Commercial Loan Brokers- how long did it take for you to become successful?
How long did it take you to be truly successful as a CRE loan broker? What up’s and downs did you experience in your career? How were you able to manage it?
[{"id": "ifqo5i8", "text": "define success", "replies": [{"id": "ifqp6i6", "text": "Consistently making income throughout the year, not freaking out when a deal falls through because you haven\u2019t made money in months, having enough money to invest in passive income properties", "replies": [], "depth": 2}], "depth": 1}, {"id": "ifqqg4a", "text": "The rule is generally 3 years for any stripe of brokerage. If you can't build a sustainable business with a cash flow reasonably proportionate to your income needs in +/-3 years, you might want to consider taking the experience you've built and getting an in-house job with a lender, developer or institution.\n\nIt helps to join a team with more senior brokers to make a living by helping them complete deals while you learn the business/market and make connections with clients and lenders. But ultimately unless you're happy in a junior partner role forever, you're probably going to have to break out on your own eventually and take an income hit while you build a book of your own.", "replies": [{"id": "ifqx9wx", "text": "Listen to this person.  Sounds like someone who has paid some dues.  \n\nI would also add it can depend on your market.  In a large market they can be many doors to knock on with a wide variety of potential Borrowers.  Tougher to gain traction in a small market where the major players have already heard from every broker in town.\n\nYou should work find a company that has direct access to the most capital sources.  If you are looking at the multifamily market that mean Freddie Mac, Fannie Mae and major insurance companies.  \n\nAlso find some smart, serious people who are just getting started and look to be long term investors.  Not get rich quick, no money down people who got their smarts watching Youtube and listening to podcasts.   Work on their small, PIA deals.  Their $500,000 deals will become  $1,000,000 deals which become $5,000,000 deals which become...", "replies": [], "depth": 2}, {"id": "ifrpxtg", "text": "Good advice here.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ifqw4h2", "text": "RemindMe! 1 day", "replies": [{"id": "ifqw9ht", "text": "I will be messaging you in 1 day on [**2022-07-12 17:26:52 UTC**](http://www.wolframalpha.com/input/?i=2022-07-12%2017:26:52%20UTC%20To%20Local%20Time) to remind you of [**this link**](https://www.reddit.com/r/CommercialRealEstate/comments/vwmhw1/commercial_loan_brokers_how_long_did_it_take_for/ifqw4h2/?context=3)\n\n[**CLICK THIS LINK**](https://www.reddit.com/message/compose/?to=RemindMeBot&amp;subject=Reminder&amp;message=%5Bhttps%3A%2F%2Fwww.reddit.com%2Fr%2FCommercialRealEstate%2Fcomments%2Fvwmhw1%2Fcommercial_loan_brokers_how_long_did_it_take_for%2Fifqw4h2%2F%5D%0A%0ARemindMe%21%202022-07-12%2017%3A26%3A52%20UTC) to send a PM to also be reminded and to reduce spam.\n\n^(Parent commenter can ) [^(delete this message to hide from others.)](https://www.reddit.com/message/compose/?to=RemindMeBot&amp;subject=Delete%20Comment&amp;message=Delete%21%20vwmhw1)\n\n*****\n\n|[^(Info)](https://www.reddit.com/r/RemindMeBot/comments/e1bko7/remindmebot_info_v21/)|[^(Custom)](https://www.reddit.com/message/compose/?to=RemindMeBot&amp;subject=Reminder&amp;message=%5BLink%20or%20message%20inside%20square%20brackets%5D%0A%0ARemindMe%21%20Time%20period%20here)|[^(Your Reminders)](https://www.reddit.com/message/compose/?to=RemindMeBot&amp;subject=List%20Of%20Reminders&amp;message=MyReminders%21)|[^(Feedback)](https://www.reddit.com/message/compose/?to=Watchful1&amp;subject=RemindMeBot%20Feedback)|\n|-|-|-|-|", "replies": [], "depth": 2}], "depth": 1}, {"id": "ifr4w56", "text": "Echoing others - either find a spot as an analyst on an active team at a major brokerage shop (JLL/Berkadia/CBRE) or start at a regional bank w/ an existing client base. You need to see volume and work on live deals if you truly want to be a successful debt advisor, and you're going to be hard-pressed to get borrowers to trust you when you're newer to the industry and out on your own. This approach will also provide you with the financial security you want.\n\nI work on a 3-person team, but I mostly operate independently as the main contact for our existing clients. I currently have 5 active deals (\\~$100M total), and once these close I'll have worked on $1B in total funding in just over three years in my mid-twenties. I could not have gotten anywhere close to this experience if I tried to become an originator right out the gate.\n\nOur senior banker is in his 60s and has longstanding industry relationships that provide consistent deal flow. His day-to-day is being CC'd on the occasional email that needs his attention and steering the ship. Other than that, he's on auto-pilot living his life while I'm in the weeds interfacing with clients &amp; getting deals sized, quoted, underwritten, &amp; closed.", "replies": [{"id": "ifta8tj", "text": "u/johnrunks and I share some common experiences.  His comments contain one key phrase, \"longstanding industry ***relationships***...\"  Commercial real estate lending is first, last and foremost about relationships.  \n\nAlso another strong point u/johnrunks makes is about getting in the \"weeds\" of a deal.  This is a man who works for a living.  By being involved from the first call to closing he is well prepared to rescue a deal just when it appears to be skidding into a ditch.  Very soon he will be the guy steering the ship with his deals on autopilot.", "replies": [], "depth": 2}], "depth": 1}]