[OnTheRopes]

Hey all,

Been trying to get accepted to the forum for over a month now. Happy to finally get in! I'm very new to the industry and I'm looking for someone I can bounce some questions off. I have some questions and concerns and I'm wondering if I've been lied to about some things.

Also, more importantly, I'm looking for some education about the industry. "If you could start over from scratch knowing what you know now what would you do differently?". Things like that.

Is anyone interested in speaking with me about these topics?

thanks in advance.

p.s. we can speak privately, off-forum, if you would prefer.

[MOOF]

Hey all,

Been trying to get accepted to the forum for over a month now. Happy to finally get in! I'm very new to the industry and I'm looking for someone I can bounce some questions off. I have some questions and concerns and I'm wondering if I've been lied to about some things.

Also, more importantly, I'm looking for some education about the industry. "If you could start over from scratch knowing what you know now what would you do differently?". Things like that.

Is anyone interested in speaking with me about these topics?

thanks in advance.

p.s. we can speak privately, off-forum, if you would prefer.

Text me that ur from dailyfunder, id be down to answer some questions
732-890-6534

[Olderguy]

Anything outside of the MCA arena, reach out....SBA, equipment, personal loans, LOC stacking, hard money property, etc.

[OnTheRopes]

Anything outside of the MCA arena, reach out....SBA, equipment, personal loans, LOC stacking, hard money property, etc.

I appreciate that offer. Thanks.

[MOOF]

Hey all,

Been trying to get accepted to the forum for over a month now. Happy to finally get in! I'm very new to the industry and I'm looking for someone I can bounce some questions off. I have some questions and concerns and I'm wondering if I've been lied to about some things.

Also, more importantly, I'm looking for some education about the industry. "If you could start over from scratch knowing what you know now what would you do differently?". Things like that.

Is anyone interested in speaking with me about these topics?

thanks in advance.

p.s. we can speak privately, off-forum, if you would prefer.

text me 732-890-6534

id be down to throw some ideas around

[OnTheRopes]

A little bump here to try to get some more exposure.

Are there any resources available for ISOs or brokers looking to expand their knowledge of the industry? Are there any regulating bodies that accredit brokers? Any industry certifications?

How could I go about learning more about the industry that doesn't involve going to work for someone else for several years?

Thanks in advance for any input.

[Michael I]

A little bump here to try to get some more exposure.

Are there any resources available for ISOs or brokers looking to expand their knowledge of the industry? Are there any regulating bodies that accredit brokers? Any industry certifications?

How could I go about learning more about the industry that doesn't involve going to work for someone else for several years?

Thanks in advance for any input.

https://www.funderintel.com/

https://debanked.com/

[Finance]

A little bump here to try to get some more exposure.

Are there any resources available for ISOs or brokers looking to expand their knowledge of the industry? Are there any regulating bodies that accredit brokers? Any industry certifications?

How could I go about learning more about the industry that doesn't involve going to work for someone else for several years?

Thanks in advance for any input.

In life, no matter the endeavor, nothing worth having comes easy. From an external viewpoint looking in, the industry can appear to be easy to consume and understand in some regard.

Just like anything though, there is a reality, and that reality is that starting out on your own with zero definitive experience, without having worked for someone else in the space whatsoever, will only result in you doing a disservice to yourself. This is a tough space with a macrame of unspoken idiosyncrasies that can only be learned and understood by working for a company already in the space. The good thing for you is that none of us prefer new employees who have experience, most actually prefer a new employee to have zero experience because we want to build a new rep from the ground up, so finding a job won't be hard.

My advice for you is that you go work for a company in the space, because working for someone who does know the industry will effectively inculcate the same level of knowledge you'd acquire on your own in a year, but in a matter of months; if you have the right employer that is.

[OnTheRopes]

In life, no matter the endeavor, nothing worth having comes easy. From an external viewpoint looking in, the industry can appear to be easy to consume and understand in some regard.

Just like anything though, there is a reality, and that reality is that starting out on your own with zero definitive experience, without having worked for someone else in the space whatsoever, will only result in you doing a disservice to yourself. This is a tough space with a macrame of unspoken idiosyncrasies that can only be learned and understood by working for a company already in the space. The good thing for you is that none of us prefer new employees who have experience, most actually prefer a new employee to have zero experience because we want to build a new rep from the ground up, so finding a job won't be hard.

My advice for you is that you go work for a company in the space, because working for someone who does know the industry will effectively inculcate the same level of knowledge you'd acquire on your own in a year, but in a matter of months; if you have the right employer that is.

I appreciate the feedback. I don't disagree with anything you're saying. My situation is a little unique in that I have some personal and financial circumstances that would keep me from working a typical 9-5. I've already laid out a fair bit of cash for this endeavor and I'm trying to see if there's any way to salvage this project before I cut my losses.

My hope is that I could get some guidance (or a mentor) to help me get a little traction. I just need a little help to get over this initial hump and then I feel confident in my ability to learn/grow on my own.

In all honesty, I wouldn't even know who would be considered a trustworthy or upstanding employer to even speak with. My experiences thus far have been less than confidence-inspiring.

[OnTheRopes]

https://www.funderintel.com/

https://debanked.com/

Exactly what I was looking for! Thanks so much.

[G2efunding.com]

RUN DAMIT RUN THIS IS A TERRIBLE INDUSTRY TO MAKE MONEY IN UNLESS YOUR THE LENDER and THEY ARE THE GRANDPUBAS OF THEIVE IN THIS INDUSTRY - BROKERS ARE BROKER - LENDERS DONT LEND - AND CRAPPY SMALL MERCHANTS DONT QUALIFY - LEAD GENERATERS TELL YOU THEY GENERATE LEADS AND YOUR THE ONLY ONE THATS GETTING THESE BENJAMINS WHILE OTHER BROKERS STEAL FROM EACHOTHER AND CALL EACHOTHER FRIENDS- LENDERS DENY YOU BECAUSE THEY FUND THE FILES THEMSELVES AND SELL YOUR LEADS TO SOME OTHER NAIVE BROKER WHO THINKS THEIR THE ONLY ONE LOL


I wish you a very prosperous career in Hell - I left a message for St Lucifer hell be back hes just busy preparing the next raping and pillaging hell be back shortly though I tell him to talk at you.



Any question ?????- MY ADVICE

RUNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN!

(1O YEARS IN THE SPACE)

[G2efunding.com]

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[OnTheRopes]

i WANTED TO ADD A FEW WORDS TO MY PREVIOUS POST



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I can't tell if this is sarcasm or not.....

If you're being sincere why haven't you taken your own advice? I had similar feelings about my last line of work but when I started to feel that way I left the industry. Just curious why you would stick around if it's so terrible.

[BR-Nightmare]

I can't tell if this is sarcasm or not.....

If you're being sincere why haven't you taken your own advice? I had similar feelings about my last line of work but when I started to feel that way I left the industry. Just curious why you would stick around if it's so terrible.

It could be a bit of both.

But I will say that this industry requires thick skin.

It's a very cut throat industry, it may not be with the company you start, but it will be the ones you're surrounded with.

Gen Z rookies would get slaughtered.

[OnTheRopes]

"cut throat" in what ways? I keep hearing about "backdooring deals" and "data" but without context I'm not really following the discussion. What should I be looking out for?

[BR-Nightmare]

"cut throat" in what ways? I keep hearing about "backdooring deals" and "data" but without context I'm not really following the discussion. What should I be looking out for?

Backdooring is basically taking you deal and funding it behind your back. There are many different scenarios of how it can happen.

Data is basically your submission package (App, Statements, ID, Voided Check)

If your contacting a lead provided to you from a lead supplier, there's a huge chance its been sold multiple times.

Everyone that has that lead will hound them to go with them, offer them the world (500k line of credit). Some will even coach the Merchant to get as much as he can, charge a personal services fee (PSF) and then bolt because they know that the Merchant cant afford the amount of funding's they have received.

[OnTheRopes]

Backdooring is basically taking you deal and funding it behind your back. There are many different scenarios of how it can happen.

Data is basically your submission package (App, Statements, ID, Voided Check)

If your contacting a lead provided to you from a lead supplier, there's a huge chance its been sold multiple times.

Everyone that has that lead will hound them to go with them, offer them the world (500k line of credit). Some will even coach the Merchant to get as much as he can, charge a personal services fee (PSF) and then bolt because they know that the Merchant cant afford the amount of funding's they have received.

I actually think that "backdoor-ing" thing has happened to me a few times. I don't have any proof of it so I won't make any official claim, just a feeling I got from deals I've submitted.

I've been buying leads from a few sources. One of them was upfront with me and told me they resell the lead but only to 2 other people. The other source claims that all leads are 100% single-owner. Not really sure how I can tell.

Do you have any metrics on typically how many times you should contact a business to get a completed application and then typically what percentage of your submissions get offers....and then what percentage of those actually close? I don't really even know what targets to aim for. Obviously I want to close every time I get on the phone but without some sort of guideline I don't have any real way of knowing if the leads I'm buying are any good.

[BR-Nightmare]

I actually think that "backdoor-ing" thing has happened to me a few times. I don't have any proof of it so I won't make any official claim, just a feeling I got from deals I've submitted.

I've been buying leads from a few sources. One of them was upfront with me and told me they resell the lead but only to 2 other people. The other source claims that all leads are 100% single-owner. Not really sure how I can tell.

Do you have any metrics on typically how many times you should contact a business to get a completed application and then typically what percentage of your submissions get offers....and then what percentage of those actually close? I don't really even know what targets to aim for. Obviously I want to close every time I get on the phone but without some sort of guideline I don't have any real way of knowing if the leads I'm buying are any good.

I am not a broker so I cant answer your last question.

In regards to the situation that occurred to you, there is a high probability you were competing with others and got beat. Many, many deals compete. Many Merchants will say they are only working with you, it's very hard to believe them if this Merchant is a lead.

[DonMcGrath]

i WANTED TO ADD A FEW WORDS TO MY PREVIOUS POST



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Sounds like he had a few 100K deals die on the interview call.

Then he went outside to smoke and forgot his lighter in the office.

Then he tried to get back in the office but forgot his key card on his desk.


Then when the cleaning lady finally let him in, he saw 6 missed calls from a merchant who signed contracts for a competing offer, because he wasn't answering the phone.

So he calls his exclusive merchant, and the exclusive merchant signed a deal for the exact same offer he offered, but another broker got to the exclusive merchant first to sign, because the merchant wasn't as exclusive as he was led to believe.



So he calls the funder to get his exclusive merchant more money, but its the same funder that just funded him now, it's just that the other broker was faster with his exclusive merchant, who's a little less exclusive now.

So he throws his phone across the room.


But his phone rings, and he remembers he had a date with this exclusive model tonight, so he answers the phone, but the screen is cracked and unresponsive, from hitting the wall, so it doesn't answer, and even on her next 7 calls he can't answer or text, so now his exclusive merchant is affecting his exclusive date.


So he calls his exclusive model from the office phone, but she doesn't answer, because exclusive models don't answer unknown phone calls.


Then she texts that she sees he's too busy for her, so lets cancel plans.


So now MCA = Bad.

[OnTheRopes]

I don't understand the weird stories or humor. I guess I've not been around long enough to be part of the inside jokes.

I appreciate the free bump to my thread though. I'm always looking for more people to speak with. The more perspective I can get the better game plan I can develop.

[Olderguy]

I don't understand the weird stories or humor. I guess I've not been around long enough to be part of the inside jokes.

I appreciate the free bump to my thread though. I'm always looking for more people to speak with. The more perspective I can get the better game plan I can develop.

Don is still on his meds....weaning off them though I hear...

[DonMcGrath]

Don is still on his meds....weaning off them though I hear...

You've heard incorrectly.


The meds were never the issue. The meds were weak....

It was mixing them with coffee, and then not closing, that was the issue....