How I made $185,000.00 in a week.

[oldscool]

I assume winning through intimidation is the same as his fast track to dealmaking fortunes program which basically says draft your own deals without the legalese.

 

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[Torrey]

Like your killer instinct man

 

[BigBrianC]

First, pretty great thread. Second, sorry if this is a stupid question, but you basically are like a real estate agent? You convince people (i assume the property owners while building is happening/before) to buy from a supplier, who gives you comission?

 

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[BigBrianC]

Great response, thanks!

 

[BigBrianC]

Another great response. What are the typical costs/fees and any requirements?

 

[DClaiborne]

Great thread. As someone who seems to have always been fueled by the negative around him, reading how you spin that into success definitely inspires me to keep going in all aspects of life.

You mentioned being the broker has come and gone in terms of maximizing success with minimal competition (like when you started back in 2010.

Most of the people are still asking how to get started in the thread, but I'm wondering what things do you have your eyes on next or seem to spark your interest like energy did 5-6 years ago.

 

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[Carnage]

Glad this got bumped!

 

[axiom]

Time to bump this again for all you sales superstars.

Read it, absorb it, taste it, and use it to dominate the world.

@welshmin
@Disruptor
@Thiago Machado
@OVOvince

 

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[KLaw]

Jeez.

You need to post more. Keep all these chumps in check. Lol.

 

[AllenCrawley]

"I have a deal right now where I'm getting accelerated commissions.

So, instead of getting paid $600 a month for 12 months for a $5,000 contract, I get $5,000 upfront."

Is there a derived benefit taking all up front vs. residuals to you? I would assume tax purposes could make that not attractive.

Are you now working for a smaller brokerage offering more aggressive commissions?

Uber has been banned so don't expect a response to your inquiry.

 

[GuestUser113]

Every ubermensch post. Every goddamn one. Every goddamn time.

 

[MakeItCount]

@Ubermensch

What kind of money did you start off with ? It sounds like a business where you'd need a large initial investment.

Also you mention signing deals for 10k and 30k, are these recurring payments or once off ?

It also sounds like you'd need a lot of knowledge or contacts to begin with. Would this be correct ?

What initial steps would one take to get started in this business, assuming no previous knowledge/contacts ?

 

[MakeItCount]

Thanks for the detailed response Ubermensch.

The process no doubt took a great deal of initiative and determination, especially seeing that you came with no previous knowledge.
I'd imagine your experience as an investment banker enabled you to bring that extra professionalism and confidence to your dealing with clients/cold calling ?

 

[socaldude]

What were your biggest obstacles?

 

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[MakeItCount]

A few things helped. One, no joke, MJ's story. Two, I look at big-time stars who've made a bunch of money, and I don't see anything that they have that I don't.

Three:

ubermenschforever.blogspot.com

Good attitude! Theres no doubt with the right mindset, determination and willingness to learn, anyone can become successful.

It reminds me of this great Einstein quote- “I know quite certainly that I myself have no special talent; curiosity, obsession and dogged endurance, combined with self-criticism, have brought me to my ideas.”

 

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[GuestUser113]

That was one beautiful piece of explaination uber. I understand completely.

http://bookoutlines.pbworks.com/w/page/14422735/Winning Through Intimidation
(for the lazy^^^)

Good stuff

Read that. Bought the book anyways. Can't beat .80 cents.

http://www.amazon.com/gp/product/0449207862/?tag=tff-amazonparser-20

 

[Michael W.]

Awesome post my man. I love businesses like this. Now how many more times can you do it? Youve done it once, why stop?

 

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[GIlman]

Great resource. It's not lazy, it's time constrained

 

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[S&P]

Lot of haters all over Ubermensch.

It comes with the territory.

Once again, thank you man for posting all this value.

Means the world to me. You got me started. Seriously.

My life is so different then when it was 6 months ago... I don't recognize the winner in front of me.

RI$E

"Reality is my drug. The more I have of it, the more power I get and the higher I feel"

- 50 Cent

 

[Eunice]

If you've read MJ's book, you know the kind of money I was making around a year before I started the biz. I was technically self-employed, contracted as an investment banker by a middle-market real estate developer seeking $1M - $10M equity investments from top-tier private equity funds. They were my largest client (but not my only one), paying me $5,000 per month. Then the recession hit.

I wasn't rolling in the dough, certainly not by Fastlane terms, but I had enough bread (crumbs) to live off of while I got started. Off the top of my head, let me think about the costs:

I had to set up the legal entity that would actually sign contracts with the electricity/natural gas suppliers. I did that through LegalZoom, and it cost me a few hundred bucks. I had a website built by a friend of a friend for $600. In retrospect, though, I didn't really need the site. To keep costs low, I did my own legal work. Without consulting an attorney, I personally reviewed the agreements between my legal entity and the suppliers.

Then there was the licensing. Every state has its own commission that oversees brokers, and you (technically) have to be licensed to do business in these states. Some have more stringent rules than others. Getting licensed was easy. Compared to old industries like commercial real estate and commercial insurance, there are almost no federal rules and surprisingly little red tape (the kind of business I prefer). That said, there is a lot of legal language required in the filing process, and most brokerages pay an attorney $2,000 - $5,000 to draft and file said papers. Again, I did my own legal work, drafting and filing the documents myself.

Aside from my mobile phone, which cost me around $100 per month for unlimited minutes, I can't think of any other costs I incurred (other than travel). So, I'd say my total costs to start the biz were under $1,000.



In the energy biz, suppliers pay you in different ways. All payments are based on the annual usage of the client.

Example: Suppose you have a nursing home client with 20 locations, and the aggregate usage is 20,000,000 kWh. Your job as a broker would be to get the client to sign a contract with supplier ABC. Once the agreement is signed, and the client begins using electricity from the new supply source, the supplier either pays you one lump sum, or recurring payments over the life of the contract. I received payments both ways.




Honestly, the only knowledge I began with was that the recession happened, companies were low on revenue, electricity prices were at a ten-year low and - perhaps most importantly - signing an electricity contract requires no upfront costs on the part of the client. No upfront retainer or hourly stipends from the broker. The client only paid once they started saving money.

When I started the electricity biz, I could barely spell kWh. I knew nothing about generation, and who the major players were. It was a process of trial-and-error to figure out which supplier was the best. This took me a year. Once I found the right supplier, everything clicked. Knowing what I know now, that process could have been cut down by a lot.

As far as contacts, every single client I got - except for my first one, which made me around $500 - I got through cold-calling. No connections whatsoever. Just dialing for dollars Wolf of Wall Street style.

What I should emphasize the most is that the quality of your call list means a lot. Actually, that's a cost I forgot to mention, but these costs do not have to be significant. I used a manufacturing and industrial list that came on a CD, and it only cost me a few hundred bucks.

Regardless of your business, I would check out LinkedIn's business development tools. Some of Linkedin's stuff is the best kept secret. At one point, they had a service that literally allowed you to view full profiles for every single person on LinkedIn... all 100 million. At one point, you could even view all of the persons's connections, and you had the ability to send private messages to these people. Pretty crazy prospecting tool if used correctly. But it's expensive, and they've since scaled back the comprehensiveness of the tool, making it much less cool in my opinion.

That said, the holy grail of call lists is one that gives you direct access to the decision makers. The best case scenario is having a corporate decision maker's cell phone number and well-researched, comprehensive information on said contact's professional and even personal life. Over the years, I've somewhat perfected the way to compile such lists using online databases.



I no longer run my own brokerage, because I think there are WAY too many brokers and suppliers in the game now. Margins have shrunk and there are so many amateurs that it gives the real professionals a bad name. However, if something about the energy business sincerely sparks your interest, I can point you in the right direction if you like. Just PM me if you're interested.

ubermenschforever.blogspot.com

 

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[BrianPM]

"I have a deal right now where I'm getting accelerated commissions.

So, instead of getting paid $600 a month for 12 months for a $5,000 contract, I get $5,000 upfront."

Is there a derived benefit taking all up front vs. residuals to you? I would assume tax purposes could make that not attractive.

Are you now working for a smaller brokerage offering more aggressive commissions?

 

[amp0193]

Uber has been banned so don't expect a response to your inquiry.

Am not surprised.

I thought it had been quiet around here lately.

 

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[BrianPM]

Am not surprised.

I thought it had been quiet around here lately.

Appreciate it and I thought so when I tried to PM him.

Anyone else able to shed any light on these or maybe even standard commission plans to open your own brokerage?