Advice for a 23 year old getting started in the space.
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  1. #1
    Senior Member Reputation points: 20465 Fundyman's Avatar
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    Quote Originally Posted by Fetachini View Post
    Here's some advice.. find a different industry, this one will take your soul. But if you decide to stick it out then
    - don't trust anyone that includes merchants, everyone is a ****ing liar except the underwriter (just wrong sometimes)
    - It's not hard to open up your own broker shop, why split the commission? I opened up my first broker shop after being 6 months in the industry. (Then again most of the good funders aren't taking on anymore isos so the funders you are left with you need to do research on. If you never seen them in bank statements, most likely they are not a funder) That's the only way you'll achieve commission you are looking for.
    - LEADS are everything, lot of bull**** out there, so don't go buy big batches always get small samples of leads to test out. (I have a great connection for one but they are pricey)
    - if you decide not to open you own shop, look around for other brokers to work for and see who offers something better. If you are a top closer then negotiate your commission.
    Some underwriters actually happen to be spies for OTHER ISOs. Take that from me. I can't say it enough. So when the guy said "trust no one," you might as well include yourself in that. Literally, don't even trust yourself, as you may get attached to a dead deal @ times, & that deal will eat up valuable time that could have been spent working on 3-4 other deals that would have all gotten you paid a lot more.

    There's so much advice people can give you about this industry, but Fetachini said what were my 1st thoughts: "Find a different industry." This one can get quite disappointing, when you realize many folks have absolutely no respect whatsoever for your hard work. They'll backdoor a deal, sometimes even in your face, if that's even possible. They do it in a way that you won't even doubt it was them who did it.

    Others feel you're their own personal rep once you submitted a deal to them. They'll give you a crappy offer, but expect you to "just sell it!" as though you're really working for them. They think you're stupid & don't know there are other funders who can do better; that you were just giving them a chance to earn your submissions.

    There's so much to this business, I swear the best way to go about is to cross your fingers, work as hard & as smart as you can, & expect some losses. Write them off to the game. But guaranteed, you'll find straightshooter funders & brokers along the way. Those people will be the blessing. They will make the journey worth it.

    Good luck!

  2. #2
    Senior Member Reputation points: 122873 BR-Nightmare's Avatar
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    Quote Originally Posted by Fundyman View Post
    Some underwriters actually happen to be spies for OTHER ISOs. Take that from me. I can't say it enough. So when the guy said "trust no one," you might as well include yourself in that. Literally, don't even trust yourself, as you may get attached to a dead deal @ times, & that deal will eat up valuable time that could have been spent working on 3-4 other deals that would have all gotten you paid a lot more.
    Very, very true!
    The Brokers Nightmare
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