Lee Arnold's Private Money Brokering
Member since 2020 · 1 post · 0 votes
Lee Arnold's Private Money Brokering
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I have to hand it to Lee Arnold. He charges a lot of money for what all other lenders offer for free.
Understand, @Tonie Jo Andrews, that “Broker” is a legal term. Mortgage brokers make or arrange loans to the public and are required to be licensed in every state I’m aware of. They are fiduciaries, which means they must act in the best interest of the parties they represent. They are also heavily regulated. A broker can legally receive a commission for the loans they originate.
Becoming a licensed broker is generally a lot of work and can require months or years of classes, apprentice training, and a test provided by the state in order to obtain the license. Lee Andrews provides a printed certificate from his company which holds absolutely no legal weight nor authority. It’s worth the paper it’s printed on. That is, being a broker licensed in your state to originate loans is much different than that of a “broker” certified by Lee Andrews.
What Lee Andrews is offering is what all other lenders call an affiliate program. Here, you are really just a salesperson representing his company, with knowledge of his terms and other lending criteria that he somehow convinced you to pay for. Why would you do this?
Many hard money lenders will be happy to educate you about their program for free so you can refer borrowers to them. Go to the website of some large hard money lenders and you will often find a link that says “Affiliate Program.” Ask what info you need to learn their processes and what finder’s fee they will pay for deals that close. You don’t pay to become an affiliate. On the contrary. Many of those on this board who call themselves lenders are really affiliates.
So long as it’s legal in your state, there is nothing wrong with being an affiliate and receiving a finder’s fee. You just can’t use it to misrepresent yourself as a broker.
9 Replies
I have to hand it to Lee Arnold. He charges a lot of money for what all other lenders offer for free.
Understand, @Tonie Jo Andrews, that “Broker” is a legal term. Mortgage brokers make or arrange loans to the public and are required to be licensed in every state I’m aware of. They are fiduciaries, which means they must act in the best interest of the parties they represent. They are also heavily regulated. A broker can legally receive a commission for the loans they originate.
Becoming a licensed broker is generally a lot of work and can require months or years of classes, apprentice training, and a test provided by the state in order to obtain the license. Lee Andrews provides a printed certificate from his company which holds absolutely no legal weight nor authority. It’s worth the paper it’s printed on. That is, being a broker licensed in your state to originate loans is much different than that of a “broker” certified by Lee Andrews.
What Lee Andrews is offering is what all other lenders call an affiliate program. Here, you are really just a salesperson representing his company, with knowledge of his terms and other lending criteria that he somehow convinced you to pay for. Why would you do this?
Many hard money lenders will be happy to educate you about their program for free so you can refer borrowers to them. Go to the website of some large hard money lenders and you will often find a link that says “Affiliate Program.” Ask what info you need to learn their processes and what finder’s fee they will pay for deals that close. You don’t pay to become an affiliate. On the contrary. Many of those on this board who call themselves lenders are really affiliates.
So long as it’s legal in your state, there is nothing wrong with being an affiliate and receiving a finder’s fee. You just can’t use it to misrepresent yourself as a broker.
- Specialist · Delran, NJ · Member since 2016 · 2k+ posts · 951 votes6y
I wouldn't pay to be a lender that sounds ludicrous to me. I can't fault someone who takes a program, and gets something out of it, but you could just go out there, meet investors and just become a lender for free and better yet, make money doing so.
- Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 738 votes6y
It is a solid program. He probably needs to charge more for it. You also DO NOT need a license to do it. They will provide you with a map of what states you can broker money in and what states you cannot.
Are you considering the homestudy course or taking the 4 day certified course? With the certified course you will participate in loan stacking exercises, have a back office for your ads, forms and more, and get over 1,000 pages of materials.
- 6yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Jeff S.:
I have to hand it to Lee Arnold. He charges a lot of money for what all other lenders offer for free.
Understand, @Tonie Jo Andrews, that “Broker” is a legal term. Mortgage brokers make or arrange loans to the public and are required to be licensed in every state I’m aware of. They are fiduciaries, which means they must act in the best interest of the parties they represent. They are also heavily regulated. A broker can legally receive a commission for the loans they originate.
Becoming a licensed broker is generally a lot of work and can require months or years of classes, apprentice training, and a test provided by the state in order to obtain the license. Lee Andrews provides a printed certificate from his company which holds absolutely no legal weight nor authority. It’s worth the paper it’s printed on. That is, being a broker licensed in your state to originate loans is much different than that of a “broker” certified by Lee Andrews.
What Lee Andrews is offering is what all other lenders call an affiliate program. Here, you are really just a salesperson representing his company, with knowledge of his terms and other lending criteria that he somehow convinced you to pay for. Why would you do this?
Many hard money lenders will be happy to educate you about their program for free so you can refer borrowers to them. Go to the website of some large hard money lenders and you will often find a link that says “Affiliate Program.” Ask what info you need to learn their processes and what finder’s fee they will pay for deals that close. You don’t pay to become an affiliate. On the contrary. Many of those on this board who call themselves lenders are really affiliates.
So long as it’s legal in your state, there is nothing wrong with being an affiliate and receiving a finder’s fee. You just can’t use it to misrepresent yourself as a broker.
Jeff, there was a guy in Denver i believe that sold this kind of program kind of pre GFC.. he got hammered by the AG and I beleive maybe even criminal.. but it was the same thing drop a bunch of craigs list adds.. I have money to lend or i have notes to sell. when borrowers call the game was to set them up with the lenders that called looking for notes.. and make a middle man fee.. I think as much of the failure was so many signed up but so few actually did anything.. I actually remember calling on a few craigslist ads. and putting two and two together those running them simply reading from a script and had no real clue as to how lending works.. much like cold calls form boiler rooms that wholesalers use these days. Maybe you recall his name he was quite well known
- Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 738 votes1y
Quote from @Jay Hinrichs:
Originally posted by @Jeff S.:
I have to hand it to Lee Arnold. He charges a lot of money for what all other lenders offer for free.
Understand, @Tonie Jo Andrews, that “Broker” is a legal term. Mortgage brokers make or arrange loans to the public and are required to be licensed in every state I’m aware of. They are fiduciaries, which means they must act in the best interest of the parties they represent. They are also heavily regulated. A broker can legally receive a commission for the loans they originate.
Becoming a licensed broker is generally a lot of work and can require months or years of classes, apprentice training, and a test provided by the state in order to obtain the license. Lee Andrews provides a printed certificate from his company which holds absolutely no legal weight nor authority. It’s worth the paper it’s printed on. That is, being a broker licensed in your state to originate loans is much different than that of a “broker” certified by Lee Andrews.
What Lee Andrews is offering is what all other lenders call an affiliate program. Here, you are really just a salesperson representing his company, with knowledge of his terms and other lending criteria that he somehow convinced you to pay for. Why would you do this?
Many hard money lenders will be happy to educate you about their program for free so you can refer borrowers to them. Go to the website of some large hard money lenders and you will often find a link that says “Affiliate Program.” Ask what info you need to learn their processes and what finder’s fee they will pay for deals that close. You don’t pay to become an affiliate. On the contrary. Many of those on this board who call themselves lenders are really affiliates.
So long as it’s legal in your state, there is nothing wrong with being an affiliate and receiving a finder’s fee. You just can’t use it to misrepresent yourself as a broker.
Jeff, there was a guy in Denver i believe that sold this kind of program kind of pre GFC.. he got hammered by the AG and I beleive maybe even criminal.. but it was the same thing drop a bunch of craigs list adds.. I have money to lend or i have notes to sell. when borrowers call the game was to set them up with the lenders that called looking for notes.. and make a middle man fee.. I think as much of the failure was so many signed up but so few actually did anything.. I actually remember calling on a few craigslist ads. and putting two and two together those running them simply reading from a script and had no real clue as to how lending works.. much like cold calls form boiler rooms that wholesalers use these days. Maybe you recall his name he was quite well known
Jay there is nothing about craigslist anything in the private money broker program. I took this 40 hour course in 2017 and brokered 250+ deals between it and COVID. It is solid. I use much of what I learned today. It is the most solid program I have seen outside of a few others I have used.
- Investor · GA · Member since 2021 · 1 post · 0 votes5y
Thank you all for your input. This was really helpful to me. Great things I read this before signing up.
- Member since 2022 · 1 post · 2 votes4y
Quote from @Jeff S.:
I have to hand it to Lee Arnold. He charges a lot of money for what all other lenders offer for free.
Understand, @Tonie Jo Andrews, that “Broker” is a legal term. Mortgage brokers make or arrange loans to the public and are required to be licensed in every state I’m aware of. They are fiduciaries, which means they must act in the best interest of the parties they represent. They are also heavily regulated. A broker can legally receive a commission for the loans they originate.
Becoming a licensed broker is generally a lot of work and can require months or years of classes, apprentice training, and a test provided by the state in order to obtain the license. Lee Andrews provides a printed certificate from his company which holds absolutely no legal weight nor authority. It’s worth the paper it’s printed on. That is, being a broker licensed in your state to originate loans is much different than that of a “broker” certified by Lee Andrews.
What Lee Andrews is offering is what all other lenders call an affiliate program. Here, you are really just a salesperson representing his company, with knowledge of his terms and other lending criteria that he somehow convinced you to pay for. Why would you do this?
Many hard money lenders will be happy to educate you about their program for free so you can refer borrowers to them. Go to the website of some large hard money lenders and you will often find a link that says “Affiliate Program.” Ask what info you need to learn their processes and what finder’s fee they will pay for deals that close. You don’t pay to become an affiliate. On the contrary. Many of those on this board who call themselves lenders are really affiliates.
So long as it’s legal in your state, there is nothing wrong with being an affiliate and receiving a finder’s fee. You just can’t use it to misrepresent yourself as a broker.
I'm so glad I read this. I was literally about to pay $1,495 to join. Thank you!
- Member since 2025 · 2 posts · 0 votes1y
They have a $997 course to be an affiliate. But they don’t say affiliate, they will say money broker. Then offer you a $10k to $25k to be in his inner circle and become a certified broker.
He does offer money back on your course with you do a certain amount of deals in the designated time period.
The designated title certified money broker helps with some buyers, makes them feel that you are more knowledgeable to care of them.
- Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 738 votes1y
Quote from @KF Tindell:
They have a $997 course to be an affiliate. But they don’t say affiliate, they will say money broker. Then offer you a $10k to $25k to be in his inner circle and become a certified broker.
He does offer money back on your course with you do a certain amount of deals in the designated time period.
The designated title certified money broker helps with some buyers, makes them feel that you are more knowledgeable to care of them.
They only award the certification after completing a 40 hour in classroom (prior to COVID anyway) program and passing a 100 question exam with an 80% or better.
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