Bonhomme said:
It's almost impossible to become a mortgage broker in my state. You practically have to be one already, and have an immense amount of assets.
The best ways for a newbie real estate agent or loan officer to get business are either going where leads are provided (like the places that advertise on billboards with a web site or toll-free number) or doing lots of internet pay-per-click advertising. You can also get business by running "I buy houses" ads in the largest newspaper in your area.
If you do telemarketing, be sure you have the "do not call list" web site up, and run every number through before you call it. I don't recommend telemarketing: getting people to call you establishes a much better frame for your interaction.
In my state (California), you need to have $25,000 worth of assets, which I have. The way you describe it though, it seems that you are more talking about the current slow real estate market. I get what you mean.
Overall, I'm looking for jobs that require a certification/license that don't have a glass ceiling on salary or money earned. The idea of becoming a loan officer is interesting because I have to work hard to find leads, sure, but it pays off. I've also thought about becoming a Notary Agent, which will cost roughly $350 for the course/testing, but it's well worth it. I know in my town at least, that notaries are few and far between.
I'm just looking for ways to slowly up my income. I'm still in college, do some online business, but it's not really a business. I want to make some big bucks and get into big financial deals. The only way is to get certified in various things. I will eventually become a CPA after I finish school, so I'm looking for things that will complement that. I think becoming a mortgage/loan officer is certainly helpful and anything else I can think of.
I don't really want to make that much, maybe around $7-$10K per month while I'm still in school. I'm sure there are still people buying and selling houses regardless of the slow market. I just want a piece of that pie, no matter how small it is. Median prices for houses in my town are $650K, so even if I help finance one person a month I think I'll do fine.
Bible_Belt said:
I think the licensing is different in every state. I solicited home loans in Florida, and a license was not required.
So, you were a negotiator? In California, there's two types of licenses. One of them is the CFL and the other is the DRE (I think), and the CFL is more like a negotiator, but you can only deal with banks that have a CFL license, which means only lenders in CA. With a DRE, you can deal with lenders from everywhere, but the license costs twice as much, and requires more courses, tests. By the way, if you didn't have a license, how did you learn about everything and how did you get your contacts, etc?
Also, how much cold calling are you guys talking, and where do you know who to call, etc? Did you guys work for brokers or just independently. I assume working for a broker would give you a lot of resources and lists to work with but then you sacrafice some commissions.
