Manuel Angeles, Commercial & Residential Mortgages (C2 Financial Corporation)

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3,353,574
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

No how, no way! This scenario screams litigation and very expensive E&O insurance.

Choose one profession and be the best in your field...in that ONE field.

Oct 23, 2018 05:16 PM
Rainmaker
2,800,246
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

I would not do both.  I wear one hat as a real estate broker. I have an AMAZING lender that I work with.  

Oct 23, 2018 05:15 PM
Rainmaker
5,038,183
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

too many hats...

Oct 23, 2018 04:33 PM
Rainmaker
740,554
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

 My background is in finance, I worked in the mortgage field before becoming involved in real estate. Long story short, I would not consider working both at the same time. With great narrow focus, I had some prosperous times, that would not have happened if I was too spread out in two different fields.

Oct 23, 2018 09:14 PM
Rainmaker
3,021,276
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

You have to have the time to be great at both of them. You also have to disclose, disclose, disclose and before you sign any client to a contract that you are being paid for both services.  

Oct 23, 2018 04:54 PM
Ambassador
2,358,241
Fred Griffin, on leave of absence from ActiveRain
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

    I took the course and the exam to get a mortgage broker's license in the early 1990's.  My lawyer advised me that I would need additional staff, liability insurance, etc. so I never went forward with it.

Oct 23, 2018 04:12 PM
Rainmaker
1,081,517
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Like Barbara Todaro said, too many hats....

Oct 23, 2018 09:11 PM
Rainer
120,753
Anthony Kirlew
Group 46:10 Network @ eXp Realty - Gilbert, AZ
Helping You Make Fiscally Sound Choices

In years past, I was a liceensed mortgage lender and also a licensed real estate agent.

The positive for me was that as a lender (which was my primary career) if I had a borrower who decided they wanted a new home and the new home financing gave them substantial benefits, I could still get a referal fee. One time I got a $12,500 referral fee from a builder and did far less work than if I was their lender.

I would never attempt to do both in a transaction and currently I am only licensed as a real estate agent.

Oct 23, 2018 08:34 PM
Rainmaker
820,684
Diana Zaccaro
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

I was a mortgage broker before going into real estate and kept my license active for a couple years thinking that dual licensure would be helpful to me in real estate. As it turned out, I never did one loan since my career path led me to listings, cash buyers, and other areas that did not involve financing.

In retrospect, the risk far outweighs the benefits and I would never recommend it to anyone. Far too much liability and if you have an active real estate practice, you will not have time to do both properly.

 

Oct 23, 2018 08:00 PM
Rainmaker
3,362,310
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Are you attempting to sell something with your question?  Reported.  

Oct 23, 2018 03:53 PM
Rainmaker
538,514
Eve Alexander
Buyers Broker of Florida - Orlando, FL
Exclusively Representing ONLY Orlando Home Buyers

Do you want to be known as the "jack of all trades" and "master of none?"

I had a mtg broker license for many years, because I owned a mtg company and needed to be smart...I however never did a loan for anyone...ever. 

I believe that you have to be knee deep in your ONE profession in order to be an expert.

What if someone wants you to sell insurance also....? or home warranties? or handyman services?

Eve

Oct 24, 2018 08:20 AM
Rainmaker
776,790
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

 Why would I do such a thing? It only complicates things. That's one too many hats.

Oct 24, 2018 05:50 AM
Rainmaker
3,303,380
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Not a great idea in my opinion. Bordering on conflict of interest.

Oct 24, 2018 04:39 AM
Rainmaker
631,376
Debra Leisek
Bay Realty,Inc Homer Alaska - Homer, AK

sounds like conflict of interest and Huge Liability

 

Oct 24, 2018 12:57 AM
Rainmaker
1,140,970
Joyce Marsh
Regal | Christie's International Real Estate - Orlando, FL
Regional Manager Regal Christie's Int'l Realty

I would not do both, like many others have stated.  I focus on being the best I can be in real estate and that keeps me very busy and laser focused. 

Oct 23, 2018 09:40 PM
Rainmaker
1,621,893
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

I think I'd rather be a master of one.

Oct 23, 2018 07:19 PM
Rainmaker
5,425,061
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

That is a difficult challenge in our large market. Agents will avoid dealing with competitors.

Oct 23, 2018 06:58 PM
Ambassador
4,267,910
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Didnt even know that was legal.

Oct 23, 2018 06:13 PM
Rainmaker
2,464,514
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

It is not how much you can do but how well...richfuscious

Oct 24, 2018 07:10 AM
Rainmaker
4,491,111
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

I agree with Debe Maxwell, CRS 

Oct 24, 2018 05:47 AM
Rainmaker
3,133,366
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I believe with all the complexity in real estate and in the mortgage business I can be really excellent at only one of those professions.... there is not time enough to do both and provide world class service to one's clients. Secondly, if you are representing a buyer and then "push" them to using you as a lender there could be some potential liability there.... and that's before getting into the subject of E&O insurance.

Oct 24, 2018 04:31 AM
Rainmaker
1,838,670
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I'm not detailed enough to take on both !

Oct 24, 2018 04:27 AM
Rainmaker
3,054,284
Richard Weeks
Dallas, TX
REALTOR®, Broker

No offense but I would find the lending part boaring.

Oct 24, 2018 02:47 AM
Rainmaker
690,216
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I don't make loans. When I was in retail banking, that is what I did. Now...residential real sales is a full time job.

Oct 23, 2018 09:14 PM
Ambassador
3,983,177
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I don't have both but would think it could be a conflict of interest. I would not send my buyers to a lender with a real estate license. There would be too much of a chance for interference in my transaction.

Oct 24, 2018 02:01 PM
Rainmaker
507,995
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

I did both at the beginning of my career, for about 11 years.  My stress level has been reduced since foregoing my mortgage license and my real estate volume has increased.  Doing both, and doing both well and efficiently can be tough.  I charged less for my mortgage services, but maintained a level of control I thought was important.  

What I do now is refer my clients to excellent lenders and stay in close touch throughout the process. Knowing the way things work and having a general understanding of Underwriting guidelines is helpful to make the best recommendations.  

I'm glad I did it while I did, but I don't plan to renew my lending license anytime soon. 

Oct 24, 2018 12:26 PM
Rainmaker
1,247,452
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

No.  I focus on one only to provide the best possible service.

Oct 24, 2018 08:57 AM
Rainmaker
1,022,134
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

In our office 1/3 do both to stay active. It was lucrative when people need to refi.   I would say we have 20 loan agents including our broker.

10 broker associates. One is a GC. Three lawyers. One is a licensed inspector. I am the photographer.

Oct 24, 2018 07:23 AM
Rainmaker
773,882
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

I see no benefits to it. -Kasey

Oct 24, 2018 10:24 AM
Rainmaker
4,797,423
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It could border on some ethics issues.

Oct 24, 2018 06:35 AM
Rainer
239,697
J.R. Schloemer, CRS
Kentucky Select Properties - Louisville, KY

A guy I used to work with at the bank that could do both. I think it helped him in his RE business because he was a bit more proficient with qualifying clients. I did not see him doing too many RE transactions though. 

I would not want to have to put up with both sides of things, although, I would know straight from underwriting what was going on with my client's lending scenario and not have to learn from the loan officer.

Oct 24, 2018 06:30 AM
Rainmaker
1,602,856
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Yes, but don't use both of them at the same transaction.

Oct 25, 2018 11:08 AM
Rainmaker
3,983,315
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I have seen a few people do this but never lasted long

Oct 24, 2018 09:15 PM
Ambassador
2,681,436
Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

I would not want to do both at the same time. I have never had an interested in mortgage services. We have 60% of the people who buy here pay all cash too. 

Oct 26, 2018 03:38 PM
Rainmaker
4,107,150
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I too would say pick a profession, too much liability with both.

Oct 29, 2018 11:38 AM
Rainmaker
539,470
The Villages Realty
The Villages Realty - San Jose, CA
"Our Performance Will Move You!"

It does open up another income stream.  I do both, but never on the same transaction.  I will refi a neighbor's loan or a friends and that is all I use it for.  Left lending in 2001 for the most part.

Oct 27, 2018 07:41 PM
Ambassador
2,869,303
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

uh no.  can you say conflict.

Oct 26, 2018 10:29 PM
Rainmaker
737,900
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Seems like there might be conflicts of interest.

Oct 26, 2018 06:43 AM
Rainmaker
3,203,787
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I am sure there are lots of benefits but are you taking on to much doing both.

 

Oct 25, 2018 11:47 AM
Rainmaker
1,166,792
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty

Great answers are here.

Oct 25, 2018 11:25 AM