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View all Local Real Estate forums. I am thinking about picking up my Private Money Broker certification, as way of adding an additional stream of income, but I want your advice if you feel the certicication is worth the effort?
Is the certification a recognized option that you have obtained additional training that instills confidence in real etatinvesting? Not sure what that is. Sounds like some made up certification by someone so they can sell you a course, and maybe upsell you some other crap in the process.
Thanks for the reply, that is the reason I wanted to get BP advice, does that certification Really exist, or as you say just trying to upsell. Do you have a link or something to this "certification"? I'd agree with Wayne Brooks that is sounds like something made up to sell classes. Many states require a mortgage broker license to broker loans. Here in CO there's an additional license required if you're soliciting money from individuals then loan it to others or even just brokering the loans.
Actually, Richard Licon , the American Association of Private Lenders does have a certification program they hold at their annual convention. It's a one-day course taught by a lending attorney, fund manager, and a hard money lender. The material is interesting, there is no upsell, and you do get a fancy certificate by email. Unfortunately, it holds nothing more than educational value with no authority. Thanks to all of you for your insight, I herd about this initially from The Lee Arnold System of Real Estate Investing, Is anyone familiar with him and what he teaches?
Richard I am very familiar with them. Do not get involved with them for that. I wasted 4 days to be certified, and it was proposed that they have all the funds to loan out. Unfortunately the rates and terms they charge are so high that they priced themselves out of the industry.
I will take you advice! From the little I know about the lending industry, I'm thinking that in order to broker private money you must first solicit private money to lend out, and that suggests you need to have some kind of approval - call it licensure, certification, whatever - from the SEC. I'd contact them first and see what information you can gather.
Second guess time suggests you may need the same from each state in which you want do business. Then, you'll want to explore the implications of doing business on-line across state lines. There's probably a fair amount of read-tape to organize. I've already got some feelers out locally to set up just that kind of business in the western suburbs of Chicago.
My company is a private money brokerage. I arrange financing for residential and commercial deals nationwide, with the exception of a few states. I'm located in Kenner, LA and in this state, we're not required to have a broker's license to broker loans as long as it's non-owner occupied investment properties.
Just my 2 cents to add. I was thinking of doing the same thing be cause I just this weekend gotten an invite to join a class for private brokering. Did you go to the Lee Anderson training and certification? I would like to hear about your experience with them. They are affiliated with Cogo Capital. I went on connected investor and filled out and app and a few days later they called me about a property that i am putting an offer on tomorrow.
They do a great job of getting first time investor financing with private money. I will update this thread if the seller accepts my offer. A few days after they approved me for financing, I get a call from a guy with very bad manners, peddling the Lee Anderson Broker online training and the subsequent 4 day certification in June at an event. I just may have tried it but the guy had a bad attitude, and was very pushy. Curtis Harvey, Harvey Property Group. I got a call from Todd at Cogo Capital was very pushing.
He asking me how much was in my savings and where is all your money going? I want to broker loans but I will have to find another way to spend my money. If so, what do you know of his 'system'? They do a great job of getting first time i. Hello Copelon Kirklin , just a quick question on how to become a Commercial Broker like yourself? Just Simply ask The Guy on The Phone,, How many personal Loans he has done and if none can you put me in touch with someone who has disbursed loans.
They will give you an answer that should give you some really good closure XD. Private money lender certificate is something they made up. They ask you to go to their very expensive class. They certificate they issue does not mean anything. If you signed up for BiggerPockets via Facebook, you can log in with just one click! Log in with Facebook. Full Name Use your real name. Password Use at least 8 characters. Using a phrase of random words like: Members Search over , members across BiggerPockets Companies Explore over 15, real estate-related companies Jobs Browse real estate job opportunities in your area Events Find upcoming real estate events and meetups near you Hard Money Lenders Pinpoint lenders near you with our nationwide database.
Properties For Sale Buy and sell real estate deals or seek out partners, financing, etc. Get the book now. Real Estate Books Shop books covering real estate investing and personal finance. Log In Sign up. Hi, Richard, From the little I know about the lending industry, I'm thinking that in order to broker private money you must first solicit private money to lend out, and that suggests you need to have some kind of approval - call it licensure, certification, whatever - from the SEC.
Updated over 2 years ago I meant "red tape", of course. Richard Licon My company is a private money brokerage. Originally posted by Copelon Kirklin: Richard Licon - Do you work in Maryland? Copelon Kirklin Do you loan in Indiana or Colorado? Originally posted by Curtis Harvey: I'm not licensed as it isn't required for commercial financing.
I arrange financing nationwide. Originally posted by Brenda A. Just seeing your comment, Brenda. I'm familiar with Cogo but not Lee Anderson personally. Originally posted by Account Closed: Yes, I can arrange in those states. Oh and Richard what has your outcome been? I am curious to know that as well. They do a great job of getting first time i I'm not licensed as it isn't required for commercial financing. Log in Sign up. Log in Email Password Forgot password?More...