Entering real estate by being a lender

[Soniel Estime]

I have often heard the best way to learn more about Real Estate is to get a professional in that space.

I have a decent paying job but I have been considering becoming a Lender or Mortgage Loan Officer.

I have already taken the prelicensing course and all I have left is to take the Exam. I am a little nervous to go this route because I know it takes a while for MLOs to start making money but I know the long term benefits can help my family in achieving generational wealth.

My question is:

1)Is becoming an MLO a good way to learn about Real Estate and find great deals?

2) What is a good resources to prepare for the NMLS exam?

3) On average, how long does it take to start making money as a MLO?

4) Are there any meetups in the Chicago area where I can meet MLO’s to get advice from?

[Jonathan Klemm]

@Soniel Estime - I am not a lender, but I am confident in saying that by becoming a mortgage loan officer (MLO) you will definitely learn a ton and put yourself in a better position from a knowledge perspective.  I would just challenge the potential opportunity cost of not staying at your old job because if your old job is bringing in good money maybe you could just learn in other ways besides becoming a MLO.

I'd talk to some lenders like @Michael Barbari, @Michael Facchini,  or any of the other thousands on BP as they can provide better incite then me on some of your questions.

You could also consider something you could do on the side of your existing job like getting your broker's license.  That's what I did and it has been super helpful.