Starting as a broker part-time?

Question

Hi everyone,

I am an active investor and as my day job I currently work in commercial real estate valuation. I have been looking into other sources of income and thought of getting my mortgage brokers license.

I am well connected in my market and am still relatively young at 24 with lots of friends and peers that will be looking to purchase their first homes soon. I work remotely, always have my phone handy, and love the number side of real estate so I think this would be a great fit for me and something that I could see myself doing long-term.

The only downside I see is that I work 8-4 so couldn't spend that time in an office with other brokers or doing real work for clients, I would be working after my day job. I'm completely fine with this but I'm wondering if it would be difficult to find a brokerage and if its feasible to start and eventually grow into a full-time career.

Any thoughts and tips would be extremely appreciated!

Erik Estrada · Answer

Being a Mortgage Broker is a full time job. Making sure you understand various lender's guidelines, doing your due diligence, actively prospecting, and making sure each loan file closes smoothly while ensuring that both your lender and client are happy is not a walk in the park.

I would recommend starting as a Loan Processor first and then transition into it or just go 100% full time and learn the craft. You are paid when the loan closes.

Alex Deacon · Answer

@Kevin Robert I started in Pittsburgh in 1995 as a mechanic full time and an agent part time. 3 years later after working both professions I switched to part time mechanic and full-time agent. At the end of my fourth year I was a full time agent and a full time real estate investor. 2002 I started a property management company. It can be done it takes hard work and patience. You can do it.

Kevin Robert · Answer

Thanks for everyone who commented! I ended up starting part-time as a broker, while working my other remote full-time role. I had some deals and saw a path that I could make the jump full-time. With some help from my principal broker, helping me fill my funnel and bringing me in on his business to help put my valuation experience to use, I switched to full-time not long after! With a few months in - I love it!

Doug Smith · Answer

HI @Kevin Robert, We are always on the lookout for great loan officers, but we don't hire part-timers for a good reason. A lot of people seem to think it can be a side hustle. It's not. I've spent many, many years honing my craft and I learn every day. It's not a job you can half-a$$. You have to whole-a$$ it. It's not easy and it takes a lot of commitment.

Dave Skow · Answer

@Kevin Robert- awesome to hear - good luck out there

Dave Skow · Answer

@Kevin Robert- thanks ....1)  getting  strated now is not the best idea as the # of transactions are dramtically  down   2)  part timing  it  isnt a wise idea  either   ...I would recommend  passing your licensing  requirements /  finding an  experienced lender that you can  latch onto as a Jr type LO  or as a loan officer  assistant ...good luck

Brayden Hrycko · Answer

Hey @Kevin Robert,

I wouldn't be discouraged. If lending is something you want to do, you can certainly try an be a part time LO. There are plenty of LO's that start in the business part time because it can be hard to start the motion especially when you are working for a brokerage that is 100% commission. If you have a good team to help you along the journey, it is very possible.

Adam Bartling · Answer

No problem, you may find somewhere that will let you do licensed lending part time.  I know some LOs who used to do a 50/50 split as they find the deal but do not process the loan.   And it all comes down to your network and sales skills (huge variable)

Kevin Robert · Answer

Thanks for the reply @Adam Bartling. Essentially, you're saying it can be done if you are just looking to do a few loans a month, but in order to grow and do more volume it would be a full time commitment?

I wasn't expecting to start doing a large volume of loans but thought if i could do a few a month while working i could eventually switch to lending full time.

Thanks,

Kevin

Adam Bartling · Answer

Kevin,  I tried working my sign company and lending, it is a lot.  I manage my sign company and do lending full time.  If you are doing 1-2 loans per month it can be part time.  I have tried to bring in brokers in the past for non owner occupied/ investment and commercial lending but nobody would ever finish the home work.  Ya 15 folks said they wanted to till I put a 400page book in front of them and told them to summarize it and then I will bring you on to the next step.

Starting as a broker part-time?

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