Multi Level Marketing.

Last night a friend of mine took me to seminar where they deal with mortgages.

It's not Amway or Mary Kay.

I was a skeptic going into this, but left an open mind.

From what I have gathered there is no need to get a broker license. They work with pretty much all of the major lenders like Wells Fargo, Washington Mutual ABN Amro, etc.

There are 2 ways that you make $$$:

One is to actually go out and talk to home owners about refinancing. If they are interested u pass this lead on. If it closes u get at least $1200/$200k loan for the commission. As u might know, it increases when the loan is larger and if there are more people under u.

The other way is to get as many people under u and they would do the work, while u get commissioned from their work, which is not that much since they aren't a broker and doing the paperwork, just lead generators.

I have a pretty good paying job already, but it wouldn't hurt if I see a pay check with this model.

So what does it cost to get in?

$225.00

The fees goes towards a felony background check, administrative costs, and some training materials (which is not that much - for those of u that don't want to go back to school).

This is all the information that I have so far.

My gut instinct says that this is legit since they are working with big names lenders/banks.

My current job deals with the Financial institutions and I know that these guys don't fuck around with shady businesses since regulatory agencies like the SEC are watching them like a hawk.

The other part that makes me think that this is legit is that they are not asking u to give them $$thousands to sign up. And u have to buy tons of tangibles like Amway or Mary Kay.

So basically, the only risk is $225 and initially spending some time after regular work hours talking to folks.

I'll get more info and add to this thread.

MLM = pyramid scheme; only retooled to make it more 'legal'

MLM = pyramid scheme; only retooled to make it more 'legal'




http://i13.photobucket.com/albums/a289/Alex-7/ceramics1.jpg

I was convinced this said M2M experiences when I first read batman was the poster, before reading the topic.

????

http://i13.photobucket.com/albums/a289/Alex-7/ceramics1.jpg

okay. that guy kind of looks like my dad.

????

m2m aka male 2 male

When Daewoo tried a similar multi-level commission scheme, it was called a pyramid scheme by US lawmakers and shut down.

MLMers will od anything to push something through. In the early 90s there was a gold network promoted in Vancouver touted as 'Legal in Germany!' where it started - but they left out that it was highly illegal in Canada and the US as it violated pyramid scheme laws. Many MLMers dealing with products were found guilty of front-end loading (forcing their 'independant distributors' to buy products to meet quotas, whether they had customers for them or not) and other unscrupulous practices.

There are few exceptions, but typically MLM is used when there's a so-so product and the company wants to wring out as much money as they can from it without actually hiring and paying a sales staff.

But if it is an intagible like Mortgage loans with lenders like Wells Fargo and other big name players in on it could this be a "scam"?

Excel was a phone company that was around for like ten years. My friend got me on board by paying my fees and what not and the plan was for me to promote sales over the net. It turns out even though they were showing growth in their quarterly email statements it was crap. The company was bankrupt despite their claims they were doing great here and abroad. The service was awful and I tried to cut my association with them. It turns out when they went bankrupt they decided their customer/rep lists were a valuable asset and sold them off to every MLM company on the map. I got calls constantly. If someone says "May I ask you just one question?" I go into smart ass mode and then hang up.

If someone says "May I ask you just one question?" I go into smart ass mode and then hang up.

I would have said "Sure! Too bad you wasted your one question asking that." *click*

Uncle wanted me to get involved with crap like that. Blah

I worked for a small-time pyramid scheme place answering phones. It's really the shadiest business there is.

I quit on the second day, my reason being that "I didn't want to be associated in any way with a pyramid scheme."

My parents got talked into Amway when I was about 10. We got a huge box full of pudding, which kicked ass, but we never actually sold anything.

You should find a hobby you enjoy and then gradually turn it into a business.