What is a job where I can make lots of money? (I'm in Real Estate now)?

Right now I work for a mortgage company. I was making good money for the past 2 years, but now it is horrible. If you know anything about my business. I'm 20 years old. I don't have a BA yet all I have is experience in the mortgage field. I'm looking for a career change. Does anyone have any good ideas of what I can do? What can I make alot of money doing. I'm used to getting 5-10k checks, but now there isn't much money in mortgages. Please help!

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  • 1 decade ago
    Favorite Answer

    Own the real estate yourself if business is not booming it means now's a time to buy. There is no field in which you will make more money long term than real estate investing. Buy as much as you can now keep it afloat and in 30 years you'll be a rich man almost no matter what.

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  • 1 decade ago

    If you like the sales side you should look into cell phone sales or car sales. A lot of people will probably be looking to sell vehicles now to pay the mortgage... you might even have a great head-start using your client list to find motivated sellers. You could also look into getting your series 7 and start doing stock deals since that market is hot! Stock prices never go down. Or annuities for the fixed income crowd-- people never get younger, haha.

    Or if you just liked the paperwork involved in mortgages, look into doing loan processing for a more successful broker... or look into doing retail mortgage biz. Just band-aid up those fingers before hitting the phones. You could also look into doing underwriting work... once you've been a shark you should know how to fish, right?

    Of course someone else suggested dealing drugs, but that can be a tough business to get going. Instead you can look into becoming a pharmacist... Undercounter meds have a huge demand and it's a lot safer play in the long run. Good Luck!

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  • 1 decade ago

    I'm facing the same thing you are but I'm twice your age. I've been in the mortgage business for the past 6 years and I'm hating it right now too. If you like sales, you might try investments or insurance sales (I hear there is a lot of money to be made if you are motivated). Go to a local college career center and search for various jobs or see if you can take sometime of career assessment to see what you like. I'm applying for jobs in all different fields (I worked at Wells Fargo Mortgage) and was fired due to not meeting the minimum sales goals. I'm willing to take a cut in pay to have a regular pay check.

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  • 1 decade ago

    What you have just experienced is called an asset bubble. During asset bubbles, money becomes detached from reality. People with little real skill are able to make a lot of money, for a short period of time.

    In past asset bubbles, some people made lots of money day trading tech stocks. Then it popped and they had to go find a job that paid a lot less. Some made a lot of money trading comic books and/or baseball cards. Then it popped and they had to go find a job that paid less. Some made a lot of money in junk bonds.... Heck, 400 years ago some people made a lot of money in tulip bulbs.... then it popped.

    The days of the bubble are history, and reality has returned. Real estate is not a good investment. There are no other (legal) lines of work where people without an expensive education and/or special skills can make a lot of money. Heck, I have an expensive education and extensive skills, and still I do not make checks in the $5-10K range on a regular basis.

    I think it is time for you to make a decision. Do you want to make a lot of money, with substantial risk of ending up in jail? Or, do you want to go to school, work hard, and accept a job that pays much less than what you've become accustomed to.

    I'm pretty sure you are not going to find a third alternative of something legal, requires no special education or skills, and pays well.

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  • 1 decade ago

    I have to be honest with you man, as an AE and someone who has been in the mortgage world, I have to ask, what have you been doing with the money you made?

    I was making pay checks like you were and I reinvested my money in things like stocks and CD's because I knew the good times would not last.

    It's a roller coaster and right now, it's the down cycle.

    Best advice, keep plugging away and doing what you can or find a sales job that pays decent. Also, stay in school. an education can not be replaced.

    One more piece of advice, former WWF manaager, Bobby "The Brain" Heenan was asked how he could afford a good lifestyle after retiring from pro wrestling, he said "It's not about how much you make, it's about how much you save"

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  • 1 decade ago

    2 years of experience-consider yourself lucky you entered in a good market. I was in the business for 12+ years and there were good years and there were bad years. Smart brokers who realize this trend are able to ride it out. Your 20 years old and your looking for a fast and easy buck. Try going back to school and getting a degree. If you really love the mortgage business, meaning you were in it for more then the overcharging of borrowers, then stick it out even if it means getting another job to help pay for all the toys your probably blew each pay check on. Ride it out, develop your customer base, save some money, maybe earn a degree and if at all possible, invest in something stable. Good luck!

    By the way I understand from others in your position Denny's is hiring!

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  • 1 decade ago

    With your experience as a mortgage broker the past few years the only option that is now open to making that sort of money without any real skill set other than having the ability to have people trust you enough to sign documents and hand you large checks is to run a Ponzi scheme. I believe that they are illegal, however.

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  • Anonymous
    1 decade ago

    Hi James,

    I don't know if this is something for you, however we are also in the Real Estate and mortgage industry and have also been affected by this "credit crunch" or whatever they are calling it these days. One of our account execs showed this thing to us on Friday, August 24th and we became Regionals on September 3rd. He has earned ytd $ 65k and has been in this since July 17th, 2007. He is an Executive Manager in this after only 40 days now, this is so lucrative, and simple it's what people do on a daily basis.We have seen the power in this and would love to help people (especially the one's affected by the 2007 mortgage meltdown). If interested please email us.

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  • 1 decade ago

    At risk of seeming... uhhhh... a tad blunt, my response to this question is... "welcome to the real world".

    People have varied talents and skills, and rightly or wrongly society tends to reward different talent and skills differently.

    The mortgage job that gave you the salary you cite is an aberration of traditional economies. You were caught up in a credit-driven economic bubble or mania in which people gave "housing" an imagined sense of investment that really it lacks.

    Thus, folks with few traditional skills could fall into work during this economic mania, earning far more than normally would be expected for this sort of work or for work that traditionally is available to one with your level of academic training.

    There likely will be no job available based on your experience and training that will provide you more than $10 per hour.

    Now, earnings often correlate to degree of training (and pertinence of said training) but earnings are not dependent, per se, on a given academic degree.

    Should you create a business that provides a much needed service, should you invent something useful, should you become a successfull actor or celebrity, etc, you might earn wonderful money. More power to you.

    But, as a high school graduate without any cited vocational skill (plumbers and electricians can do well... though the housing crash might weaken those careers too), and as a high school grad who made money disproportionate to your skill set due to your having stumbled into a business serving a now dying economic bubble, you might wish to consider returning to school to get degree of use or to accept a $300-400 per week job instead.

    regards

    evildoc

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  • 1 decade ago

    If you get a degree - make sure it's a degree that you can use to get a good job. I graduated in '99 with a Bachelors in Economics & 15K in student loans. I've been laid off 3 times in 5 years & now my debt is at 30K. My friends that never went to college all have homes & savings & are living a good life. I'm screwed because my student loan company is threatening to start garninsing my low wages, while people that racked up huge credit card bills on vacations & expensive living are able to declare bancruptcy. You better think before taking out loans to go to college just for the opportunity to have liberal garbage spewed in your ear all day long...

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