Should I become a house appraiser for education?

Question

Hey guys my name is Marcus Peck,

I am 21 years old and my brother and I started an LLC for real estate investing (specifically flipping) and right now we are educating and networking.

I work 70+ hours a week with my full time and part time job and it’s getting very tiring while trying to start a business. So I was thinking of doing online school to become a house appraiser:

1. To gain more knowledge on appraising and helping our business

2. To have a more flexible schedule and help grow the business

3. To make a better income

4. I believe they do have access to the MLS. (I looked it up and I’m pretty sure they do get access)

I just want some input on this option. Thank you for your time!

Colby Hager · Answer

@Marcus Peck

If you want to be a real estate investor and flip houses, you DO NOT need to learn how to be an appraiser.

That would such a waste of time.

If you want to flip houses, spend time learning how to flip houses. Being an appraiser isn’t going to teach you about flipping houses except in the most roundabout of ways.

Aaron K. · Answer

1. Not really worth it for this purpose

2. Sure if you want to work as an appraiser

3. Same as number 2

4. Yes they do

This is basically a question of whether you want to work as an appraiser or not, anything else is really just fluff, because it is not hard to evaluate properties like an appraiser.

Marcus Peck · Answer

@QuoVadis Gates

Thank you for the input QuoVadis.

This weekend my business partner and I are meeting with a possible mentor. He is going to take us to his farm area and tell us about the demographics. It’s a major opportunity for us. I’ll look into being a broker that might be a good idea, thank you!

Marcus Peck · Answer

@Nicole Heasley

Thank you Nicole.

I do not know any appraisers personally but I will try to reach out and find some through online.

Nicole Heasley Beitenman · Answer

Talk to other appraisers and find out more about the job. Is it a good fit for both your personality, skill set, and wallet? Personally, I think it's a great idea without knowing much more about your current situation. You'll meet a lot of people, which is always a plus.

Kenneth Wiley · Answer

exactly that's what i've been saying because otherwise if you were to attempt wholesaling you would have to ask others how they acquired there information if you ask me best to get it from the auctual source

Crystal Smith · Answer

My opinion:  The only way working as an appraiser will give you more knowledge for your flipping business is if you target appraisal companies that work for lenders that specialize in construction loans and use appraisers/inspectors to inspect & approve work for a borrower to receive the next draw. People in that part of the business have to determine the AS-IS value, the After Repair Value, review & approve the renovation plan including the cost; then inspect the project periodically until it's complete. Often time the person doing the inspection as the work progresses isn't a licensed appraiser.

If you become an appraiser and all you're doing is determining values for regular sales transactions that won't add anything to help you with knowledge for a flipping business.

Aigo Pyles · Answer

Why do you want to be an appraiser? If you are fixing / rehabbing houses, you don't have to become an appraiser.  Try to gain more knowledge in management and finance because it will help your business. Look for mentors who will guide you and help you grow.

All the best,

Aigo

Turnkey provider in Memphis, TN

QuoVadis Gates · Answer

1. To gain more knowledge on appraising and helping our business:

I'm assuming, based on the main thing we all discuss and learn here on BP which is real estate investing that your business will focus somewhere in investing which always leads to repairs.

For the knowledge I'd suggest connecting and maybe working as a painter or handyman, or just an intern/shadow for a General Contractor {they know how much things cost, they know how to negotiate, they know real estate.} Getting next to one of those guys and having them to groom you could lead to a prosperous path.

2. To have a more flexible schedule and help grow the business

Learning and practicing real estate in whichever form you choose can potentially help "grow" your business. I'd suggest, decide EXACTLY what you want to do in real estate {ie. Broker Deals, Broker Loans, Invest, Contraction, ect.}. Once you decide the EXACT space you'd like to be in go direct, don't be indirect thinking that doing someone's job will help you thrive. You already shown that you're entrepreneurial, so go in that direction by friending a mentor who does what you'd like to do find areas on opportunity through your connection with them and capitalize on it. Bring deals and/or information that could benefit them, have these ideas on paper with great presentation to make good impression and to be taken seriously. Adding benefit is your way to getting in circles and rooms that you aren't currently in. {Tip: Appraisers typically have relations with Lenders not investors.}

3. To make a better income

Not a question I can answer. Not sure of your income, but what I will say is that an "better income" is realitave. I drove Uber and saved for 3 years in order to qualify for my first property. My advice is if you have worked more then or are close to 2 years on your job then keep it, save and sacrifice where needed because 2 year work experience is typically needed to qualify for a mortgage. {Tip: you can get down payment assistance through grants and programs, set with a Mortgage or Real Estate Broker because they can point you in the right direction. Also, with most programs a family member or friend can give you a gift towards your down payment, which you can work to pay them back.}

4. I believe they do have access to the MLS. (I looked it up and I'm pretty sure they do get access).

If access to the MLS is what you're after then it's pretty simple to become a real estate Broker. Its a quick class or home study then a 3 hour test. Once you pass you'll be hired the day of by a Sponsored Broker and have all the MLS access you want. Then you can Broker deals, work with homeowners, investors and most importantly because of your license you'll have something beneficial to others which will help to grow your business.

I'm an Investor and Broker in Chicago, it worked for me so those are my thoughts.

Best of Luck, If you need help in Illinois reach out.

- Quo

Marcus Peck · Answer

@Aaron K.

Thank you for the response Aaron.

I understand what you mean. It’s more of a means to not work 70 hours a week. And in the mean time make the same income with less hours.

Should I become a house appraiser for education?

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