If you’ve ever considered a career in real estate, it might be worth considering a career as a loan broker. You don’t have to pound the pavement quite as hard, giving up late evenings to show an endless number of homes that don’t quite fill the bill for buyers. But you get the same satisfaction by helping people achieve their dreams of home ownership by helping them securing funding from non-traditional and traditional loan sources alike.
More importantly, you get to enjoy a comfortable living by facilitating these financial deals and pairing up investors willing to make hard money rehab loans with borrowers. You get to know that you’ve helped buyers interested in buying less than pristine properties in hopes of making those properties sparkle and shine accomplish their dreams while helping investors find potentially profitable investment opportunities. Everyone wins! And, you get paid in the process! But, how many of these opportunities can you realistically find as a home loan mortgage broker?
Types of Investments You Can Broker
Loan brokers can be responsible for a variety of types of investments. You’re not limited to one simple investment. In fact, you can be involved in as many types of real estate transactions as you’re interested in being part of.
- Home Mortgage Loans
- Commercial Real Estate Loans
- Rehab Loans
- Buy and Flip Loans
- Multi-Family Housing Loans
- Condo Deals
- Vacation Properties
- Traditional and Non-Traditional Mortgage Loans
The list could go on forever and that simply spells bigger, better, and more frequent opportunities for you to earn income as a mortgage loan broker.
Benefits of Becoming a Loan Broker
The real question you need to ask is “what’s in it for you?” if you become a mortgage broker. It is a career you can begin at any age that requires little if any major investment to begin. These are a few additional benefits to keep in mind when considering a career as a mortgage or hard money loan broker.
Few careers offer the flexibility you will experience as a loan broker. Many transactions can be facilitated on the World Wide Web during breaks from a nine-to-five job or in your spare time in the evenings – if that’s what you choose to do. Of course, you always have the option to work the standard nine-to-five as a mortgage broker, but you’re not tied to that timetable.
High Earning Potential
The only limitation to your income in this industry is you and your ability to hustle the deal. Finding an excellent group of investors to work with for a variety of trust deeds and other non-traditional loan investments will greatly improve your income opportunities as a real estate mortgage broker.
Not an All-or-Nothing Endeavor
Perhaps the biggest benefit to embarking on a career as a loan broker is that you don’t have to go all in to get started. In fact, you can roll out slowly, working part-time until you can build your business into a full-time income. This means you can keep your initial income while getting your brokerage business started and then decide to go full-time once you’ve developed the necessary contacts and connections in the industry to keep you busy.
No Expensive Equipment or Office Space Necessary
The real beauty of working as an independent broker in the mortgage and lending industry is that you can do it from practically anywhere. All you really need is a computer or tablet to keep track of emails and other essentials and to go through the licensing process in most states, and you’re ready to go.
Why become a loan broker? The reasons vary from one person to the next. The big answer to keep in mind is that it offers the potential for massive products with very little investment at the offset while allowing you to build your business slowly over time. Not many careers offer these benefits plus the bonus of knowing that you’re helping people, on both sides of the equation, achieve their financial dreams.