Date: Sun Mar 30 00:07:56 2008
Sender: AJ Perko
Sorry for the title, but I can't afford 150.00 an hour for a therapist.
This is going to be a novel, if you choose to read it swell, if you want to
comment great, if your going to be an ass, eh whatever- this is my therapy
because I have nowhere to turn.
This is my recent life.
This story is just bewildering.
I moved to Florida in 2000. Got a mortgage license in late 2005. In 2006 I
made some mortgage deals, a friend of my new girlfriend "mentored" me (took 50%
commission) to help me close deals. I made maybe 60-70K in 2006. - I worked
hard though learning the business. Everyone told me to just get more business,
go-go-go... but I don't know, I'm not a just go-go-goer. I tried to learn the
process, what title does, how appraisals work, how interest rates are
determined etc.... essentially stuff my Mortgage Boss thought was a waste of
time.
One day I decided to work from home. I didn't want to give 40% of my
commission to some guy so I could sit at his desk (really thats all it was).
Well, I found out.. I have trouble getting out of bed, not playing dolphinsim,
etc.. when I work from home... so I decided to team up with a rugby associate
named (change to protect the innocent) Ricardo whp had office space.
Ricardo is South African. A life-insurance, stock trader, smart guy,
Christian, and I do think good hearted maybe. Ricardo's company is opening a
mortgage section and he asks me to head it up. He gives me free office space
and says go get em!!!. Well, it's pretty tough, the corporate office is
substandard, and well it's mid 2007 and the market is in a tumble. We (me and
a few others)generate a ton of leads... but the market makes it near impossible
to close many loans. Ricardo, pays for the entire office. I feel bad and want
to kick in but I'm not making crap. Still I'm well connected, a good marketer,
and help where I can with his other projects. We do close a handful of loans
and I share some of my ideas and contacts with Ricardo.
A month or two later a very talented, slick, well dressed guy comes down from
corporate to join the office on the mortgage side. We will call him "Jeff".
Now Jeff seems nice to. He's a little older, is a sensational, and I mean top
5% sales talker. He dresses well, talks well, walks well and again seems nice.
It doesn't take long until I simply let Jeff take over the head mortgage
position and I simply work. He comes with me on several of my meetings and I
do like him.
Meanwhile, I am always prospecting I meet a guy named "Michael" at the gym.
He's a big guy, very Christian seems extremely nice. Almost too nice in a weird
way. But there isn't many of us there at 6am, so I get to know him.
Now, everyday Jeff is coming at me with great and exciting products that we can
do, because well he's from Washington DC, is incredibly knowledgeble and it
makes us special. I believe him, Ricardo- says go get em AJ.
So of course talking to Michael, he comes to me one day and says... I know
these guys who are investors, young hungry, and just opened a mortgage office
and want to hear your products.
This is a huge opportunity for me!!! I go over with Michael, meet two guys
named "Zach" and "Shawn" and explain to them Jeff's products. I am very good
at this. People genuinely trust me, and like me. (I know some of you DEL'ers
may not beleive me) but I do have charisma.
Eventually Jeff comes over, meets Michael and solidifies my position as the
prime contact for their office.
So now I'm working with Rocco, Jeff is controlling the mortgage operation,
I'm selling the product and I have a excited office who through Michael is out
there "doing it"
Here is the fun part---- (this gets hard to explain)
Mortgage is tough, there are not a lot of loans. Shawn and Zach send me
some Ok loans I can't do, but they are money hungry business people and shop
around for better deals.....
long story short- I can't close the loans they give me and am off doing AJ
stuff...
------------------------
Fast Forward to the past two weeks.!!!! 2008 has been tough from me.
Conventional mortgage is dead. I have some great projects and am working
outside the box, still it's tough.
One Sunday I'm sitting by the pool with my kid amd Michael calls saying he met
with Jeff, and he's not a good guy, talks bad about me, and he just wants to
help me....
WEIRD
20 minutes later, I get a call from Jeff saying Michael is a scumbag,
etc,etc,etc...
I'm no dummy. Why and the hell is my mortgage manager meeting with one of my
contacts without me there? They shouldn't even be talking!!!!
I blow it off, a few days later Ricardo decides to downsize. Which I
understand, am I'm not paying rent so I work from home. Michael invites me to
come into his office, which is actually owned by Zach and Shawn and their
fledling mortgage office. Apparently they have spent a lot of money buying
leads, setting up an operation etc, mostly because I, again I got them excited
about the business.
I agree to work from there.. on my terms.
----------Now it gets really wild.
One week later I come in and Zach says "AJ, Michael is DEAD". Apparently this
guy Michael was a huge con artist, embezzelled 40K in money from Shawn and Zach
for a whole variety of things.(Yes Shawn and Zach got suckered) Michael took a
rental car and smashed it into a bridge embuckment at 150mph instead of facing
the truth. So much for his "Christian values"
Jeff has still never closed a loan. I have had 3 loans (20K roughly) which he
said couldn't get done... close elsewhere.
Ricardo who only dabbles in mortgage, said he no longer really uses Jeff though
they are still in the same office.
------------------
YESTERDAY- I'm at a birthday party talking to one of my bank contacts a girl
named Steph who I had gotten a handful of deal through over the past year or
two says "I'm no fan of Jeff", he screwed up a 4 million dollar loan, took like
5 loans from my friend dropped them..blah,blah,blah.
Steph met Jeff through Ricardo. WHAT THE HELL? Steph was my contact that I
shared with Ricardo!!!. And I wasn't included in a 4 million dollar deal.,
they should have gone to me?
------------------------------
TODAY-
Zach and Shawn hand me a big stack of 800 leads that cost about 15.00 each and
ask me if I can help them recoup there money, become a partner, run their
mortgage company. They are desperate
Ricardo says, we should work together, if I get customers that fit his program,
things are great blah,blah,blah
Jeff says, I have these great programs we can make a lot of money, I'm only
here to do business
Steph says, Ill call you this week, I need to know how you can help me going
forward. I like you, trust you..... etc..
--------------------------------------------------------------
Ricardo owns at least 20 properties and I bet makes 400K per year.
Jeff lives in the richest area of S.Florida
Steph made at least 150K last year and is some position inb Wachovia.
Zach and Shawn make at least 100K per year and Shawn lives in a 700K house.
I rent, drive a 98 Corsica, struggle to pay my bills and am in the middle of
this? Why is everyone such a scumbag? This isn't my associates, these are
people from 4 different corners of the industry.
Is this how life works? Seriously, forget about my other DEL posts, I want to
make money. But I'm happy sharing the wealth, I'm not ripping anyone off. My
handshake means something.
am I that big of a schlep? Everyone is a scumbag.
Date: Sun Mar 30 00:54:51 2008
Sender: Kyle Mayhugh Too
Ouch. Hang in there.
I don't know much about the business world, but it seems as though the mortgage
industry might be as in as bad a shape as the journalism industry is, only
things are going from good to bad faster.
Seems like times like that brings out the rats.
Date: Sun Mar 30 01:16:26 2008
Sender: Chris Oaks
Some say there's a reason rich people are rich -- and it's not always because
they are good business people (and when I say "good", I'm referring to both the
"honest/ethical" and the "smart/savvy" definitions of the word.)
It sucks feeling like you're the chump, because everyone else around you SEEMS
to be doing great. But you never really know someone else's situation ... as
the dead con man shows.
Are you a schlep? No. You work hard, have a lot of dedication, and they
probably see you as someone with a lot of upside. I'm sure they do want you to
go gangbusters ... but I think they definitely have their cut of your success
in the back of their mind. Unfortunately for them, you're smart enough to be
wary of whether or not they are out to take advantage of you.
It would be nice if you could find someone who is retired or not currently
active in the market that could serve as a mentor. Someone who wouldn't see you
as a meal ticket, basically, and can give you honest, unbiased input on the
situations you're facing.
I don't know if this is helpful at all. For what it's worth, you seem to be
trying hard to stay on the up-and-up in a desperate market (and desperate times
can lead to bad behavior.) Keep staying true to yourself, man. If you can't
look at yourself in the mirror, you've got nothing at all.
Date: Sun Mar 30 09:56:35 2008
Sender: Morris Cohen
Best wishes, AJ. That's a tough business to be in, I commend your
determination.
Date: Sun Mar 30 11:28:34 2008
Sender: Laurent Boudias
AJ, when things go easy, you feel good, but what makes you feel even better is
when you things are going bad but you keep following your principles.
I don't know what tip I could give you in this industry I don't really know,
but if you can go through this situation without compromising your principles,
you'll get rewarded even more than just the money.
Anyway, I wish you all the strength you need to fight the obstacles that are
placed in front of you now.
Date: Sun Mar 30 12:49:16 2008
Sender: Randy Rhodes
Hey AJ, what an amazing story! I think the end of your story is why I find
myself feeling a strong bond and trust towards you. Which is why I've come to
you before requesting advise!! I know there's many ideas we have that are
different, but there's some deep ideas that we are so much alike. Your
handshake means something, that says it all. What a horrible situation you've
been put into, dealing with people that you can't tell if they're honest or
dishonest. I think the thing that you show is integrity, and that is so
impressive. Remaining steadfast in the values that you hold dear no matter
what is going on around you is so impressive and commendable. My dad always
told me the one thing no one can take from you is your word. You can chose to
give it up, or you can choose to keep it, but no one can take it. You are a
great example of this.
Keep your chin up man, and for what it's worth, I'll be praying for you and
your situation that God will help you discern peoples true intentions and deal
with the situations that you are in. And please know this, I am an AJ fan and
I hope and pray that you can keep up the integrity. You are an inspiration to
me and many others.
Thanks for sharing AJ.
Date: Sun Mar 30 15:11:22 2008
Sender: Doc Barnes
Aj,
For what it's worth I'd say that you're in a great position to start making the
same kind of money as the others 'represent', but instead you'd be making it
with integrity. If all of those people are seeking you out to go into business
with them, they are obvoiusly in a spot where they feel your solidity will help
them get into a better spot. Since you have worked with them and know the
inner feelings they have for each other then you might be able to take
advantage of the situation.
I'm not saying be manipulative, but you could really take charge and be a
little more assertive in control and reel these guys in. Based on what I can
gather from your post, it sound's like these people need a leader who has some
strength and the formula for success through a more ethical ways and means.
I could talk more about this situation but that's what I will post for now.
Date: Sun Mar 30 21:03:19 2008
Sender: AJ Perko
I had about 4 beers when I wrote that... which is a lot for a guy on
bloodthinners, LOL. I love the feedback, my wife isn't into this type of
business at all, so she doesn't get it and the only friends I have intelligent
enough to appreciate are in Seattle or Texas.
Looking at it with my wife today we just had to laugh at everythig though.
I agree with most of what you said, I have a few other "projects" which I am
excited about and am working on- but I'm going to take a day or two and go
visit just about everyone I know in business and let them know I'm independent.
When I say independent, I really mean just protecting my reputation.
People might say.... AJ Perko couldn't do this, or couldn't close this sale,
or isn't good at that (which they will to get business) but when the smoke
clears people will say I'm honest and have integrity- which I'm banking will
eventually pay off.
I'm gonna see if I can help Zach and Shawn this week (I do think they are good
guys), I have a stack of 800 quality leads it only takes 1 or two deals to keep
things moving.
-
Wow... but what an education in business. I sure hope I can pass these lessons
on to my kids and others who are ambitious and good hearted.
now I just have to get my IFL playbook ready,
then it's all business this week (I'm gonna watch Glengary Glenross tonite to
get my phones skills up)- lots of coffee and energy drinks this week
Date: Mon Mar 31 09:24:11 2008
Sender: Jeff Luddingsmash
hang in there buddy. work hard and things will work out.
And if it's any consolation, I think I am in for a career change soon. As some
of you know, I work as a marketing manager and I also run my own web business.
Anyhow, a couple months ago the owner of the company I work for decided to make
his 22 year-old Fine Arts major son the Director. He's a really nice kid, but
is completely in over his head.
And here I am, the guy in charge of marketing who is finding it increasingly
difficult to do my job effectively. I've got a big target on my chest, cause if
things don't go well I'm done. That's the plight of the guy responsible for
marketing. thing's don't go well and you're gone, regardless of all the other
factors that influence your ability to get the job done.
I've already started making preparations. I document everything. Keep a
detailed paper trail. I secured letters of recommendation from my old director.
I know I'll be okay. That being said, I'm the type of guy that bleeds what I'm
selling (if I don't believe in the product/service, I won't sell it). I take it
personally. And when I see things starting to fall apart it really gets to me.
Not sure how long I can go on like this. I'm frustrated. I just got back from a
2 1/2 week business trip, so I'm exhausted. A big part of me wants to say
"screw it" and become a carpenter or something. Spending a day hammering nails
into a board sounds fantastically appealing.
P.S. Sorry to hijack your thread AJ. You just inspired me to vent.
P.P.S. Glengary Glenross is a fantastic movie. If I was in Florida I'd buy a
six pack and join you.
Date: Mon Mar 31 10:04:57 2008
Sender: AJ Perko
think about what I sent you too...
I just locked in a lead generating source in Rio De Janiero of all places-
It might be a while and I have to hammer out some of the technicalities this
week, but I think thats going to work and the response on my end here has been
exceptional-
Date: Mon Mar 31 19:50:07 2008
Sender: AJ Perko
"Glengary Glenross is a fantastic movie. If I was in Florida I'd buy a six pack
and join you."
I had to hit the phones today.
Every few hours I would say out loud
"these leads are weak"
and someone is supposed to give me the appropriate Alec Baldwin response.
Date: Tue Apr 1 06:46:21 2008
Sender: Jeff Luddingsmash
AJ I like the sound of the info you sent me. That being said, I don't have the
time to take on any more entrepreneurial pursuits. I've already sunk about
$10,000 and 1 year into my web business. The good news is that it's been
generating money for about 1 year and I feel it's on the verge of a major
breakthrough really soon.
Still, I strongly encourage you to pursue this business idea. You can't rely on
a salary to give you financial freedom. You need to be generating money from
the other side of the cash flow quadrant.
P.S. Ever read "Rich Dad Poor Dad"? It's somewhat simplified but the message is
good.
Date: Tue Apr 1 10:30:38 2008
Sender: AJ Perko
I wish I had read "Rich Dad Poor Dad" 20 years ago...
I know it will be required reading for my kids.
IMO.. one of the most powerful books ever written.
Date: Tue Apr 1 18:15:41 2008
Sender: Jeff Luddingsmash
yeah it's a solid read. Definately required business reading as far as I'm
concerned.
Though the best business book I've ever read... it might even be one of my
favorite books in general... is "The Goal". Fantastic book. It'll change the
way you look at most problems.
Date: Tue Apr 1 21:27:26 2008
Sender: Dennis Berg
Jeff - "The Goal" is also my favorite book on business I've ever read. It was
one of the required books in a grad production management course. After we
studied the book, we had to do a lit review of Goldblatt's Theory of
Constraints. I found a paper published by a couple guys that compared it to
linear programming. In the paper they proved that LP was superior to T of C.
While studying their work, I noticed they used the wrong numbers in their
paper, compared to what is found in The Goal. So, instead of a lit review, I
showed their error and wrote a paper proving that since they were both based on
similar mathematics, they had the exact same outcomes.
For me, this book was a life changer. I've used the lessons on many occasions,
both in business and personally. Identify, maximize, break the constraint,
repeat.
Date: Wed Apr 2 08:06:43 2008
Sender: Jeff Luddingsmash
Very interesting Dennis. Great work on your lit review. Impressive that you
were able to take your review a step further than required. I hope your
professor rewarded you accordingly.
As for me, I was introduced to "The Goal" in my MBA Operations class. I was
surprised to find that I could not put the book down. It might have been the
only book that I've read cover-to-cover, twice.
Professionally it has had a huge influence on my career. Although I don't break
things down statistically as some, I do find that I break things down into a
critical path, identifying dependent tasks, etc. When you look at any problem
in this context it can reveal surprising things that often goes against the
common practice used by your co-workers.
Best of all, it applies to almost every aspect of your life... washing dishes,
building a fence, fixing a car, planning a wedding, launching a product,
designing a website.
It's probably tops on my list of recommended reading.
Date: Sat Apr 5 14:12:33 2008
Sender: Jason Stafford
I didn't read all of the initial post or thread...but the fact it didn't
include 'so I kicked Ricardo in the nads and pissed on the one guys grave'
anywhere was very upsetting to me.
Date: Sat Apr 5 20:53:47 2008
Sender: Dan Hilsgen
Keep your head up A.J. and keep your word and integrity, even though sometimes
it may be tough to do. The fact that often it is tough to do that is what gives
them value.
I myself am about to rededicate myself to a new venture. I went to school for
graphic design. Graduated in Sept. The goal going in was to open up my own
small business once I graduated.
I did that. Problem is, I was in a relationship that simply was not working and
that I was working hard to try to fix and that was zapping me of most my energy
I would have put towards the new business. So, suffice to say, the new business
has gone no where. However I am now single and apartment hunting. Once I get
settled next month I plan to essentially relaunch my small side business.
I currently make an hourly wage that is barely high enough to live comfortably
on my own in an apartment and I am secure in my job, which, is a good thing in
this current economy. I generally enjoy my job so that is a bonus as well. Now
I just look forward to getting a couple clients in and getting back to my
designing roots again.
Sorry to steal the thread spotlight.
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