Any Advice Would Be Great

[Bydrow Williams]

I am a wannabe and I was wondering if anyone could answer a few questions for me? I have been looking to get into appraisal the past couple of months. I have found someone willing to train me but at the price of 5000 dollars. Is this reasonable? I have the flexibility of arranging the payments to fit my needs, but it still seems a little excessive. My would be mentor is a certified general and has been in the business for 15 years and it seems he has a great amount of knowledge to be passed along. He already has one trainee now and will be looking for another soon. Is this an opportunity that I should jump at or consider other routes such as financial institutions (world savings bank). My reasoning for wanting to get into appraisal is to gain a skill and expertise to assist me in real estate investment decisions. I believe the ability to appraise any property is a great skill to have but the uncertainty and negativity surrounding the industry is frightening especially with a 5000 dollar investment. Is it a wise decision to pursue this career although my long term goal is to become a successful investor.

Bee
Northern California

 

[Ross (CO)]

Bee, .....Wow, post #1. Welcome. If really new to the Forum, keep hanging around and cruise the other categories regularly. Your mentioned offer to launch a mentor-trainee relationship for $5,000 is a noble endeavor. I must admit, in my 5 years, I have met no one who has made such a direct paid commiment into that sort of learning/mentoring relationship. The typical and usual way is the incremental fee-split working relationship....one report at a time.....and no doubt the dollars could add up to that over a period of 1 to 2 years easily. The way you say it, sure does sound like you pay 5 G's up-front......and let the training begin. To learn from a CG with 15 years is a positive move, and far better than someone with 17 hours into their first independant license cycle. Your desire to focus on the other goal of real estate investment seems to be the preferred priority. Five-Grand can buy alot of other courses, and books, and also alot of "lunches" as you rub elbows with others in that line of work already. Keep looking around, talking to other potential appraising mentors. Be very clear on how that $5K "invested" might expressly get you the "returns" you want. Good Luck.

 

[Pamela Crowley (Florida)]

Interesting.... and the direction I do believe training an appraiser needs to go in.

That said, the situation you've described is pretty far from the 'norm'. Your choice. If going into investing is the direction you really want to go, and you want to make sure you do it legally, learning appraisal will help you. The real estate investor programs sold all over the place, and from what I've heard by attending investor club meetings, will teach you things that will always have you on the edge and beyond of legal.

Looking back at what I went through to become an appraiser - looking at what newbie appraiser jobs are typically available (mainly number hitter sweat shops that will teach you wrong way!), looking at how rough and expensive it's been for me to have a trainee, $5,000 is not a bad deal as long as you are learning the correct methods.

Yep, interesting!

 

[wyecoyote]

Just out of curosity. Does he refund a portion of the money if you don't stay on for the full cycle of a trainiee. Suppose you start then 2 months later you decide appraising is not for you? Do you get some of the money back?

Although I have personally never heard of this before it does sound like a way to weed out those just looking from those serious about appraising. Though I would probably continue to look around IMHO. Unless this CG was teaching a specialty field like litigation work or something similar.

Ryan

 

[Bydrow Williams]

Thank you all for your advice. As far as a refund is concerned, anything that I put in would be nonrefundable. The whole point is for my would be mentor's time to be compensated in case I flake. I am considering other avenues such as property management but appraisal is still a top option. Again thank you all for your input and good luck to you in all your business endeavors.

Bee
N. California

 

[walt kirk]

Bee,
From reading your post I assume that you haven't taken any course work yet. If I were you I would invest a portion of that $5,000 in good introductory appraisal courses (my personal favorites are offered by the Appraisal Institute). Less expensive but more time consuming are appraisal courses sponsored by community colleges. After passing the courses you will be in a position seek a mentor.

I don't know where you are in Northern California however there have been several recent posts looking for trainee level appraisers in the bay area.

Another idea would be to obtain a real estate sales license and do sales part time while training and making contacts. My best advice to you is not to jump in with both feet and 5000 bucks, try your big toe and 500 bucks.

 

[Tejus]

Bydrow, depends on your background, knowledge, initiative, your expectations, you're mentor's expectations, etc. You need to review these issues first. Make sure you and your mentor clearly understand what each person's responsibilities are. It's like being married to your mentor, without the fringe benefits.

If you're a wannabe with few qualifications, then $5k for thorough training from a responsible mentor is a fantastic deal. Your mentor should provide all sw, MLS access and other stuff you need initially. You can pick up your own stuff as you feel comfortable with the progress.

I suggest you work out a payment schedule rather than a large up front payment, lessens the possibility of getting screwed. The agreement also needs to include payments to you in the future for the work you do, normally some type of split fee.

Fyi, my analysis showed appraisal training would cost approx $100k in my area. If I can find somebody who can teach info worth $100k, then I'll be glad to sign up. Unfortunately, I haven't found that person yet.

If you're primarily interested in appraising to support your investments, there are more cost effective methods than paying $5k for appraisal training.

cheers.

 

[Pamela Crowley (Florida)]

5K could get quite a few appraisals on some of the properties you are interested in purchasing as investments. Or quite a bit of time with an appraiser as a consultant.

 

[Mike Garrett RAA]

Ok, I must be nuts but I think it is absurd! Don't give anyone $5,000 to train you as an appraiser. Find a good appraisal school, get your 90 hours of basic training and take the test. Hit the bricks until you find an appraiser who needs an assistant. Be prepared to work for peanuts during your apprenticeship...but don't fork out five grand to anyone. Anohter fine area for appraiser abuse.