Take Dead Aim on an Easier Way

[Secret!]

Take Dead Aim on an Easier Way

Industry experts have been warning originators for months that in order to survive in this business over the next year or two you need to target Realtors and purchase money loans; I disagree with that thinking completely. Those of you, who were trained as I was, realize there’s a significant difference between making loans to solve customer problems, and financing the acquisition of something. People need money for all sorts of reasons, month in and month out; house buying isn’t as frequent, and is far more anxiety filled too!

Financing the purchase of real property, with all its moving parts, ample extra opportunities for things to go wrong, and then there's those real estate agent personality issues that arise from time to time. Historically it has been a roller coaster ride, not necessarily consistent all year long like lending money is. Purchase transactions have always been best in steady or rising home value markets, along with stable or falling interest rates - neither of those conditions are anticipated anytime soon for our industry.

Given the seemingly destined collapse (or at a minimum a significant slide) of property values in countless areas all across the Country, and a high foreclosure rate which many are expecting this year, a focus on purchase transactions seems to be illogical. Possible those “industry experts,” have little concrete experience actually origination transactions during periods when staying in business is challenging, instead of the easy-street way things have been the past six to 8 years.

My suggestion is for you to put on your marketing hat and advertise so new customers will bring their money needs to the party, and you'll actually bring the money!

January 21st here in Los Angeles, you're invited to our Special Live Event and we can discuss this issue! Learn more by clicking this --> http://www.americasmoneycenter.com/conversation.htm

[macp]

I dont use realtors but some of the most suceesful people I know only use realtors. But the truth is the most succesful realtors are hard to come by and Im not one to kiss ass.

[Greg]

As a top 10 lender in the country and knowing several other's whom work for other lenders in the top 10 the majority of the originations are purchase business.

These companies have LO's closing 50-75 Transactions per month and making 7 figures.


But, I will say this. Your thinking is very outside the box. You disagree with the industry expects, advise not to focus on purchase business, and you also say referrals are worthless.

Outside the box thinking is what everyone else does not think and it may work out but wow.

So that basically leaves just refinancing and marketing to refinances. Does not sound like the best advice to me. Sorry Secret. I do value your opinions but I am finding it very hard now.

Do not call me either. Post your comments here.

[Secret!]

Your perspective is different than mine Greg, that's all. Since you've been in the industry, rates have been in the area at or near of all-time historical lows, which has resulted in a home buying surge. PLus, there's been TONS of applicants everywhere - you've had it easy (and I'm jealous how lucky you and others have had it since I know how hard you gotta really work to find customers in my memory).

Example, in 1982 I bought a home, was on the Board of Directors of the bank - now Wells Fargo - and I got the best rate we had to offer insiders! 10% ... times have been different lately.

Inside my own memory/personal experience over a longer career time-frame, people historially buy homes every 7 years or so, and that's not been the case with how things have been this past decade.

Given the major problems that face this industry - right now - my suggestion is one to take to heart as a career guidepost. It's how I would direct my own children to go, if they were 20-something people in our industry today.

[Greg]

Yes! I place the same emphasis on my customers as I do my own family. I advise what I would do or suggest then they make a choice.

Sound good?

Wow you are right I have looked at historical rate charts and they were very high back then! You got the best of the best and it was 10% lol

Oh hey I did talk to the 47 unit 7.1 mill producer and 75% is referrals from Realtors and Service providers (Insurance Agents, Financial Planners)

Just food for thought.

Again I think the way you teach sounds like doing what everyone else does not and that should work! I just do not have much information to base my opinions on. You know what I mean. I guess I better buy some CD's next time for sure!

[2$Rip]

Have you had any luck selling your materials on this forum???????

[Secret!]

Not something I pay that much attention to, sorry. Based upon what Secret! University charges for it's materials & services, this endeavor surely hasn't been to earn a big income, more like industry pay back for my own long career - as far as my own perrsonal motives are concerned

[Secret!]

I'm now semi-retired, living off social security and investments ... that way no/low/weak sales means ZIP to me

[Secret!]

...or strong/unbelieveably outstanding sales numbers ... all same thing

[Greg]

Do you own real estate? (Do not have to answer of course) But, here is why.

Have you seen the reform that is up regarding SSI and retired folks having equity?

Reverse Mortgages may be required they say and not provide health coverage to those who are asset rich in re equity.

I made a post about it 1x.

I will find something on the net. Interesting subject.