No, it's what everyone chants at the Playa haters ball...that's all..

 

Chappelle show baby

 

fo shizzle...Best show in the history of the world

 

gah.. so much for this topic not getting derailed :P

 

Well he is going for pimpology 101. We're just helping him study.

 

no worries task was complete

 

Hate, hate, hate

 

I'm going to pop mah collar for this one.

 

 

I look at the flag and feel patriotic then all the sudden.... not.

 

Sike !!!

 

Back on topic for Real Estate.

Let's consider the steps, Ben.

-You'll need to start by getting your principles knocked out in sales: http://www.trade-schools.net/allied-...on-license.asp

-Once you pass the principles you can sign-up for the state exam and study using the study guide from the principles class you signed up for -OR- another tedious but highly effective video called Real Estate Excellence that was made sometime during the late eighties (PM me for details as it's not online).

-Once you pass the state exam you have "X" number of months (think 18) to achieve 4 credits worth (IIRC) of Real Estate classes. You can goto any CC or simply do online correspondence like you did for your principles. No big deal plus it will actually help you. You'll need to do this every 2 years now as it's a new state law.

EDIT: This won't get in the way of starting. Once you pass the test you can get employed anywhere you want. The classes are done on your time and leisure. if you don't do them then the DRE will revoke your license. Simple.

Now let's consider the avenues of Sales or Loans.

To be a loan officer you'll need to have experience from one of two areas before you can go on your own. When I say "on your own" I mean like the company I work with. You do all the grunt work required to get your name out but the commission is usually higher. Furthermore, I have the ability to shop 250+ lenders regardless or credit, asset, salary etc.

You can work for a company like Greenpoint, Argent, Liberty. etc. as their exclusive loan officer. Most of them get your business leads for you. All you have to do is work with the clients they give you that fit into this pretty credit, income and salary mold. If they don't meet the criteria of the loan programs then you deal with the next customer as if they never existed. Furthermore, the commission is usually smaller around 50-60% Why is this a good route? Because if/when you leave the company your clients come with you! Plus you have all the education that was provided by the company for future endeavors. This is the best route and can pay well into 6 figures if you're good.

The other route is to be a loan processor under any current loan officer and be a grunt for a bit. It may suck and the pay may be less depending on what types of commision deal you have. But the experience will be priceless as you'll know how to do all the paper work etc. This is the route I took when I got out of the service.


Now lets talk about Real Estate.

This is a similar beast in which education is key.

You'll want to work for a broker that provides outstanding education from the very start. These are Century 21 (which my wife works for), Coldwell Banker, Prudential etc. They provide great education and even a personal mentor for your first few deals (at least Century 21 does... my stepfather works for Prudential). The only downside is that your commision starts around 50% and increases by ~2-5% ever deal you make till you eventually hit a commision cap. This cap will be around 80-90% which is still a ton of money. You should be really happy with your commission within 6 months to a year of steady work.

Companies like Re-Max provide a commision starting around 80-90% but don't offer any education which is an absolute must. Don't even consider this route unless you're a Real Estate Vet looking for a different broker.

Plus if you're a Realtor you can send your business my way for a purchase loan

EDIT: When you go to interview it's almost as if you're a smart kid looking for a college with rich parents. All you have to do is show an intrest in the company you want to work for. Once you've picked the company you want to work for you're in! They will hire you in hopes you're the diamond in the rough they've always wanted. Regardless, they're making money off your deal anyways so what do they care, right?


Either way won't be an easy route regarding Sales or Loans for a good few months at the very least. You should consider saving money now for personal reserves/expenses and enough money to pay for initial fees and state dues.

I hope this helps some. PM me for more specific questions.

 

look at Eric come through with all the info !

 

Good info Salty!~ I shall be a real estate mogul yet!!

 

This is a good idea and something I will eventually look into with my wife.

The hard part about being a broker is red tape and babysitting.

Sure you can have 40+ workers giving you 10-30% of their commission but what happens when the DRE and FHA audit the loans and find fraud?

What if employee #10 was photo shopping W2's and bank papers?

Not only will employee #10 lose their license and get thrown in jail, but your brokers license will be terminated and you'll never get a job in Real Estate again.

Next you know you'll be putting your Learjet in the same classified ad in which you're looking for a roommate. It can and does happen quite often. I know of one broker this has happened too.

But then again, if there wasn't any incentive there wouldn't be any brokers today.