If I were a newbie here's what I'd do... - Posted by A.T.

Posted by A.T. on March 25, 2000 at 21:29:09:

I don’t see why not. You will get to see many of the documents…contracts, leases, etc.

I think if you keep your eyes open and ask questions a lot, you will learn. Plus make contacts!


If I were a newbie here’s what I’d do… - Posted by A.T.

Posted by A.T. on March 25, 2000 at 10:06:03:


I noticed that the two most common threads on this board are

  1. People who have a lack of knowledge about real estate, real estate documents and how a real estate deal is actually put together.

  2. People who are currently unemployed or do not feel that they have the financial “stuff” to get their first deal going.

I think I have a solution that solves both of those problems. I have spent the past year and a half doing temp work at large banks in their mortgage departments. It is generally document review type of work and does not require any special skills or talents. The pay is generally $9-$10 per hour but that is not the important part. The important part is that you have access to the meat and potato(e)s of the real estate business…documents.

All day I go through loan and mortgage packages. It includes the loan app., credit reports, appraisals, sales contract and everything else involved in each loan. Seeing loan after loan, you begin to get a feel for what home values are. You learn what a bank considers when making a loan as far as what REALLY is good and bad credit. You find out that while certainly not all deals are ‘no money down’, banks often lend money to homebuyers, investors or not, with often just $2,000-$5,000 dollars down. MANY homeowners agree to second mortgages and holding notes or equity every day. I see it.

The knowledge that I have garnered is better than any Carleton Sheets course (which I own). I see what houses are selling for in certain neighborhoods. I know what rental rates are in neighborhoods (rental agreements and lease documents are included in loan packages when an owner refinances). That kind of knowledge, especially if the bank is local and you can see what is going on in your own area, is priceless. Plus, after a while you become familiar with the documents and the whole real estate acquisition process becomes less intimidating. You begin to truly believe, “Hey, real estate isn’t so complicated after all.”

As for line 2, if you are currently unemployed or ‘underemployed’ and are looking to get into real estate for financial reasons (aren’t we all) then there are plenty of mortgage jobs out there! We currently have 5 hours a week of MANDATORY overtime and have unlimted voluntary overtime. So call your local temp agencies and tell them you are interested in a mortgage processing position in a financial institution. The mortgage industry is one of the biggest in the financial sector and it takes a lot of people to process those mortagages. So you could have a job, in the real estate industry, and be getting paid to learn! That’s how I look at my job. Even if you do real estate investing full time, just doing this part time would give you exposure to the market ‘happenings’ and provide you with a little extra money to boot!

I just wanted to share my experience with others. I know that a lot of people have no exposure to real estate and are just intimidated about what actually ‘buying’ or ‘investing in’ real estate is all about. Or often I read posts of people who are about to go bankrupt or not making enough money. This could help people in both of those situations and that is what CREOnline is all about. WIN!-WIN! I would be glad to try to answer any questions that you may post.


Re: If I were a newbie here’s what I’d do… - Posted by JohnB_NJ

Posted by JohnB_NJ on March 25, 2000 at 16:09:14:

Hello A.T.

I just want to play the other side here…ok…

If I want to learn more about documents I spend a day at the county court house looking at deeds, mortgages, notes, assigments, …etc. I have to do this quite frequently if I need a fast title search. I had no clue what I was doing at first. I just asked for help and the title searchers and clerks there are usually very helpful.

I also get a feel for the market by spending some time at the county tax office looking at the recent sales.

I can’t see myself “pushing documents” to learn. I rather be out in the trenches doing deals. Sure, I always get a bit nervous doing deals but feeling goes away with more and more deals done.

Will I make a mistake. Yup. Already have and it cost me $1k. I put my first flip under contract for a bit to much. I learn a lesson and my next flip, one month later, made me $14k. But I have to tell you, when I make a mistake that costs me money, I never make that mistake again. I just refuse to sit at home and do nothing. I read every night. I love to learn about new ideas and avenues of doing deals. But what really counts is getting out there and “getting it on”. If you fall on your face, get right up, brush yourself off and go at it again.

A.T. don’t get me wrong. Learning this business is not easy and if you found that working that JOB educates you, then great. Don’t change what works for you. Me, I rather be out there doing deals and learning as I do each deal. Of course, I educate myself so I don’t “shoot myself in the foot” and I would encourage anyone to read everything they can get their hands on but don’t be a “armchair RE investor”.
Get out there and make it happen.
Oh, and I start REI part time…my fulltime pursuit was my idea but it happened a year early. I just wanted to thank my boss for giving me the boot. Thanks Bob!

Good luck and good investing.



Re: If I were a newbie here’s what I’d do… - Posted by Doug Pretorius

Posted by Doug Pretorius on March 25, 2000 at 11:06:00:

Excellent idea! Sounds just like something Rich Dad would approve of, work to learn not to earn.

So what does “mortgage processing” entail? Exactly what are you responsible for?

Great Idea! - Posted by Eduardo (OR)

Posted by Eduardo (OR) on March 25, 2000 at 10:57:30:

Great idea for the people that want to educate themselves before they enter into contractual agreements involving tens, maybe hundreds, of thousands of dollars. So many of us want immediate gratification of our wants and desires that we neglect a little basic preparation. Give us more. --Eduardo

I’m in the process… - Posted by George(OH)

Posted by George(OH) on March 25, 2000 at 10:52:06:

of doing the exact same thing, only I was looking to get work with a title company. Do you think I would learn as much?

Thanks for the great idea!!

God Bless,


Good advice - Posted by Doug Pretorius

Posted by Doug Pretorius on March 25, 2000 at 16:47:29:

I’d say that neither way should be overlooked. Neither should the potential connections to be meet at either locale.

Before long of course, this all becomes academic, once you have good people working for you (RE broker, attorney etc.) they will make you far more money while collecting this information for you for free.

Eventually one would find better places to spend their time than behind desks or in musty records cellars. But doing both early on, are probably good for an education :slight_smile: