Newbie Have Some Questions
1) What questions Should I ask a ISO Shop that will help me find the best shop to work with
2) Can I ask them to disclose what they made on my deal Yes or No ?
3) What is a fair split % for deals I close I am new to MCA but not new to direct sales on phone or door to door
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Newbie Have Some Questions
John. Let's assume he figures out who is who in the space and develops an adequate funding network. First off, how long did that take you? Second, do you think he is going to get the same quality approvals as an office with real deal flow and long-time relations? I feel like there is a lot of value to working with the right firm. The energy is flowing, people are making money around you, everyone is making each other better, and all you have to focus on is closing. As far as the commission split question - it all depends on the value that brokerage has to offer. You can make more money on a 25% payout at one place than another paying 70%, it's all relative.
Newbie Have Some Questions
Best way to interview an ISO shop is to take a look in their parking lot and at the people working there. Should tell you all you need to know.
Newbie Have Some Questions
What do you consider to be "not long?" It's taken me 2 years so far and while I like to think I'm pretty good at placing deals, I'm still learning things every day as the industry continues to evolve. It's not just about finding the lenders, you need to know how to underwrite in order to place them. It's basic math, but not without any guidance, going in blind. There will be a lot of time spent finding lenders, learning the business, and underwriting your own deals, trust me. No comment on the difference in approval quality. What kind of company would required a new hire to get their own dialer? Lol
Newbie Have Some Questions
Has this become a DF promotional thread btw? Haha
Newbie Have Some Questions
A good broker will get preferred rates with some lenders based on volume and the portfolio performance. They will provide leads in to good conversations with interested parties after you are fully trained and proven as an asset. (Don't expect expensive leads until you are trained to handle them properly.)
In the absence of these attributes, there should be a base salary to compensate you for your time in cold calling. If you are cold calling, you better be absolutely outstanding at it and a real cut above. If you're not a phone superstar with a 5 star personality, you will get eaten alive.
God luck to you sir, see you on the battlefield.
Newbie Have Some Questions
IamGrateful - Most noob questions have been answered multiple times on the forum here, if you do a simple keyword search, you can probably find answers to the fundamentals.
I heard Zach at WBL will train you for free, too. Might want to shoot him an email. You have seen him post his offer to help on here quite a bit.
If you're looking for the most important components, meaning specific marketing strategies and scripts, you likely won't find anyone here willing to give you their secret recipe. We all have one.
Hope this helps. Good luck to you.
Newbie Have Some Questions
An ISO with larger volume and a book that performs well will 100% get better rates and a preferred level of service than a newbie or smaller independent broker. This isn't debatable, this is a fact in this industry.
Newbie Have Some Questions
The lower base rates aren't really a secret, many lenders have multiple levels of pricing. Then it goes beyond that... You make a lot of great points John, sorry to hear you're stuck with standard pricing though lol.
Newbie Have Some Questions
There's another book out there for sale: "Brain Surgery for Idiots". Tell the whole f*ing world how to get into MCA to make $10 on a book sale. smh