Posted by Dwayne on December 02, 1999 at 21:07:27:
AS a loan officer seeking the investor title. I am glad I decided to get in the game. I am not able to just up and quit my just over broke job yet, but believe me I will. I now understand the financing side and it’s great. I have been able to really understand flips, and the paperwork involved to get it done. I work in the subprime , non-conforming market, profit is much better, and there is no lack of problem customers looking for my help. I work a full time job. I begin my day at 7:30 AM loan officer till 2:30 PM , head to my job from 3:00 PM to 11:00 PM. I have been in this business for 5 months and have made only $3500.00 but I have gained $100,000.00 worth of education.
I had a deal that was due to close monday. A 100% deal. Buyers got a no money down deal. Seller handling all closing cost. The lender called 3 hours before closing stated they screwed up on the figures and we could not close unless my seller carried a second. They were ticked because the seller was making a cool 28,000.00 profit. Purchased the home at a foreclosure sale, and is selling the property. Held property for 5 months. That ticked us off but we did not give up. In less than 12 hours we had another lender giving me a commitment. I 've been working 20 a day since Monday and we will be closing on monday coming up. I could not ask for a better situation to learn the financing side and what a investor goes through and how to solve the problem to get the deal closed. What will happen when I become a full investor and have these problems? Knowledge on how to solve them.
Hell man go for it. Find a broker you can work with. Get into the non-conforming side so you get down and dirty. FHA/ VA are good but only what one or two points. Non-conforming 5 points. Bigger commission.
I am learning how to use hard money to get the deal done. 55 LTV’s and buying low to still have cash for fix up and then flip to a qualified 90 percent buyer with 5 % down with the investor holding a 5%. Strucuring the deal and closing it. Will I learn that just writing deals up for one point/ then to spit it with a broker. Find the right small company, where you have to take the application/ process the app./ and close the deal. MAKE MONEY and EDUCATE yourself. Find a company that will help you achieve your goals. GET IN THE GAME. Don’t look back. Go part-time on your other job or get your hours structured so you can get in the game, or be like me work your full time job and originate until you make more money originating, and putting your commissions in assets that make you money like lonnie deals or something so you can leave that job.
Get in the Game
P.S. READ RICH DAD POOR DAD and choose who you want to be