Thinking of becoming a real estate appraiser

4 Replies

TL:DR

Thinking of becoming an appraiser to better understand ARV numbers and possibly increase value.

Good afternoon,

I am seriously thinking about becoming a real estate appraiser. You may be thinking, why would any investor or future investor want to do that? I have a BS in Accounting, I am also working towards becoming a CPA. I want to invest in real estate, however after creating my monster of a spreadsheet to analyze potential deals, I am finding that I have no way of knowing what a real after repair value would be. I do not have any background in construction or anything of the like. I just know that I dont trust anyone else ARV numbers...Perhaps I am simply Paranoid...Therefore I am contemplating becoming an appraiser so that I can learn what would really increase or decrease value in potential investments. Does anyone out there have any insight?

I'm looking into this route too. Both as a career and for investing purposes. For you though, arent you going to be a bit time crunched if you're performing home appraisals and working a CPA service?  I mean those are both time intensive jobs and require several hundred hours for certifications. 

If I had the mind and commitment like you for being a CPA, I'd just focus on that as a job and pay for the appraisal services as needed or let the buyers/mortgage companies pay. The ARV is subjective (as is an appraisal too) and is more of a team decision, based on many different peoples opinions (contractors, real estate agents).

If you're going to wholesale, or have a cash buyer you dont need an appraiser anyways.  An appraisal would only be required if a potential buyer needs to qualify for a loan.  In which case, they can't use your report anyways if you're both the seller and appraiser as it would be a conflict of interest. The bank is going to want to use their own appraiser.

I hope to hear from others too.

Stumbled upon this career opportunity recently as well. Graduated with a Social Science bachelor's a few years ago and have had the hardest time making worthwhile use of it. Working towards my first RE deal and this seems like a great way to increase my earning power while learning how to valuate properties and potentially build relationships with the movers and shakers. Looks like it may require some time and money upfront but seems like a wicked combo depending on your circumstances.

currently I'm an independent contractor and figured that taking the classes required for the appraiser license on the side wouldn't be too difficult, I just happen to be able to set my own schedule. I guess I'm just looking to get my foot in the door for investing and just searching for a way to add value to myself for 0otential partnerships in the future. 

I'm most likely going to start the basic required courses in early September. There are a couple different options available from there depending how deep you want to get into it. I've been digging into some appraiser forums and it seems that most of the veteran appraisers say commercial or Certified General Appraiser is the way to go if you're looking to make a career of it. Here are some videos that breakdown the process more. https://www.youtube.com/watch?v=OrCKbg5QvMw

If you are looking primarily just to learn as much as you can on evaluating properties to get started in Real Estate there are cheaper and less time intensive options. I purchased this course on Udemy that shows you how to do it and paid $10 bucks for 18 hrs worth of material. Udemy is always running promo sales. https://www.udemy.com/real-estate-investment-analysis/