How to Set Yourself Up as a Finder
You can become a Finder in just one day. All you need do is take these simple steps:
1. Register your business with your County Clerk if you plan to operate under an assumed name, such as ABC Finding Services. (In general, you do not have to register your business if you operate under your own name. However, you must check this out with a local attorney to learn the rules in your area.)
2. Have letterheads printed, or print them yourself on your computer, giving your business name, address, telephone number, and e-mail address, if any.
3. Advertise your services using classified ads in national papers and magazines. As a newsletter subscriber you can advertise free of charge in my two newsletters, International Wealth Success and Money Watch Bulletin, described at the back of this article. Some readers report good results with such ads.
Your typical commission for finding real estate or business loan money will be 5 percent on the first $1 million, 4 percent on the second $1 million, and so on. Doing some arithmetic on this, that's $50,000 on the first $1 million, $40,000 on the second $1 million. So you can easily see that finding can be much more lucrative for you than being a Loan Originator.
Being a finder can give you a lifetime career, once you get a few clients and close some deals. People will seek you out, asking you to take on their finding assignments. And if you "deliver the goods that is, find money for your clients new customers will plead with you to take on their business.
A Financial Broker finds loans for clients, just as a finder does. But the Financial Broker often performs other duties, such as:
As you can see, acting in any of these capacities requires previous business experience. That's why becoming a Financial Broker takes both education and time. However, you can use your previous business experience to become a Financial Broker to find real estate loans for both yourself and your clients.
To establish yourself as a Financial Broker, follow the steps given earlier for finders. And be sure to get some education concerning fees, lenders, typical agreements to use, and so on. You should also have a working arrangement with a competent attorney who can advise you on legal matters you encounter in your work as a Financial Broker.
Being a Financial Broker is lots easier, more profitable, and less challenging if (as in any other business) you know what you're doing from day one. While you can study various business articles and pick up snippets of information here and there, it's best to use a focused course that will give you the facts, and procedures, you need to succeed.
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