Starting out in the mortgage business

[saminam]

Hello all,

My name is Sam and I recently passed my real estate brokers exam (California). After much thought, I've decided to focus on residential/commercial mortgages rather than property sales. Given that the market in California is slowing down, I'm expecting that originations and re-fi's will be slow as well. Is it too late to enter this business as a newbie or are there still some people making money? Is it first few months the same as a saleperson where I probably won't be getting any income until I establish some connections?

Thanks all,

Sam

[Chief Tutor]

I started in real estate in 1987 when the market in Boston was in a free fall. My thought was that if I can succeed in this market, I can succeed in any market.

Was it hard, no question. I worked another job full time for a year and used every weekend and evening on my real estate job. By the end of the first year I was making more money in my part time real estate job then my "real crappy job"

This gave me the confidence to go full time. Believe in yourself and commit to what you want. If you do that, you will suceed since most people don't beleive enough in themselves to commit to what they want.

Just my own experience.

[saminam]

Chief,

congrats on your achievements. It sounds like hard work pays off afterall. Well, I believe I do have the strong desire and commitment it takes to do well. But, I need to take a realistic approach before I jump into the mortgage industry. My situation is that I've been freelancing for the past year or so and work has slowed down over the past 6 months. I dont have the luxury as you did to continue on with a full time job while doing the real estate thing on the side.

Your profile indicates your from Southern California? Same here. I hear that the mortgage market has pretty much dried up? I would like to go to work in orginiations for a small mortgage broker to learn the industry, but I'm afraid I would only spend 3-4 months without earning a dime.

[Chief Tutor]

Check out lendertalk.com. there are a few members in the forum from So Cal. They may be of some assistance.

Good luck

[CTABUK]

Hi Mike, long time - sorry my friend.

Anyway, the UK Market is still busy, but do you guys get regulation the way the way that we do? We are under constant supervision these days from www.fsa.gov.uk
But you learn to live with it:D