81. Mortgage broker trying to succeed in this business

QUESTION: 

 I'm a new loan officer and would like to find out if it is worth going to these real estate clubs to find clients that would need financing for their homes? Or networking with real estate agents?  I'm new, young and just trying to make it in the mortgage business...

RESPONSE: 

I own a real estate investors club in Baltimore, http://www.mdrealestateclub.com/.   There are 80 -200 investors, agents, and lenders who attend the meeting.  Some of the members have had bad experiences with mortgage brokers. There are brokers who just can't get the loan done or even return calls.  For a great head-start in the mortgage business, start by returning calls and be honest with all your customers and clients.

A professional and well connected mortgage broker can be worth many thousands of dollars in cash flow and equity profits.

Refine your credentials by attending your industry continued education programs, become certified in a few areas of the profession. Learn creative financing, think like an investor, Become an investor, your will learn to develop compassion with them while helping them with financing and closing their transaction.  Learn the language of investing.

Offer something FREE; pre-approval, a financing seminar, comparable service. Write an article and offer it free.  This is a great way to build a prospect list.  Send newsletters. If you are a member of an MLS service, offer to supply expired listings and comps (they'll love this).

The apprentice and experienced investors will appreciate your willingness to give freely of your time to help without expectation of immediate return; they will recognize you as a friendly knowledgeable professional.

Always give more than expected, keep promises.

When working on a hard case, be honest, let your customer know early in your relationship that you may not be able to satisfy their needs.   

Cultivate Angels Investors and Hard Money Lenders who are willing to fund all or part of the transactions.  

Give your customer practical and creative suggestions:

• How to clean up their credit
• How to reduce their LTV
• Educate them on partial owner financing or contributions and how to ask for it.
• How to partner with others to qualfy.
• Suggest a hard money lender
• Analyze their transaction using an APOD
• Explain how to estimate the CAP rate
• Suggest they a re-write of their contract offer that would allow grater benefit; possession, a delayed settlement, re-marketing and extension clauses.
• Suggest assignment of their contract
• Explain blanket mortgages
• Additional collateral
• Substitution of collateral
• Negotiation of points and junk HUD-1 fees
• Family partnership

As a loan officer, you will be respected because of your ability to help, to education and to work harder than others in getting the loan done or helping your prospects reach their goal.

Some other marketing ideas; create your own newsletter.  Advertise it free of charge.  Build a buyer and seller list. Offer creative financing seminars.

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Free Report ---

 Answers to Frequently Asked Creative Real Estate

Income Producing Real Estate Negotiations Questions

Report - 3 & 4 of 5.  Charles Parrish: Investors, Auctioneer, CEO of Investors United School of Real Estate, http://www.investorsunited.com/,  and Auction Brokers, http://www.auctionbrokers.net/. Visit me at http://www.charlesparrish.com/ .

54.   Don't be blinded by incentives when buying properties
55.   How can I guarantee my success in the real estate investing business?

56.   Needing advice from experienced investors

57.   I need help!

58.   Recognize and play the game in the many real estate markets

59.   You made a light go off in my brain

60.   Real estate control concepts and auctions & creative control clauses.

61.   Bird-Dog: a short legged beagle with floppy ears and a cold nose. 

62.  TAX CERTIFICATES, insider techniques

63.  Structuring Lease options for tenants

64.  Control & Roll concepts

65.  Starting your own REIC (Real Estate Investors Club)

66.  I would like to be a bird dog

67.  An exciting game it is! Real estate can be fun

68.  I just have a block, I can't get started

70.  New real estate agent

71.  Controlling out of state properties

72.  Getting paid in advance use a Fiduciary Buyers and Non-Compete agreement

73.  Abused Real Estate Agents

74.  The seller says, "Make me an offer"

75.  Business card, what should the message be?

76.  Make the buyers come to you.

77.  Attention grabbing letters 

78.  Everything is negotiable 

79.  Buying foreclosures at the court house steps 

       Foreclosure Auctions  

80.  I need answers, do I need a coach?

82.  Wholesale properties

83.  Contract Bonuses/Contract Candy

84.  Purchasing distressed properties and foreclosures

85.  Perceived values of homes on the MLS?

86.  How did you get started? Meaning what did you master first?

87.   "The mission is the commission; however greed doesn't grow the fruits in our   

        backyard".

88.  Newbie investor needs a private lender