Hello,

I am a 21 year old mortgage agent working in Toronto. I just got hired along with a fellow agent and business partner at a new company.

We specialize in Debt Consolidation. Our plan is to rent out a house and hire around 3-5 telemarketers (independantly) to work for us. They will hopefully be paid strictly commision. Our broker has not given us specific guide lines but he indicated that this would be possible.

Does anyone have any advice for me?

ANY INPUT would be GREATLY APPRECIATED!

Thank you in advance for your time and consideration.

D.K

What is your sole goal for your position? The broker should probably give you a bit more details before setting out on the venture, as i'm sure he is the one paying you or is everyone paid stricly commission?

Hmm.. when you say your plan to rent out a house and hire telemarketers.. do you mean the house will be rented in order for the telemarketers to work there?

If so:
1) Who is paying the rent, and on the Lease for that matter?
2) You'll want to check the deed restrictions, because not all homes can be used for business.. ar least not in TX.

Mandatory Registration
Are you registered under FSCO (Financial Services Commission of Ontario) which is an agency of Ontario’s Ministry of Finance that is responsible for regulating mortgage brokerages, administrators, brokers and agents in the province of Ontario. It is also responsible for regulating other financial sectors, including pension plans, credit unions, caisses populaires, insurance companies, loan and trust companies, and co-operatives.

This organization is a good source of information and their website is as follows:
http://www.fsco.gov.on.ca
one of their telephone numbers is 1-800-668-0218

You may want to check your status before venturing too far into this new job.

Important Notice: This information is provided as basic educational information by the author and is not a substitute for the advice of an expert and/or the advice of a lawyer. There is NO representation as to legality, accuracy, correctness of the herein information and the reader is strongly urged to consult a lawyer in the relevant jurisdiction to ensure accuracy before acting on this information .