Results 1 to 25 of 40
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01-27-2020, 02:56 PM #1
- Join Date
- Jan 2020
- Posts
- 20
New to the Industry.....Any Tips?
Hi everyone! I’m new to the industry, started with an ISO on Long Island. Learned a bit & decided I could take the dive...Any tips? FYI know the basics have my go to lenders....looking for those pearls of wisdoms from the vets? Thanks.
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01-27-2020, 03:16 PM #2
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01-27-2020, 03:17 PM #3
- Join Date
- Mar 2017
- Location
- Nunya
- Posts
- 830
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01-27-2020, 03:20 PM #4
- Join Date
- Mar 2017
- Location
- Nunya
- Posts
- 830
Don't hand out condoms at deBanked events.
Don't spam every thread talking about your micro... ahem... deals. micro deals.
If you're going to accuse a funder of backdooring, bring proof.
The guys with the hot leads don't spam forums looking to sell them. The leads sell themself.
Don't use Kobe Bryant's death as an opportunity to send out marketing emails.
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01-27-2020, 04:07 PM #5
Go sign up! Here are a couple of links so you know!
https://debanked.com/2019/11/debanke...iego-is-a-hit/
https://debanked.com/2019/05/how-to-...r-broker-shop/
Mostly everyone in the industry know's it is, no need to say anything other than a link.Last edited by jfeinberg; 01-27-2020 at 04:09 PM.
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01-27-2020, 04:23 PM #6
- Join Date
- Jan 2020
- Posts
- 20
Mr. Feinberg,
Appreciate the link, however I was looking for pearls of wisdom?
Debanked is nice, but it’s a bit basic.
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01-27-2020, 04:32 PM #7
That was more geared towards nunya lol however I will give you some.
1. Focus on cashflow right now. Forget the great pdf's you think will be great marketing, forget looking for the easier way out. Your main goal and should be your main goal for the next few months is fund deals. Get that bank account build up.
2. After the account is built up, build a great CRM that can automate emails, texts, and anything else that can be automated.
3. Focus some of your time in the Equipment Finance & Leasing space. Same commissions, a lot less competition.
4. www.equipmentbrokerschool.com will teach you everything A to Z and you can use a lot of it for the working capital space as well!
DISCLAIMER: EQUIPMENTBROKERSCHOOL.com is my very successful equipment financing training platform. It is mine, and my business partner Will Murphy. It is ours, don't get mistaken it isn't someone elses.
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01-27-2020, 04:54 PM #8
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01-27-2020, 05:47 PM #9
- Join Date
- Feb 2019
- Posts
- 124
dont be a commission hero. get it on the books by any means and worry about the next one
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01-27-2020, 06:17 PM #10
- Join Date
- Dec 2015
- Posts
- 49
Give me a ring. Willing to guide you. 15 year MCA veteran. Give me a ring.
Avi Levi*l*Funding Director
Direct: 1(786)-724-5601
35-12 SUITE 3-W 19TH AVE,
ASTORIA, NY 11105
Website:*www.MrAdvance.com"There are two types of people who will tell you that you cannot make a difference in this world: those who are afraid to try and those who are afraid you will succeed."
- Ray GoforthAvi Levi
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01-27-2020, 06:25 PM #11
- Join Date
- Dec 2013
- Posts
- 4,713
Mantis funds em ALL! (many within-hours after of a submission).
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
——————————————————————————
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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01-27-2020, 07:10 PM #12
- Join Date
- Jan 2020
- Posts
- 20
Avi,
Just letting you know one of your guys gave my old ISO a call & this is how the conversation went;
Mr. Advance: Send me your deals!
ISO: We are all set!
Mr. Advance: We have the best programs in industry!
ISO: I’m hanging up the phone now.
Mr. Advance: F*** you! Suck my ****! F*****!!
Thanks for the offer but if you need deals please get on the phone.
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01-27-2020, 07:11 PM #13
- Join Date
- Jan 2020
- Posts
- 20
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01-28-2020, 09:53 AM #14
What makes your 'goto' lenders your go to?
Few things i would say is treat your ISO rep or mgr with respect cause they can help you close deals, so be straight up, dont lie on every offer negotiation, tell funders when deal is dead, dont shotgun submissions and clog up funders pipeline, do network with people who could be referral sources whether it be in person or on linkedin(long game), make sure you really understand what is the best offer, and keep learning and evolving.
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01-28-2020, 09:57 AM #15
Here's another now that there is more comments...
Don't send deals to thirsty funders. Check linkedin - are there 30 "ISO Relations" or "Business Managers?" To the Funding Company? Odds are they're a deal data dump - they get the info on the deal and 30 days it's belongs to them. If not less. If not they just pass it through the back door.
Funders are VERY judgy about Brokers. Some treat everyone the same... like sh*t... and figure a dime a dozen instead of investing in their business development with Brokers who are innovative with their originations and customer service. They fail to ask questions but rather just want to know what your "volume" is or will be - not what you can accomplish together.
Everyone does the 2-8th positions up to 1.499 - it's all about relationships. There are thousands of "Funders" out there. Many of them are the same money - some are marked higher in their rates - some mark their fees higher to compensate.
Oh - and DONT buy lead packages. It's a lie!Funding is Temporary. Wu-Tang is Forever.
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01-28-2020, 10:22 AM #16
- Join Date
- Jun 2015
- Posts
- 3,322
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01-28-2020, 10:30 AM #17
- Join Date
- Dec 2015
- Posts
- 49
PM me.. Jack23 i have deals, just opening a line of communicate as this is what this forum is intended for. so "please" continue on having a great day.
We are 100% direct. I know for sure that whoever you spoke to was a while back because no one in our office would ever speak in such a way to people.Avi Levi
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01-28-2020, 11:04 AM #18
- Join Date
- Jul 2014
- Posts
- 92
Never say never... 10 years ago there were a lot of us that would NEVER fund a 2nd position.
My advice... assuming it's ethical/legal, don't dismiss any possible revenue. You may be targeting large construction deals but then, lo and behold, find that CC processing residuals are paying your mortgage one day.
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01-28-2020, 11:56 AM #19
- Join Date
- Feb 2017
- Posts
- 3,421
I think OC Funder is 100% right. Started out thinking I was going to be "selling cash advances," but now my biggest revenue streams are coming from real estate and lines of credit and high-risk CC processing. MCAs are fun, but as a true broker, I look as them as a tool.
Buyer Beware: If you cast your net too broadly, you'll do what I did and wallow for a year basically only learning and not focusing and at the same time making hardly any money. You will need an approach for each type of revenue income.
The best way to do that is to find the revenue stream that really makes sense for you, and to outsource and take profit-shares for whatever you don't understand... at least until you understand it! A single $200,000 real estate deal takes about 100 times the amount of man-hours as a single cash advance for $10,000, and it only pays (at best) 4 times the price. So know who you referral partners are who can do it.
Also, while on the topic, if you plan on having employees, find a structure that residual income can make sense to them. No, Bluevine does NOT pay 10 points, and a factor will NOT pay you 3% of the money advanced, and a $5mm term loan also won't pay 5 points. Come up with a structure that you can keep everyone happy, and keeps your business running and liquid.
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01-28-2020, 12:34 PM #20
- Join Date
- Apr 2015
- Posts
- 300
best tip stay off this site and get to work
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01-28-2020, 01:29 PM #21
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01-28-2020, 01:41 PM #22
- Join Date
- Sep 2019
- Posts
- 109
Every single lead is a buyer, maybe not today, maybe not tomorrow, but if you keep in touch you WILL fund them.
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01-28-2020, 01:45 PM #23
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01-28-2020, 01:53 PM #24
- Join Date
- Oct 2016
- Posts
- 4,318
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01-29-2020, 12:02 AM #25
- Join Date
- Aug 2017
- Posts
- 405
Jfeinberg, What CRM or platform did you use for your build-out?
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