All Forum Posts by: Ryan Davis

Thanks, @Russell Brazil!

Thank you for the response, @Chris Mason!

Greetings BP family,

I recently passed my SAFE Act exam and am ready to begin building my book of business as a mortgage loan officer / originator in Virginia!

My question for experienced MLO's out there is, what are some tips you'd give to a new MLO looking to build business?

Of course, I'm going to call my warm market, brings donuts to RE officers, and attend local business functions, but what are some other things I can do to start filling that pipepline?

Thanks in advance!

Thank you all for reaching out. Best of luck in your future endeavors!

Hello BP Community,

My name is Ryan and I am currently on my way to Charlotte, North Carolina.

I know very little about the area itself, have zero personal connections, and to be honest, couldn't be more excited about starting from scratch!

In my past life, I taught in academia. In my spare time I had done some wholetailing (i.e., send out mail, purchase houses by means of cash, subject-to, and/or seller financing, then sell for profit).

Now, I have left teaching and made the decision to pursue my goal of full-time real estate entrepreneurship. 

As of now I am looking for work in Charlotte. Specifically, I've been looking for a sales job in something related to real estate in order to enhance my industry knowledge and sales skills (e.g., mortgage banking). The job market has proven pretty tough so far but I'd like to think I'm a pretty resilient guy, so I'll find something soon enough:-)

I figure once I get a consistent paycheck, I'll get my RE license and find a broker that will let me do some creative transactions on my own behalf. 

Feel free to comment on my plan.

I look forward to learning and contributing on BP.

Thanks for reading and wish me luck :-)

RD

Hey Chris,

1. The "Best List" - You won't like this answer but there is no one "best list." What happens is that marketers typically tend to focus on a particular niche (or better yet, combining a niche): absentee owner, tax delinquent, code violation, probate, pre-foreclosure. After experimenting with marketing copy and fielding calls, you'll get a feel for that niche's problem and motivation to sell.  The key is to test a list and take it from there  (hint: you might not get a deal your first campaign - as in first six months of mailing, but you'll learn a ton about the craft).

2. Equity - I will say this: the common denominator among all of those niches is that they must have substantial equity if you're trying to wholesale. 

3. Simple Start - I'll bite on the specifics of your question but this by no means is a guarantee. One easy list to acquire is an absentee owner list with equity. You go to a list provider like listsource and select: the zip codes you want to market to, single family residence, absentee owners, and equity percentage. 

4. Existing Information - Your questions has been asked many times here on BP. I'm not trying to put you down, but do yourself a favor and search your question in the BP search bar. There's also youtube videos that will walk you through this process. 

5. Pay - There are direct mail marketing companies discussed here on BP that will pull a list for you for a fee. 

Best of luck and let us know how it goes,

R

Hey @Cesar Ramirez, 

I agree with what Brian has stated above. A couple of things to keep in mind:

1. Strategy - What is your strategy? Are you buying properties at the courthouse steps, wholesaling, or simply making offers on the MLS. I bet you might get a more refined answer if you specify your strategy :-)

2. Brokerage - You'll most likely have to hang your license with a broker. For liability and insurance reasons, not all brokers are terribly excited about agents doing creative transactions on their own behalf; they prefer conventionally financed, MLS listed, traditional type of business. You'll have to do some shopping for a good brokerage if you choose to do some "outside-the-box" type of transactions. The flip side, however, is if you find an investor friendly firm, you'll be surrounded by like-minded folk who can support your goals.

3. Opportunity Cost - Yes, the MLS and license fees cost money. But having access to good comps will cost you anyway. I believe the monthly cost for CRSData is about $60 per month so you'll be paying for good comps anyway. 

4. Liability / Credibility - Again, as Brian stated, you'll be held to a higher legal standard. But on the other hand, you'll have an opportunity to learn some (not a lot) of real estate law which is hands down better than downloading a wholesaling contract off the internet from some random guru. Moreover, you can begin to introduce yourself as a real estate professional. Having access to expired listings, monthly trends, and average days on market seems useful. You'll be able to help those in the industry with your knowledge. In turn, this is not a bad way to find fellow rehabbers, wholesalers, future joint-venture partners, money lenders, etc. 

5. BiggerPockets - This question has been asked almost as many times as the "how do I find motivated sellers" question under the wholesaling thread. Take a second to search your question in the BP search bar. You'll see this very debate hashed out over several pages, with reasonable arguments advanced from both sides.

After reviewing my own post, I see that i come across as "pro-license," but I've done deals without one and ultimately it's up to you and your particular strategy. Some find having a license useful; others find it unnecessary. Let us know what you decide!

Best of luck in your future decision.