Any appraisers out there - Posted by Ant

Posted by Matthew Chan on June 21, 1999 at 23:25:25:

Thanks for being a good sport about my comments. It could have been taken in a negative light because it was only a generality. I could also be accused of having bought myself a job since 1995. Many of us may have bought ourselves a J.O.B. but it is still better than being an EMPLOYEE anyday. But we have to get rid of the J.O.B. by taking it to another level.

Any appraisers out there - Posted by Ant

Posted by Ant on June 20, 1999 at 13:51:51:

I have thought about looking into appraisels. Any advice on how to go about doing it, is it worth it as a part-time job. Any advice is welcome.


Re: Any appraisers out there - Posted by Danie

Posted by Danie on June 21, 1999 at 08:13:20:

My Husband is a self employed appraiser in Tidewater Area of VA. The Work is hard the hours are long, he is pressured by banks and loan companies and every body wants their appraisal yesterday. The disadvantages are: you have no time to put deals together unless like him you have a wife or partner to help you run down the leads you find. Advantages: Access to the MLS, Access to real estate agents that have keys to property, One on One with customers helps him develop relationships for potential deals.

You might want to look into the educational requirements in your state it is not as easy to become an appraiser as you might think. Here in VA they require a two year degree plus internship with a licsensed appraiser about 1000 hours (I think) and you must pass the Appraiser Board test. Hud/FHA now make appraisers take an additional test to become an HUD/FHA Qualified appraiser.

All in all he’s happy but he is constantly working investment deals so that he can get out. I agree and I think he will too “that he bought himself a job”. If you want in depth info E-mail us.

Yup - Posted by Randy -IL-

Posted by Randy -IL- on June 20, 1999 at 23:03:29:

I am an appraiser. I agree with Matthew when he says that I bought a job. It’s absolutely true. Don’t take this post wrong, there is absolutely a place for the in-depth knowledge of the marketplace that an appraiser has (or should have).

By the looks of the numbers on my bathroom scale, I haven’t been losing any weight from starvation. My J-O-B is keeping me alive while I figure a new way to create semi-passive money with real estate.

Yes, you can make a pile of money doing appraisals, but not part time. I hate to be the bearer of bad news but it is VERY difficult to get clients. Don’t be at all surprised if you don’t have a client until you’re 8-12 months into your new J-O-B. Maybe it’s just in my area (NOT), but things like appraisals are done using the “good ole boy” system. Exactly like the old saying, “It’s not what you know but who you know.” And sometimes that isn’t even enough.

I often come across transactions where someone else is pocketing thousands and thousands of dollars to do a deal like those found on this board. And all I get out of it is my measly little appraisal fee. I even get the joy of knowing that it will commonly be 6-8 weeks to get paid.

I’m tired of helping others get rich. My advice to you is to learn to do the creative deals to make more in one transaction than most people do in months of work at a job they hate. Learn to do what appraisers do, but don’t do it for a measly appraisal fee. Do it to make the deal that will set you free from the day in and day out torture of your J-O-B.

J.O.B. = Just Over Broke


Re: Any appraisers out there - Posted by Kevin@ Claremore

Posted by Kevin@ Claremore on June 20, 1999 at 22:20:26:

I work as a loan broker, and have an excellent relationship with a particular appraiser. He loves the work, and is successful at it.

But he also works between 70 & 80 hours per week because he receives so many referrals. While he is out doing appraisals, he is also constantly looking for properties to buy for himself. He rehabs them and retains them as rentals, and is constantly looking to buy more. His specific knowledge about values helps him make informed decisions, but the demands of his appraisal business often keeps him up until two or three in the morning producing reports.

I was a state licensed appraiser here in Oklahoma, but let mine lapse. I’d rather lend money. Only you can decide if it’s worth it to you.

Re: Any appraisers out there - Posted by Matthew Chan

Posted by Matthew Chan on June 20, 1999 at 16:54:16:

I know an appraiser who wants to GET OUT of the appraising business and you want to get in? She enlightened me as to her side of things. Appraising doesnt seem like a lot of fun or even that well compensated for the time put in. One of the things I have found with appraisers is while they are knowledgeable, they get so caught up on the nuts & bolts of everything, they don’t do any investing. They bought themselves a job.

It may also be that they know TOO MUCH so it paralyzes some of them from taking action. Become an appraiser at your own risk…