5,259,126
No how, no way! This scenario screams litigation and very expensive E&O insurance.
Choose one profession and be the best in your field...in that ONE field.
-
Katerina Gasset
Provo, UT
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
-
Eve Alexander
Tampa, FL
-
J.R. Schloemer
Louisville, KY
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Doug Dawes
Topsfield, MA
-
Richard Weeks
Dallas, TX
-
Pete Xavier
Pacific Palisades, CA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
3,350,774
I would not do both. I wear one hat as a real estate broker. I have an AMAZING lender that I work with.
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The Villages Realty
San Jose, CA
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
-
Eve Alexander
Tampa, FL
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Debe Maxwell, CRS
Charlotte, NC
5,583,328
too many hats...
-
Eve Alexander
Tampa, FL
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Kathleen Daniels, Prob...
San Jose, CA
957,202
My background is in finance, I worked in the mortgage field before becoming involved in real estate. Long story short, I would not consider working both at the same time. With great narrow focus, I had some prosperous times, that would not have happened if I was too spread out in two different fields.
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Katerina Gasset
Provo, UT
-
Joyce Marsh
Daytona Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Nina Hollander, Broker
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
3,416,088
You have to have the time to be great at both of them. You also have to disclose, disclose, disclose and before you sign any client to a contract that you are being paid for both services.
-
Katerina Gasset
Provo, UT
-
Doug Dawes
Topsfield, MA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Fred Griffin Florida R...
Tallahassee, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Kathleen Daniels, Prob...
San Jose, CA
2,684,769
I took the course and the exam to get a mortgage broker's license in the early 1990's. My lawyer advised me that I would need additional staff, liability insurance, etc. so I never went forward with it.
-
Katerina Gasset
Provo, UT
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Kathleen Daniels, Prob...
San Jose, CA
2,222,281
Like Barbara Todaro said, too many hats....
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Katerina Gasset
Provo, UT
-
Manuel Angeles
Los Angeles, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
-
Anthony Acosta - ALLAT...
Atlanta, GA
155,337
In years past, I was a liceensed mortgage lender and also a licensed real estate agent.
The positive for me was that as a lender (which was my primary career) if I had a borrower who decided they wanted a new home and the new home financing gave them substantial benefits, I could still get a referal fee. One time I got a $12,500 referral fee from a builder and did far less work than if I was their lender.
I would never attempt to do both in a transaction and currently I am only licensed as a real estate agent.
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Katerina Gasset
Provo, UT
-
Manuel Angeles
Los Angeles, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Debra Leisek
Homer, AK
-
Pete Xavier
Pacific Palisades, CA
1,093,547
I was a mortgage broker before going into real estate and kept my license active for a couple years thinking that dual licensure would be helpful to me in real estate. As it turned out, I never did one loan since my career path led me to listings, cash buyers, and other areas that did not involve financing.
In retrospect, the risk far outweighs the benefits and I would never recommend it to anyone. Far too much liability and if you have an active real estate practice, you will not have time to do both properly.
-
Katerina Gasset
Provo, UT
-
Manuel Angeles
Los Angeles, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Joyce Marsh
Daytona Beach, FL
-
Pete Xavier
Pacific Palisades, CA
4,584,846
Are you attempting to sell something with your question? Reported.
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Doug Dawes
Topsfield, MA
-
Richard Weeks
Dallas, TX
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Kathleen Daniels, Prob...
San Jose, CA
-
Barbara Todaro
Franklin, MA
613,494
Do you want to be known as the "jack of all trades" and "master of none?"
I had a mtg broker license for many years, because I owned a mtg company and needed to be smart...I however never did a loan for anyone...ever.
I believe that you have to be knee deep in your ONE profession in order to be an expert.
What if someone wants you to sell insurance also....? or home warranties? or handyman services?
Eve
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Katerina Gasset
Provo, UT
-
Manuel Angeles
Los Angeles, CA
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
-
Kasey & John Boles
Boise, ID
1,202,842
Why would I do such a thing? It only complicates things. That's one too many hats.
-
Joyce Marsh
Daytona Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
5,247,573
Not a great idea in my opinion. Bordering on conflict of interest.
-
Joyce Marsh
Daytona Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
890,030
sounds like conflict of interest and Huge Liability
-
Debe Maxwell, CRS
Charlotte, NC
-
Eve Alexander
Tampa, FL
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Nina Hollander, Broker
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
1,389,505
I would not do both, like many others have stated. I focus on being the best I can be in real estate and that keeps me very busy and laser focused.
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Nina Hollander, Broker
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
2,403,621
I think I'd rather be a master of one.
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Joyce Marsh
Daytona Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
7,872,250
That is a difficult challenge in our large market. Agents will avoid dealing with competitors.
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Joyce Marsh
Daytona Beach, FL
-
Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Nina Hollander, Broker
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
-
Bob "RealMan" Timm
Minot, ND
6,426,300
Didnt even know that was legal.
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Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Bob Crane
Stevens Point, WI
-
Pete Xavier
Pacific Palisades, CA
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
2,785,746
It is not how much you can do but how well...richfuscious
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Joyce Marsh
Daytona Beach, FL
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
5,773,392
I agree with Debe Maxwell, CRS
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Manuel Angeles
Los Angeles, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
5,117,808
I believe with all the complexity in real estate and in the mortgage business I can be really excellent at only one of those professions.... there is not time enough to do both and provide world class service to one's clients. Secondly, if you are representing a buyer and then "push" them to using you as a lender there could be some potential liability there.... and that's before getting into the subject of E&O insurance.
-
Joyce Marsh
Daytona Beach, FL
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Pete Xavier
Pacific Palisades, CA
2,195,834
I'm not detailed enough to take on both !
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Manuel Angeles
Los Angeles, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Zaccaro Broker A...
Cocoa Beach, FL
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
4,908,528
No offense but I would find the lending part boaring.
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Manuel Angeles
Los Angeles, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Nina Hollander, Broker
Charlotte, NC
1,326,634
I don't make loans. When I was in retail banking, that is what I did. Now...residential real sales is a full time job.
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Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
Nina Hollander, Broker
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
3,988,013
I don't have both but would think it could be a conflict of interest. I would not send my buyers to a lender with a real estate license. There would be too much of a chance for interference in my transaction.
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Manuel Angeles
Los Angeles, CA
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
519,324
I did both at the beginning of my career, for about 11 years. My stress level has been reduced since foregoing my mortgage license and my real estate volume has increased. Doing both, and doing both well and efficiently can be tough. I charged less for my mortgage services, but maintained a level of control I thought was important.
What I do now is refer my clients to excellent lenders and stay in close touch throughout the process. Knowing the way things work and having a general understanding of Underwriting guidelines is helpful to make the best recommendations.
I'm glad I did it while I did, but I don't plan to renew my lending license anytime soon.
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Manuel Angeles
Los Angeles, CA
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
1,507,123
No. I focus on one only to provide the best possible service.
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Manuel Angeles
Los Angeles, CA
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
1,242,204
In our office 1/3 do both to stay active. It was lucrative when people need to refi. I would say we have 20 loan agents including our broker.
10 broker associates. One is a GC. Three lawyers. One is a licensed inspector. I am the photographer.
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Manuel Angeles
Los Angeles, CA
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
809,258
I see no benefits to it. -Kasey
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
4,800,132
It could border on some ethics issues.
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Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
431,172
A guy I used to work with at the bank that could do both. I think it helped him in his RE business because he was a bit more proficient with qualifying clients. I did not see him doing too many RE transactions though.
I would not want to have to put up with both sides of things, although, I would know straight from underwriting what was going on with my client's lending scenario and not have to learn from the loan officer.
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Manuel Angeles
Los Angeles, CA
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
2,071,025
Yes, but don't use both of them at the same transaction.
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Valeria Mola
Sunny Isles Beach, FL
-
Manuel Angeles
Los Angeles, CA
3,986,308
I have seen a few people do this but never lasted long
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Manuel Angeles
Los Angeles, CA
-
Bob "RealMan" Timm
Minot, ND
3,049,107
I would not want to do both at the same time. I have never had an interested in mortgage services. We have 60% of the people who buy here pay all cash too.
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Pete Xavier
Pacific Palisades, CA
5,879,946
706,149
It does open up another income stream. I do both, but never on the same transaction. I will refi a neighbor's loan or a friends and that is all I use it for. Left lending in 2001 for the most part.
3,168,314
902,658
4,968,149
I am sure there are lots of benefits but are you taking on to much doing both.
1,598,452