Posted by don, sdca on May 22, 2000 at 18:30:38:
Steve,
I have been an appraiser for 10 years and think its just another “job”… ie. its not very rewarding either financially or mentally.
There are appraisal classes that can help your investing and I would search them out. A “green” appraiser will work long hours for average pay and have little time for other activities.
Keep at your rehabs/investing and you will be much better rewarded. Best of luck!
don, sdca
Appraisers, Please respond - Posted by Steve (OH)
Posted by Steve (OH) on May 22, 2000 at 17:49:45:
I work full time for a large company and am looking to work for myself. I have created an LLC with my business partner and we have several rentals. We are kicking around the idea of getting our appraisal licenses so that we can move towards quitting our jobs and becoming self employed. We would continue to do rentals/rehabs on the side but would also do appraisals. I feel like the schedule appraisers work is conducive to this.
Does anyone have any thoughts on the appraisal business? I am in OH and understand you need 90 hours of classroom plus 2000 hours of appraisal work within 24 hours. Any thoughts/input??
For Additional Information - Posted by Paul Ness, MAI
Posted by Paul Ness, MAI on May 23, 2000 at 11:56:46:
Check out the Appraisal Institute’s web page at www.appraisalinstitute.org for more information on the profession. I have been in the business for 17 years. I started out as an in-house residential appraiser for a savings and loan assn and later went to work for an MAI and got into commercial appraising. As with any profession, it’s what you make of it.
Paul Ness, MAI
Appraisal Review Officer
Bank of Lancaster County
Re: Appraisers, Please respond - Posted by Paul Ness, MAI
Posted by Paul Ness, MAI on May 23, 2000 at 11:48:19:
In order to take appraisal assignments for lending, you must be state certified, and lending appraisals make up the bulk of residential work. However, breaking into residential appraising is tough right now, as there is (generally) an oversupply of them and decreasing demand for their services. Most residential appraisers depend on lending work for their bread and butter, but that type of work is decreasing or becomming less profitable due to national or regional “appraisal management companies” who order appraisals for the larger lenders and aren’t willing to pay much and demand quick turnaround. Residential appraisers who stay busy are those who diversify into estate work, divorces, relocations…ie non-lending work. Although more profitable, this type of work is harder to get and requires experience. If you have basic real estate knowledge, you can get into commercial appraising too, but it’s truly necessary to work as an apprentice for an experienced commercial appraiser. You will work long hours for little pay through the initial learning curve, but commercial appraising is ultimately more profitable. You never stop learning though - one could say the learning curve never ends.
Paul Ness, MAI
Appraisal Review Officer
Bank of Lancaster County
Re: Appraisers, Please respond - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on May 22, 2000 at 21:37:09:
Steve,
The first thing that you need is some accurate information. Please take a look at the OHIO REVISED CODE. 4763.13, PARAGRAPH (F). Which reads as follows:
Nothing in this chapter shall preclude a person who is not licensed or certified under this chapter from appraising real estate for compensation.
So you are free to give it a try without a license. The classes that you mention are beneficial but not required, and that’s within 24 months not hours. The license will get you the right to use the words "LICENSED’ and/or “Certified”. The license will also get you the right to pay a fee annually for your license. The key here is to NOT use the words Licensed or Certified. Most lending institutions will specify Licensed or Certified in thier appraisal requests. Private individuals, and estates are good prospects for appraisal work…ED
Re: Appraisers, Please respond - Posted by DBAppraisers
Posted by DBAppraisers on May 22, 2000 at 19:47:34:
Steve,
I am an appraiser in Virginia and I love it! It gives me the flexibility to work from my home, as little or as much as I want. It lets me have access to the MLS for comps and you really get to know your area.
The classes are not hard and the time goes by fast to get your hours if you can find a company to work with. I was lucky I have a family full of appraisers so it was easy to set it up the way that I wanted and got my hours part time as I built up the business in my area.
The only thing that you won’t be able to do as an appraiser is appraise your own properties.