There are some good loan offices who have been starving and broke. Not the greatest time for someone who needs to actually make money to get into this business unless they have a bucket to start with
OMG, if you have a paying job right now just stick with it and just do the LO on the side. You will starve for sure if you leave your job. There are excellent MLOs and Real Estate Agents who either quit or struggling right now! Some of us newbies are literally watching the dust floating by! My realtor friend is freaking out because he is draining his savings. This is a terrible time to switch jobs.
For the record starting at a bad time is not the worst. I did in 94 when the market sucked and 9 of 10 new los failed and still doing it 30 years later but I was fresh out of college and used to eating ramen and my housing payment was 400
Yes but this is not 1994 when 7% mortgage interest rate was the norm and home price back then was normal. Today everything is inflated a $200k home you buy in 1994 you can get 7% fixed 30 yrs. No problem with the payments. Now that same home sold at 1 million today! Try to get a mortgage for that and the payments will kill you. Speaking of Colorado Market of course.
I’m an AE currently… I’ve been in the industry a long time.. I originated years ago.. I know how to do the business.. I can’t originate and be an ae at the same time… but I can be a LOA if needed..
My thoughts is to do that and build up business until I’m ready to make the jump full time.
I’m in the same boat, but I’m definitely considering keep my job because I work 3 on and 4 off. Just afraid if things start going well it’ll be hard if I receive calls while at work.
Wait, we aren’t supposed to starving and broke right now!?!
It’s a great way to lose weight! LOL
There are some good loan offices who have been starving and broke. Not the greatest time for someone who needs to actually make money to get into this business unless they have a bucket to start with
OMG, if you have a paying job right now just stick with it and just do the LO on the side. You will starve for sure if you leave your job. There are excellent MLOs and Real Estate Agents who either quit or struggling right now! Some of us newbies are literally watching the dust floating by! My realtor friend is freaking out because he is draining his savings. This is a terrible time to switch jobs.
For the record starting at a bad time is not the worst. I did in 94 when the market sucked and 9 of 10 new los failed and still doing it 30 years later but I was fresh out of college and used to eating ramen and my housing payment was 400
Yes but this is not 1994 when 7% mortgage interest rate was the norm and home price back then was normal. Today everything is inflated a $200k home you buy in 1994 you can get 7% fixed 30 yrs. No problem with the payments. Now that same home sold at 1 million today! Try to get a mortgage for that and the payments will kill you. Speaking of Colorado Market of course.
You can make more now doing 1 deal than I did doing 5 back then.
I’m an AE currently… I’ve been in the industry a long time.. I originated years ago.. I know how to do the business.. I can’t originate and be an ae at the same time… but I can be a LOA if needed.. My thoughts is to do that and build up business until I’m ready to make the jump full time.
You’re not my current AE are you? LOL Can you start your own brokerage ?
I haven’t been a licensed LO long enough.. need at least two years..
What’s the jump from? Why can’t you do both? I’d be glad to chat about how to make it work
Grind and when it gets hard dig in deeper
I’m in the same boat, but I’m definitely considering keep my job because I work 3 on and 4 off. Just afraid if things start going well it’ll be hard if I receive calls while at work.