All Forum Posts by: Jonathan Blandino

Network at your REIAs. There are investors there and connections to investors there. Also make sure those deals are better than what they can get on market. They want to see value to work with wholesalers! Good luck

@Ali Boone Hey Just relocated to ATL and do feel there is saturation but was wondering if you felt it was overall in the real estate game or just for turnkey properties?

Hey BP fam, I have been reading on OPM borrowing and wondering the different ways to pay back the borrowers. 

Lets say I borrow 100k from a wealthy college friend as a down payment for a multi-unit property that cash flows immediately. Of course, I pay the monthly expenses first and then am I giving the rest to the investor back until they are paid back an agreed upon interest? Can I offer a small portion of ownership in exchange long term? Also how do I determine a good interest that I know Im making them a good deal? (Im sure this varies if they are family or etc but I want to make sure Im giving my investor a solid return as well)

I guess Im trying to learn how to present the best option for my investor to build a long term relationship while not drowning myself in being able to make a profitable deal. (Ive rambled on long enough lol) As always thanks in advance for any advice.

BTW, I have a potential job offer that would relocate me permanently to the DFW area which I would assume has some better deals than my lovely northern NJ. 

I agree about the initial time period. I currently am still a licensed claims adjuster and my first few months were rough as the nature of the business being thrown into the fire before we finally got a hold of multi jurisdictional regulations, so I definitely get that unfortunate fact. And yeah I haven't considered just going into a brokerage and meeting directly with them. Thank you!

Hey guys,

Awhile back I received some good advice on here about transitioning into a career as an MLO. I finished my prelicensing hours and I missed my exam by 2-3 questions (honestly not a hard exam I just studied far too much in areas I thought would be more prevalent). I plan to retake immediately after the 30 day waiting period. In the mean time I'm looking at prospective job listing service and most MLO postings require 1-2yrs experience. I found BoA has a transitional position which looks interesting. So I was wondering how strict are they on the experience before hand and does that mean I would have to start as a loan assistant? I honestly am not feeling that (not because the position is beneath me or anything like that) because the pay is low to mid 30s and I have bills to pay lol. Just making this post to see what my options are. As always thanks for any help in advance!

Hey Matt,

I'm no expert but just chiming in. From what I could see is many of the people with distressed homes may not have market knowledge. They just have this burden that the have not tended to and so a wholesaler comes along and they now are considering getting rid of the property because the whole seller has motivated them to and they stick with them to get it done. It's the old adage "you don't know what you don't know".

Originally posted by @Logan Pradon:

Hey Johnathan,

There are a couple ways you can go, becoming a Mortgage Loan Originator (MLO) also know as a loan officer, where you would either work for a bank or Mortgage Broker.  Or become a Mortgage Broker. Both  positions would need to be licensed but the Mortgage Broker would also have other requirements. I would recommend becoming a MLO and working for a Broker first, because there is a lot to learn. 

The only time you would not need a license is if you work for a large financial bank (ex. Wells Fargo) were you would only need to be registered with the NMLS. That's not to say they would hire you without the license but they could if they wanted to.

In terms of obtaining clients it would depend on where you work. If you work for a large bank you will get people walking in the door looking for loans but you will still need to make calls to acquire more clients. If you work for a mortgage broker you will usually have to find your own clients but occasionally you can work under another MLO or mortgage broker and they will provide you leads in exchange for a cut of the commission.

 Thank you! Yeah I'm reading a little more and see that MLO would be a smart way to start. I just signed up for a prelicensing course starting next Tuesday that includes NJ specific hours. Things are back in swing here in NJ and think this may be a great way to make a living while learning and starting my own investments. Thanks again for the great info.

Originally posted by @Eric Schleif:

@Jonathan Blandino 

I'm assuming you are looking into becoming a residential mortgage broker and not a commercial mortgage broker (big difference). As you are already aware, you have to be licensed to be a residential mortgage broker NJ. You don't need a $50K net worth. That's only if you are forming your own residential brokerage company and are therefore required to get bonded. To get bonded you need a minimum net worth of $50K among other things. I believe what you are looking for a Individual Residential Mortgage Broker License. There are background checks, classes, tests, etc. that are required to get your individual license. Net worth is not one of them. 

 Thank you Eric. Makes alot more sense as they were asking for alot of things I felt were related to a company and not an individual. I will definitely get on it as the license isn't a big deal and I have the time. I did have a question as far as obtaining clients. Is it purely on my own (which you would do anyway) or are there firms like with Realtors to kind of help learn the ropes?

Jordas Reyes Hey Jordas, well I had a few realtors giving me advice on that end as well but I was more interested in the mortgage broker end as I have read since the house bubble there has been an increase in the use of Mortgage brokers and I feel it's a less saturated area than realtors. I know a ton of realtors and only a handful of MB. I think people want that layered benefit of working with an MB and since most of the time the lender handles the fee it comes at no expense to the buyer. Also as you mentioned it would be a great way to network and learn about the lending process in helping me for my own investments. I already have insurance down packed and experience and a licensed adjuster so some hurdles I am already familiar with and may be why they mentioned it to me.

I recently attended my first Flippers event and met a bunch of great people. I spoke with one person who told me to look into becoming a Mortgage Broker. I did some research and interested in a switch career wise. My only concern was looking at the specifics for the state of NJ it ask about having 50k net worth or something to that effect. Wanted to see if anyone knows how crucial this is and what is needed for this assessment? With my school loans and car loans would be hard to balance out that 50k.