Posted by Paul Macdonald on December 16, 1999 at 24:51:24:
Andrea,
For $9800 I’ll give you everything your salesman offered, pay for your attending the convention in Feb., buy you dinner, drinks and a $1,000 US Savings Bond. In a heart beat. In fact, I’ll throw in $5,000 in actual paid marketing for you. Since I’d get a piece of the action from “your” loans and any deal that came in I’d be way ahead. I had no idea people were actually selling this as an opportunity. Woof!
If you are going to only do your own deals (unless you’re going to do a bucket of them) don’t bother to become a broker. Find out the rules in your state; than find a small shop with a large portfolio and get on board as a very part-time 1099 employee - a loan officer. You won’t have to turn over too many rocks to find a place to hang your hat.
Give me a call/email if you want some more advice.
What does it take to become a mortgage broker? - Posted by Andrea
Posted by Andrea on December 14, 1999 at 22:16:48:
Hello,
I was wondering if becoming a mortgage broker would be beneficial to my real estate endeavors. The only one I know who does both is Mr. Ed Garcia. I figured if I could just do the loans on my own properties (and for no one else), I could come out ahead. I called an ad in the Sunday paper about a company that, for a one-time fee of $9800, you have access to over 200 lenders of mortgages, acccount receivables, commercial stuff, etc. Includes the big lenders like Chase and others. The salesman told me that while I could become an independent broker on my own, Iit would be a difficult route. I wouldn’t have access to some of the bigger lenders with no track record, and I would often have to meet certain quotas with others. Any advice/feedback would be appreciated.