New and in a kind of odd situation.

[Destino]

I’ve been toying with the idea of becoming a LO for a while (years). I’ve been following my conscience for a while and working for a non-profit that I could feel good about at the end of the day. This doesn’t pay that well as you can imagine and it might be time to pursue something else. I need something that both satisfies my competitive side and results in better compensation.



Now that my situation has changed I’ve decided to give it a shot. An acquaintance of mine has suggested I take on a part time LO role with him. It’s basically a 50 split where I will have to originate my own business. Not the greatest deal in the world I’m sure, but it allows me some freedom to learn by taking care of my social circle. I’m in no hurry at the moment as I “haven’t quit my day job” as they say.



What I wanted to from you folks is possibly some advice, comments, and maybe some insight on building a network in this industry. I’m not one that favors cold calling or scripts as a means of generating income because frankly, and I mean no offense, I hate being treated that way. I’ve been in fundraising for a while now and mailings, cold calls, etc are nice but they are a money pit that is never filled. I’ve found more success in building real contacts and spreading by way of reputation and respect.



Is this approach feasible in this industry for someone looking to get his foot in the door? If so where is a good place to start? It can’t be as simple as just calling up real estate agents and saying “hi” can it?

[Troy]

Sure, it is definitely a feasible approach. A good place to start is always a place that will educate you well. Don't be as concerned about the commission split as you are about getting training and having someone you can call to get answers.

Don't forget when calling around to family and friends to ask them if they know any real estate agents. Some of my best business early in my career came from a friend's friend who is a real estate agent.

Also, feel free to ask us any questions if you need more help.

Good luck!

[Nationwide Territory]

Hey Destino,



I too was in the same situation before I became a LO! I happened to find a Loan Company with no terrotorial boundaries, and the best training in the industry I have ever seen. We should talk ASAP. I think I might be able to help you break into the industry!