to consider working with a Master Broker who is experienced in putting deals together and getting them funded often by themselves and occasionally by others. You can “Learn while you earn…”

For a Free Report on these services, just drop me a line.

To your success,

Michael Morrongiello

“Co-brokering” - Posted by Fred in Kentucky

Posted by Fred in Kentucky on January 16, 2001 at 23:51:12:

Having recently completed a short course on note brokering ,I contacted Metropolitan and was placed with a person who worked with new brokers (or wannabes).I was sent their new broker package and began working with a very helpful lady. Studying reverse partials ,split disbursement partials and multiple stage payouts and becoming more familiar with my HP 12-c, I began advertising in some expensive ways and some not so expensive ways.Low and behold I got some leads ,albeit probably not all that great but with some potential.
I proceeded to call Metropolitan for a little coaching and advice to find my end buyer rep no longer worked there.The guy they put me with seemed less than interested and suggested some “co-brokers” to work with might be better .
So, to make a long story longer, I wondered if anyone could give advice on any honest and fair people I could work with to find out if the notes could be sold to anybody?(they’re Land Contracts with the payors not being able to qualify). If I do get more saleable notes ,how much of the fee do you usually give up to “co-brokering”?
Thanks a heap, Fred in Kentucky

Re: “Co-brokering” - Posted by Ron Ohara

Posted by Ron Ohara on January 18, 2001 at 15:05:41:

The worst thing that could happen to a new broker when all the lights are green and you are at “full speed ahead” is for someone to turn you 90 degrees away.

As to your question, unfortunately, there is no set fee in which a co-broker will charge.

As for a Master Broker, we in this industry believe that the Master Broker is to help you in closing your transaction and at the same time, help to educate the new brokers so they have the knowledge and expertise to do future transactions on their own.

Some brokers find it easier to have their Master Broker work all of their transaction out for them, process and close, and just receive a commission at the close.

There are various ways in which you, as a new broker and the “Master Broker” can work out the working arrangements.

Again, I emphasize, if you do use a Master Broker, please ask questions and learn, you will benefit in future transactions.

Good luck and good fortune.

Ron Ohara
Capital 500 Funding