Imagine Housing Without a Secondary Market VII
I am an energetic advocate of self-reliance when it comes to surviving in this roller-coaster industry. One very famous guy I once met (who actually invented the Mortage Backed Security himself, when he was Chairman & CEO at Saloman Brothers 25 years ago, is quoted in the smash-hit selling book Chain of Blame all about ‘How Wall Street Caused The Mortgage Credit Crisis’) says: “The mortgage business is the only one I know where you can make a ton of money in one year, and give it all back the next three years.” So, he knew, as I know, and as most of you are just now learning, the High’s can be high, but the Lows can be really low too! Therefore you must do all you can, to protect both yourself, and the industry with everything you do, since it is prone to these ‘corrections.’
… so with that thought in mind, and my feelings that counting on yourself is a whole lot smarter than counting on the other guy (that’s the self-reliance thingy) … as i was preparing for yesterday’s first class on Your Shrinking Secondary Market, I kept asking myself all week long, I wonder how many people will actually follow the blueprint I plan on laying out for them on how to transform a small thinly capitalized mortgage brokerage operation into a nationwide mortgage banker, selling subprime loans into a secondary market of (previously unknown) instuitutional buyers I will show them how to locate, that nobody else knows about?
And, that’s my question this morning, instead of, or in addition to showing people how, should I make myself available as a consultant and perform much of this task for them myself, maybe suggest they create a club or network, that I would work for as a 1099 individual, or maybe influence one of them to become a wholesaler themselves, and I’ll be their contracted secondary market dude? Quite a few possibilities, but will one or several of them, like any of these possibilities better that just learning HOW to do it themselves?
And surprisingly our Los Angeles Dodgers are now finally playing above 500 ball, they beat the division leading D-Backs over the weekend, and everybody on the squad looks pumped up … it’s about time!
