I'm Thinking About Becoming A Loan Officer.......

TheSouthrnGent

Looking for anyone who may be in this field or has some knowledge of the Real Estate market to leave some feedback as to whether I should or shouldn't. I have a part-time job now and I'd like to take advantage of the free time I do have to begin a career in Real Estate.....plus the money is needed.

I live in Houston, Tx....and from what I've researched it seems that housing prices are slated to slightly fall along with home sales....but who knows with the economy we live in. Houston doesn't have a bad market compared to most cities as well.

Plus....I'm looking at it from a view I've picked up from reading The Intelligent Investor by Benjamin Graham........
wouldn't it be best to get your feet wet when things AREN'T so rich-quick-scheme-type and prices are so low they have few spots left to go but up? By then you have the knowledge and skills to generate the most consistent profits and recognize when things are going TOO well.

I don't want to have too much optimism going into this and end up getting blind-sided by a bad decision, but I also don't want to miss a potentially golden opportunity.

Sion

TheSouthrnGent wrote: »

Looking for anyone who may be in this field or has some knowledge of the Real Estate market to leave some feedback as to whether I should or shouldn't. I have a part-time job now and I'd like to take advantage of the free time I do have to begin a career in Real Estate.....plus the money is needed.

I live in Houston, Tx....and from what I've researched it seems that housing prices are slated to slightly fall along with home sales....but who knows with the economy we live in. Houston doesn't have a bad market compared to most cities as well.

Plus....I'm looking at it from a view I've picked up from reading The Intelligent Investor by Benjamin Graham........
wouldn't it be best to get your feet wet when things AREN'T so rich-quick-scheme-type and prices are so low they have few spots left to go but up? By then you have the knowledge and skills to generate the most consistent profits and recognize when things are going TOO well.

I don't want to have too much optimism going into this and end up getting blind-sided by a bad decision, but I also don't want to miss a potentially golden opportunity.

if ur trying to become a loan officer in real estate now is a very good time (for loan officers typically anytime is a good time tho). it may be rough in the beginning since bank lenders are a little tight but things are easing & a good portion of brokers get paid a salary anyways, the recovery is in effect & in about 2 or 3 years business is going to be booming.

& as for ur view yes thats 1 of the main points of the book - mr.market aka look for bargains in places ppl arent looking (*cough* *cough* i.e Commercial real estate). Where u know based on strong fundamentals that those states/districts are going to bounce back and be fine. u should also look at the regulatory requirements in the state u live in and how the industry is. Texas, Conneticut & NY are great places to be buying real estate right now & their markets are doing fine I could make a speculation that given that history its likely to continue. Bargain territories are also Florida, California & North Carolina (be weary of North Carolina property tho).

I think u should become a loan officer only b/c in terms of career opportunities it can help u branch off into many many areas both in & outside of the business. On top of that a good portion pay a salary AND is commission-based (ull make ur money primarily from commission tho), in terms of networks u have banks, resources for capital, private investors at ur fingertips & ultimately more ppl are dependent on u so should u ever go & do ur own thing ud know where to find everything & would have an easier time accessing it than the common man. Plus i wanna see u win fam.

TheSouthrnGent

Thanks for the insight fam...plan on starting my classes in around February or March. Never thought about the commercial properties. Great info.

blakfyahking

sion just gassed the t/s all the way up

commercial real estate is fucked right now.............that is the main thing looming over the real estate market besides all these forclosures on the family home side

I'd say get in now on the slick, get a little experience and develop some contacts.........but don't put all your eggs in one basket

cause even though home prices will be cheaper, foreclosures are the easiest sales cause they tend to be the cheapest................however, the people with the best credit who can qualify generally will get a new home built like I did

another thing is tax cuts are still on the table, mofos don't know if they are going to get rid of the mortgage interest deduction you can use on your taxes.............getting rid of that deduction will influence those lower tier buyers that you will be able to make most of your money from


so get in and do it as a part-time gig, but understand real-estate is going to drag like a mofo for the next couple of years

TheSouthrnGent

Wow....I'm gonna look into what u said fam. Thanks for the info.

konceptjones

I just got back into the mortgage biz after 5.5 years out of it. Just got my copy of Point in the mail yesterday and it's loaded up on my laptop and I have a grip of leads already.

I'mma get my feet wet again, then when I'm more adjusted to this climate I'mma start hittin up commercial deals to see if I can build that way. Commercial lending rules are a lot different than home lending, you can do deals for over $10M easily.

Right now is a good time to do it, but take your time to learn the biz thoroughly.