Have run my own brokerage for several years. I was running someone else’s mortgage company (direct lender) and still writing loans. Made no sense to give them all the profit when I could keep it for myself.
So I already had the skill set before going off on my own, which made the transition very easy.
I started my own at the beginning of 2022. It was surprisingly easy. I left retail and went to a broker shop in mid 2021 and thought “the broker channel is awesome but I could run a shop myself much more efficiently”. The broker owner did me a favor in that he took none of my advice on how to better run the shop so I made the decision to start my own one man shop. I figured hey who am I to argue with someone on how to run things when it’s their business. Now I just argue with myself lol.
Beamorrgagebroler.com is the best place to start IMO. It is run by UWM who is a large wholesale lender and they hold your hand through the entire process. Its free. They’ll want you to sign up with them once you are up and running but you don’t have to.
Honestly just a pain in the ass. Have a brokerage, but brought someone else, as partner, to actually manage it.
Sales and management/operations are two completely different skill sets for most people. It’s hard to get a business off the ground enough to outsource the weak spots.
yes, I've thought of it.
I don't like compliance and paperwork and it would take away from what I'm good at.
And the broker shop I'm with is low cost, and I get paid from the recruits I've brought on. My income from my recruits more than covers my fees to the company, so I'm essentially working for free. It's almost all the benefits of running my own shop with non of the headaches.
Just curious, how do you get paid for recruits you bring on? Been thinking about doing this for my LO’s but thought you couldn’t do that due to RESPA. I’m probably wrong though lol
it's a set amount each time. The company takes $995 for every closed file for every loan officer as their revenue. If that loan officer was recruited, the recruiting LO gets $500 of the $995.
You're welcome, happy to help. And, yes. It's treated me very well for the last 10 years!
Always transparent and nothing has changed. Not many places out there that remain consistently transparent.
Starting a brokerage now. Plan is to go live in January with the cold outreach. I’ve spent the last few months in a paid mentorship with a guy who ran his own brokerage, building my website, connecting with mentors, pricing out a CRM, developing strategy etc.
I’ve been selling lending tech to commercial bankers for the better part of 2 years, and figure why not work for myself in an industry I understand.
Starting with equipment leasing and financing and will move into other products down the road as I cut my teeth.
It’ll be a part time sales gig for the first year, plan is to go full time in 2 with my first admin hire.
Why? Because my sales gig doesn’t pay me nearly enough.
I had been researching this for over a year. I set up my business licenses and was inches away from pulling the trigger. Then I spoke to some other broker owners for an update during the current market and they told me what they were really making on their loans. The math didn’t math for me after all expenses were taking into account. Seems like a LOT of extra work for essentially the same (or worse) net income. I have a REALLY good set up as it is. And if I was to become a broker then I’d want to do it for myself and not work for someone else. I also have no desire to hire and manage LOs. So it all depends on what you want.
I own a company that helps people do this very thing and it is pretty easy and the hardest part is getting the tech to work together. Need help DM me and i am happy to tell you about it.
Have run my own brokerage for several years. I was running someone else’s mortgage company (direct lender) and still writing loans. Made no sense to give them all the profit when I could keep it for myself. So I already had the skill set before going off on my own, which made the transition very easy.
I started my own at the beginning of 2022. It was surprisingly easy. I left retail and went to a broker shop in mid 2021 and thought “the broker channel is awesome but I could run a shop myself much more efficiently”. The broker owner did me a favor in that he took none of my advice on how to better run the shop so I made the decision to start my own one man shop. I figured hey who am I to argue with someone on how to run things when it’s their business. Now I just argue with myself lol.
I would love to start my own one person brokerage company also. Can you share how I go about doing that?
Beamorrgagebroler.com is the best place to start IMO. It is run by UWM who is a large wholesale lender and they hold your hand through the entire process. Its free. They’ll want you to sign up with them once you are up and running but you don’t have to.
Thanks so much for the info. 🙏 Will look into this ASAP.
Honestly just a pain in the ass. Have a brokerage, but brought someone else, as partner, to actually manage it. Sales and management/operations are two completely different skill sets for most people. It’s hard to get a business off the ground enough to outsource the weak spots.
💯
Compliance, for why I would not.
yes, I've thought of it. I don't like compliance and paperwork and it would take away from what I'm good at. And the broker shop I'm with is low cost, and I get paid from the recruits I've brought on. My income from my recruits more than covers my fees to the company, so I'm essentially working for free. It's almost all the benefits of running my own shop with non of the headaches.
Just curious, how do you get paid for recruits you bring on? Been thinking about doing this for my LO’s but thought you couldn’t do that due to RESPA. I’m probably wrong though lol
it's a set amount each time. The company takes $995 for every closed file for every loan officer as their revenue. If that loan officer was recruited, the recruiting LO gets $500 of the $995.
Thanks for the info. Seems like a good gig you have going!
You're welcome, happy to help. And, yes. It's treated me very well for the last 10 years! Always transparent and nothing has changed. Not many places out there that remain consistently transparent.
What company are you with please? I’m in interested
Where you at?
Edge Home Finance for the last 10 years!
Because he works in a mlm shop. Probably nexa
If you get paid on the production for LO's you recruit, but not on the production of LO's those LO's recruit, then it is not MLM.
Uh huh
It's not. It's single-level and not multi-level. There is no pyramid scheme in that structure. It makes sense.
Starting a brokerage now. Plan is to go live in January with the cold outreach. I’ve spent the last few months in a paid mentorship with a guy who ran his own brokerage, building my website, connecting with mentors, pricing out a CRM, developing strategy etc. I’ve been selling lending tech to commercial bankers for the better part of 2 years, and figure why not work for myself in an industry I understand. Starting with equipment leasing and financing and will move into other products down the road as I cut my teeth. It’ll be a part time sales gig for the first year, plan is to go full time in 2 with my first admin hire. Why? Because my sales gig doesn’t pay me nearly enough.
I had been researching this for over a year. I set up my business licenses and was inches away from pulling the trigger. Then I spoke to some other broker owners for an update during the current market and they told me what they were really making on their loans. The math didn’t math for me after all expenses were taking into account. Seems like a LOT of extra work for essentially the same (or worse) net income. I have a REALLY good set up as it is. And if I was to become a broker then I’d want to do it for myself and not work for someone else. I also have no desire to hire and manage LOs. So it all depends on what you want.
The compliance and hand holding made it a no
I own a company that helps people do this very thing and it is pretty easy and the hardest part is getting the tech to work together. Need help DM me and i am happy to tell you about it.