MortgagesUndressed

I was asked this by someone who thought he wanted to make the big bucks. I told him to not go into the business.

I have been asked this by many real estate agents. I have actually trained a few of them.

I was asked this by someone who thought they would be good at it. I encouraged him, but not the way he expected.

Here is a list of thoughts I have, which I may expand later.

Consumers, just know, it is easy to say you are a loan officer, it is easier to be a refinance loan officer than one who handles purchase transactions.

1- It is easier for a loan officer to become a real estate agent than a real estate agent to become a loan officer.

2- To those who think they would be good at this business, start with working for a bank. The training will be more concentrated as banks are managed better. That doesn’t necessarily mean that a bank is a better choice for you the client.

3- It helps to have a mentor. I mentored my grandaughter. She had the brainpower and the get up and go to become good. We worked on transactions jointly until she was comfortable, then she just came to me with questions, then she only came with issues, and now she is on her own. It isn’t easy to find a mentor as it takes from the mentors day.

4- Go into it for reasons other than how much money you can make.

5- Understand that their are peaks and valleys, be able to sustain yourself in those valleys, save money in the peaks.

6- Go get a finance degree in college first if you can.

7- Love numbers and math. I was always the guy who kept the bowling averages and baseball statistics on every team I played on or coached, in every league I bowled in. WHooee, I was in the all college bowling tournament. Who else do you know that lettered in college, in bowling? Larry Cragun