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  #1  
Old 08-10-2009, 03:50 PM
Lookin2ChangeCareers's Avatar
Lookin2ChangeCareers Lookin2ChangeCareers is offline
 
Join Date: Aug 2009
State: Oregon
Professional Status: Banking/Mortgage Industry
Posts: 8
Default How's business

Seriously.

I am currently in Corporate Lending (loan size $5 million to $100 million to Syndications ranging from $70 million to several billion) and am dying on the vine under the flourescent hues from above.

After 22 years making ALL types of loans -- from auto loans to synthetic leases to accounts receivable working capital loans and real estate products (including Residential 1st & 2nd mortgages, HELOCs, investment & owner occupied commercial) -- I am looking for a career change and I believe real estate appraisal is it.

Yeah, yeah, I know -- the market is crappy and HVCC and they made it harder by dropping the Licensed Appraiser license but, I am looking at what I want to do for the next 20 years, not the next 20 weeks or 20 months.

The skills transfer is compelling since I am highly analytical and under great pressure to complete high quality reports quickly (which is relative since when I was doing car loans I would do 15 or more a day but now I complete one 50 page monster analysis in 5-7 days, but I digress).

After reading all of the "buzz kill" on the general forums, I have decided to temper my timeline, get my educaton done in 1st qtr next year while the market tries to recover and this HVCC hooey is sorted out -- and keep my paying gig for now.

So, can any of you "local" (Oregon & Greater Oregon) folks offer any advice?

Like who shouldn't I take my education from. (The AI week long classes look like a real good learning opportunity)

Does anybody belong to the Greater Oregon Chapter?

Should I shop for a mentor before or after I've invested >$1,000 on education?

Nice meeting ya.
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  #2  
Old 08-10-2009, 04:41 PM
OSU Beavers's Avatar
OSU Beavers OSU Beavers is offline
 
Join Date: Jan 2007
Location: Podunk
State: Oregon
Professional Status: Licensed Appraiser
Posts: 6,233
Default

Business is down quite a bit but not out, at least for us rural folks.

What city are you in and do you have a college degree?
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  #3  
Old 08-10-2009, 05:55 PM
Lookin2ChangeCareers's Avatar
Lookin2ChangeCareers Lookin2ChangeCareers is offline
 
Join Date: Aug 2009
State: Oregon
Professional Status: Banking/Mortgage Industry
Posts: 8
Default

OSU Beavers,

I live in SE Portland, work downtown Portland, am familiar with the entire metro area but, less so the Western Suburbs.

Yes, I graduated from UO in 1986 (I hope that doesn't mean we can't still be friends - LOL )
  #4  
Old 08-10-2009, 08:00 PM
OSU Beavers's Avatar
OSU Beavers OSU Beavers is offline
 
Join Date: Jan 2007
Location: Podunk
State: Oregon
Professional Status: Licensed Appraiser
Posts: 6,233
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There is a lot of competition in the Metro areas. I don't know how honest residential appraisers survive when there is always a guy down the street willing to undercut them on fees. Since you have a four year degree (hopefully nothing dip***** like Art History or Philosophy) and experience with large loans I suggest you try to find a commercial appraiser to mentor you. Be prepared to work for scraps for at least two years until you can get your CG.
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  #5  
Old 08-10-2009, 08:59 PM
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David Wimpelberg David Wimpelberg is offline
 
Join Date: Mar 2005
Location: Hamptons, NY
State: New York
Professional Status: Certified General Appraiser
Posts: 15,332
Default

I recommend taking the courses from AI, and going for your certified general (CG) license. The education requirements for the CG license have been significantly upgraded since January 2008, and combined the the generally older average age of CGs vs. residential licensees, we're heading for a shortage in that category. And in some areas, it will be a severe shortage. The residential segment is very, very oversupplied, and is likely to be so for a long time.

The pay is also general better when one has their CG credential.
  #6  
Old 08-10-2009, 10:47 PM
Lookin2ChangeCareers's Avatar
Lookin2ChangeCareers Lookin2ChangeCareers is offline
 
Join Date: Aug 2009
State: Oregon
Professional Status: Banking/Mortgage Industry
Posts: 8
Default

Quote:
Originally Posted by OSU Beavers View Post
Since you have a four year degree (hopefully nothing dip***** like Art History or Philosophy)
Ha Ha Ha -- my dip***** degree was in Psychology !! How the heck else do you think I got into banking?

Seriously, The whole degree racket is just to prove you can finish it. Anyone who has one knows that anything REALLY worth learning cannot be taught in a classroom - the real learning starts after one rolls up the sleeves and gets dirty (metaphorically speaking)

Ever try to teach anything to an MBA?

Thanks again for the feedback - do think that a CG plays to my strengths but, I don't want to get tied into the whole corporate thing. Hopefully that is not mutually exclusive?

What I mean is, I want to ditch the suit, sleep in, work til 2AM, and crank the music as I write reports. I don't know but, that doesn't sound like PGP's way (and the bank HATES it when I do that).
  #7  
Old 08-11-2009, 01:20 AM
OSU Beavers's Avatar
OSU Beavers OSU Beavers is offline
 
Join Date: Jan 2007
Location: Podunk
State: Oregon
Professional Status: Licensed Appraiser
Posts: 6,233
Default

Sounds like me, I just like houses. You missed the boat for Licensed Appraiser. If you want to go residential, move to a small town like Burns or somewhere on the coast.
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  #8  
Old 10-03-2009, 07:13 AM
Dutchman's Avatar
Dutchman Dutchman is offline
 
Join Date: Jul 2007
Location: Vancouver, washington
State: Washington
Professional Status: Certified Residential Appraiser
Posts: 529
Default

I thought you said you had a "college" degree


LOL
  #9  
Old 10-03-2009, 11:10 PM
Oregon Doug Oregon Doug is offline
 
Join Date: Jan 2002
Location: Westcentral Oregon
State: Oregon
Professional Status: General Public
Posts: 1,963
Default

So you want to change careers, eh?

I have both an undergrad and a graduate degree. I started as a commercial appraiser in 1969, worked with AREG appaising non performing portfollio assets during that little S & L matter on a national basis (it was fun.) I retired in '91 but took up residential appraising more as a hobby (big mistake!) I've served on a state board (worthless) and finally dropped out of the appraisal business altogeather about two years ago - I changed my career like you say you want to.

I started all over - as a screenwriter. I've sold one script (Fathifully Excecuted) for "low six figure against mid six figure at release" and The Secret Admirer has been optioned @ $55K. My agent tells me that there is some interest in The Hooded Summer.

OK, so I did it (at 64 years old, for chrissake!) My income has been a little over $200K for the two years - not bad for a newbie but it's looking up.

I work in my sweats, drink wine at the keyboard, play with the dog whenever I feel like it and keep a fly rod strung at all times (you never know when a hatch may come off the McKenzie - in my back yard.)

What I say to you, and others looking for a change in career, is SHUT UP & DO IT ALREADY!

Oregon Doug
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  #10  
Old 10-04-2009, 08:14 AM
leelansford leelansford is offline
 
Join Date: Mar 2002
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 13,607
Default

Quote:
Originally Posted by Lookin2ChangeCareers View Post

...

So, can any of you "local" (Oregon & Greater Oregon) folks offer any advice?

...

I'm not "local", but your questions, concerns and interests are more universal than not.

Given that future opportunities and interests are not known, at this point in time what is the area (or, specialty) of appraisal practice that is of interest to you? Some folk think of "appraiser" and what comes to mind is "filling out report forms" and "mortage lending"; where are your interests?

Have you spoken with someone who works in this specialty area?

Is their a "mentor" (aka, Supervisor Appraiser) available for you?
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