601: The only 3 Ways To Retire from the Mortgage Industry

In this short 10-minute podcast series, Scott shares how you can retire from the mortgage industry.

 

In this episode we will cover:

1. Having a family member take over your business
2. Selling your book of business, either for cash upfront or cash over time
3. Transitioning from self-employed to business owner

 

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In this episode, I dive into the three ways you can retire from the mortgage business, from the least to the most profitable. I break down each method, sharing real-life experiences and tips on how you can maximize your earnings as you exit the industry. Whether you want to sell to a family member, a stranger, or set up a system to do the selling for you, I’ve got you covered. You’ll learn why building a system might be the most lucrative option and how you can avoid common pitfalls that brokers face when retiring.

Here are the talking points we covered:

• The false belief that being self-employed means more freedom.
• "Catfishing" in the mortgage business: initial freedom leads to being overworked.
• Understanding the transition from self-employed to business owner and investor.
• Challenges of differing opinions and potential conflict.
• Pros and cons of receiving cash or opting for a buyout over time.
• Finding the right person and structuring the deal to benefit both sides.