[bmoney]

Hey Everyone,

I have been in the Industry for about a year now. Started off at a backdoor shop. Then I joined my boys startups became a team leader, I have about 5 reps and funded about 650k in the last few months here. After learning how the startup worked I realized how easy it is to start my own shop. Do you guys think its a good idea to start my own thing, or continue to rack up experience before doing something this big. Also, I have been thinking to start lead gen. What advice would you more experienced fellas give me?

[TheUnderwritingProdigy]

Not a broker here and have no experience w/that but I have heard on here that a successful broker shop should have at least $10k/month to spend on quality leads, and if that is not achievable then you will find a lot more difficulty in success. Sounds about right but again, I have no idea anything about brokering or being an ISO.

[Michael I]

Not a broker here and have no experience w/that but I have heard on here that a successful broker shop should have at least $10k/month to spend on quality leads, and if that is not achievable then you will find a lot more difficulty in success. Sounds about right but again, I have no idea anything about brokering or being an ISO.

As a broker , that sounds about right

[bmoney]

I agree, startup cost is like 20-30k. And you need to generate at least 10k a month to survive. But is it better to start fresh or continue working where I am at. There is a lot of upside potential and the people I work with are very good people.

[BR-Nightmare]

Hey Everyone,

I have been in the Industry for about a year now. Started off at a backdoor shop. Then I joined my boys startups became a team leader, I have about 5 reps and funded about 650k in the last few months here. After learning how the startup worked I realized how easy it is to start my own shop. Do you guys think its a good idea to start my own thing, or continue to rack up experience before doing something this big. Also, I have been thinking to start lead gen. What advice would you more experienced fellas give me?

DTA Don't Trust Anybody

[Robinhood21]

Hey Everyone,

I have been in the Industry for about a year now. Started off at a backdoor shop. Then I joined my boys startups became a team leader, I have about 5 reps and funded about 650k in the last few months here. After learning how the startup worked I realized how easy it is to start my own shop. Do you guys think its a good idea to start my own thing, or continue to rack up experience before doing something this big. Also, I have been thinking to start lead gen. What advice would you more experienced fellas give me?

Things that need to understand right now the industry. It’s getting regulating. Also. it’s not so easy to sign up with high profile lenders like ondeck.

To fund in CALI you will need your lenders license NLMS for most A paper lenders.

[Sales1999]

I knew a broker shop that spent up to 50k on leads

[brandon_]

Most people think when they leave their previous company "I'll just buy leads" and quickly figure out that it isn't what they thought it would be like. Desperation kicks in and they start calling their old clients from their previous companies book. They make a couple bucks. We always find out, and then you burn that bridge which is worth more than the few deals you funded.

Clearly you have shown you can sell deals and run a team which is half the battle, but the lead supply is crucial and it's not easy. Especially if you are looking to supply 5 reps(assuming you would take them with you). You also don't really know what you're made of either. Maybe your "boy" isn't so good at this and you have more potential than he does. Who you choose to learn from is very important as well.

If I had to start over again, I would go work for one of the top companies in the country and learn the ins and outs of what they are doing. Then start my own. The people who run shops like those are a different caliber of people than the ones who are running a "backdoor shop". You won't make as much money, but consider it paid training. I would keep racking up experience. It's all about who you know.

[bmoney]

Thank you, this was very insightful.

[MCA-VET]

Text me at 646-708-5986. Sign up with Capybara I will teach you how to self-mine-leads for free but it’s NOT overnight. If you follow my advice over time you will get quality leads for free.