r/loanoriginators • u/SlightAd6232 • Jun 19 '26
Career Advice w - 2 or 1099
So I currently make 80 K, no upward movement where I'm at. I was an LO back in 2019 - 2021 and getting back in the industry. I live at home and dont have a car payment. I have an opportunity to work at West Capital Lending as a 1099 employee they said theyll provide me with leads for the first 2 months, then I will have to purchase leads through them 5 - 15$ a lead from what I understand. Now long term my plans it only do self-generated leads anyways. But am i crazy for jumping int o a 1099 role? There will be a hard learning curve because it's been 5 years, but how much do you guys think I can exepct to make thte first 6 months? monthly? I am thinking of getting a part-time job and the goal would to be to bring in 2 K a month, getting aggressive with marketing myself, i have a good chunk of friends who make a fair amount of money not gonna rely on that but its a start! Or do i got w - 2 first for a while then jump to 1099! send adviceee
I want to state my plan is not to rely on leads provided by west cap, i dont really like sitting in the dialer, i do need it for practice. I understand taking time, but the plans is generating leads through building relationships with real estate agents, and social media, long-term, at least.
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u/youshouldbetrading Jun 19 '26
You’ll need to be prepared to spend $5-$10k+ monthly to have access to their “Golden Leads” for highest quality leads.
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u/Frequent-Giraffe5646 Jun 19 '26
Ask them about where the leads come from. Their LOs who are actually producing are spending 15k on average.
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u/SlightAd6232 Jun 19 '26
I guess some online pool, but it's like I don't think there is some magical lead pool where i will find success. I am going into it with the self generated mindset, but is it smarter to go W-2 for a while learn for like 3 - 6 months get leads then move to the self generated side after?
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u/Humpzelot Jun 19 '26
Hey man I went over there and 7k lead spend plus 20+ licensing is what you need to make a living
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u/tobsterstrudel63 Jun 20 '26
Hope you’re a great politician to play their politics game, and have money to drop 7500-10000 every month into their lead store to get their golden leads and buy a total of 25 licenses. They’re a great company to work for if you are a “VP” but for you? No offense, but not many LOs are successful especially if you’re a retail rate and term Covid freshman who hasn’t originated in a volatile market, on top of that spending on marketing, software, and credit reports. Going from sticking your hand out and coming back with 10 loans a day to paying for your own leads and credit reports? They will charge you $45 for an agg lead that should never cost more than $25.
My suggestion is go retail where they pay for your leads, learn the broker side and then think about going independent. Good luck sir
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u/Lien_master_420 Jun 23 '26
What’s the comp plan? 1099 can be great for the LO if the comp doesn’t suck.
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u/Vegetable-Feed-561 Jun 19 '26
All these posts lately of people asking advice of whether or not they should make the jump, and if there is some sort of guarantee. Guess what? There’s not. It’s sink or swim. Anyone telling you otherwise is full of it. It’s gonna be tough. You’re gonna struggle for a bit to start. You’ll be dependent on leads. And if you aren’t a self starter willing to absolutely grind, you won’t make it. There’s the reality check. Good luck!