Becoming an appraiser first

8 Replies

I posted this in another forum, but wasn't sure which topic it should be under. Hopefully I'll get some responses here:

I am just getting started in the whole REI thing (excited!!) and some of the people I have talked to have said that becoming a licensed realtor is a good way to learn areas and start out. I'm not a fan of that idea at all. The whole point of me going out on my own is to be more flexible and have my nights and weekends reserved for my family. The idea of tromping around town with buyers at a moment's notice 7 days a week is the opposite of appealing to me.

So that brings up the question -- would it be just as good to become an appraiser? What is the life of an appraiser like? Don't they have the same MLS access that realtors do to allow them to do their work?

If anyone is an appraiser, knows an appraiser, or just generally knows more about the profession that I do (that would be about all of you), I would love your input.

Thanks!

I dont know anything really about this, but I bet it would make you a better investor.. But also, I would think that you would learn the ins and outs of adding value to a home.. Ummmm, you got me thinking.. Good Idea, IMO..

Is it like real estate agents where I need a broker-type person above me? Or can I just go out on my own and do appraisals when I feel like it or just skip the job part of it if I'm more interested in my own investing activities?

Thanks for all your help.

I know that here in Nevada you need to work under an appraiser for a period of time before you are able to go off on your own. That does make some sense so that you don’t have a bunch of unqualified people doing appraisals. I don't know how much freedom you actually have but it is worth exploring.

8)

I looked into that myself if only to get MLS access and be able to better assess my own deals, but it turns out you can't just run out and become an appraiser. In CT it involves lots of classes and 3000 hours of working under someone else, before you can get your license. Which is cool if you're up for it, but I wasn't. Not to say it wouldn't make sense for someone else though. But even in your state I doubt it's just take a class, take a test, and you're in.

Hydromint

I own a appraisal company in NJ and I do revaluation appraisals for tax assessements in over 50 homes a week and I love the job!!.

In NJ, You will have to complete schooling, work under a supervisor for 2 years or 2000 hrs of work, then take a test for lisencing. In 2008 the rules are changing and you will need a college degree to be licensed and you will have to be Certified (more schooling and another test) in order to be supervisor to any trainees.

It is very difficult to get work as a trainee, as it takes time and work to train someone. Once you are lisenced and network for business, it's really a great business. you can work as much or as little as you want, on your own schedule, and the money is great. I have a type A personality, and I love money, so I am always working :mrgreen:

The benefits it provides to investing, is a definite plus. It is certainly something that takes time to learn and experience, won't happen over night. Every home I go into, I can't help but "see" things most people don't even notice, so it has helped me in many areas.

However, It is alot of schooling, (continuing education is a requirement) and field training, so I don't know if it would be worth it, if you don't plan on doing it as a profession.

I think you can try some initial courses online, try VanEd.com and McKissock.com. OR maybe even get a book, if they have one. hmm I just had an idea....

Good Luck, in the mean time, if you have any questions, feel free to ask!!

It is an interesting thought because actually up here you don't need any licensing to become an appraiser. So you could read some how too manual for that matter to start doing it. Apparently some of them make good money too. Because this one lady that does there here she charges like $500 and at most she probably only spends half a day to do 1 appraisal.

However, that being said I think if you want to become a real estate investor the best way is to just do your first no money down deal. 75% first, 25% second there's your total purchase price. You can do that. You just ask the vendor if they'll carry a second at like 15% interest. You're bound to find a seller who things that's attractive and will do it at the 25% amount you need to cover the balance.