Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago on . Most recent reply

User Stats

160
Posts
120
Votes
Chris Shepard
  • Investor
  • Portland, OR
120
Votes |
160
Posts

MLO License to facilitate refinancing my own portfolio

Chris Shepard
  • Investor
  • Portland, OR
Posted

Hey all,

I have a question for all you MLO's out there.  I just finished my MLO education with the idea that it's going to be easier to get my file through underwriting.

No one in Oregon wants to underwrite my file because it is too much work. I am self-employed and have roughly 15 LLC's and we do cost segregations on every purchase we make and I run a loss every year. Once you pull out the depreciation, we have a healthy profit as well I have realtor income and trust income.


Anyway, I have about 7 or 8 properties that I would love to refinance and my brother (business partner) probably has 7 or 8 as well.  Does anyone know if I am even allowed to do this?  Does anyone know a company that lets their MLO's submit for their own properties?

Thanks,

Most Popular Reply

User Stats

218
Posts
159
Votes
Daniel Hennek
  • Lender
  • Lewis, CO
159
Votes |
218
Posts
Daniel Hennek
  • Lender
  • Lewis, CO
Replied

Giving it to you straight and blunt...

Just because you completed your required education doesn't mean you have the education to do all the things you're going to have to do to set up each massive file you're going to have. You can set up one, copy it, and then change only a few things with the right LOS but you've never used even a single LOS so what do you know about it?  

I definitely wouldn't hire you based on what you've said.  You'd be a tremendous waste of company time and resources.  You're not really there to be an MLO because you're thinking is that this is going to be another way for you to take a piece of the pie.

It's not cheap to make a seat available to a new MLO.  So while it's legally possible you're asking for a manager/owner to give you a lot, way more than you're worth to them.  The only MLOs that get to work part time already know what they're doing, they're not needing constant training, and they're only working part time because they're semi retired not because they want to work 2 other jobs.

What you're trying to do is actually pretty ridiculous.  Think about it this way.  Why does nobody in Oregon want to work with you? And you think taking an MLO commission out of the equation and putting it in your pocket sweetens the deal?  You're already not worth the time and expense as a customer but you want more out of it, at the expense of the person you're going to be bothering the whole time to tell you what to do...

Loading replies...