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Bad Decisions

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HelenTestin

Sophomore Member
Joined
May 10, 2003
Incredible,

I spoke to a kid in a course I am taking. He left, listen to this, a $41,000 a year job to try Appraisal. I asked him if he had heard the news about the rising rates, and of course, he thought nothing of it.

As I have said before, I am just a trainee, but with a decade of working in the Corporate world, dodging layoffs, moving from company to company as the risks of downsizing or buy outs rose, I see the writing on the wall. I work for a friend that has quite a few years of experience and a good client base. But, I know she will have to cut me back to part time, or out all together in the next several months.

The truth? I had had enough of my corp job, and was out the door one way or the other. However, i should had done it two years ago. Just like this poor kid, with a tough job market, I jumped to late. The refi boom is over and I think a good % of trainees that entered the field in the last 6 months will be looking for work again by early 2004.

The good news. Unlike this kid, I have no children and good sized bank account. I will continue Appraisal until I am no longer needed, or just needed here and there, and then see if I can make it to be fully licenced. Maybe do some part time low stress work (Wally World), as a supp income.

I am not unhappy about leaving my previous job. I was to the point where I just hated everyday I was in there. But, I do kick myself for not changing sooner. I think this could be the worst possible time to consider the Appraisal profession.

Anyway. Just thought some of you guys might be amazed at the risk that some are taking.

Helen
 

hal380

Senior Member
Joined
Apr 26, 2003
Professional Status
Certified General Appraiser
State
Connecticut
Hi Helen

The good news. Unlike this kid, I have no children and good sized bank account.

Are you single? :D :beer: Hee Hee

Sorry could not resist.

Happily married here

Hal
 

HelenTestin

Sophomore Member
Joined
May 10, 2003
LOL, well, I probably could use a new mentor :)!!


No, I am actually getting married next year. My future husband is an accountant. But, i swear he has a pulse :)
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Hi Helen,

Unfortunately you are probably right. Lots of trainees are going to find it even more difficult to find a mentor who can keep them busy enough to justify getting into the business. There will be pockets of areas where higher interest rates won't have as large of an impact, but for most it will mean a definate slowdown because the shops that hire the majority of trainees are not diversified, and their clients are predominantly in the refi business.

FWIW, I'm going into my third year of flying solo and I'm already figuring that by this fall I'll be seeing a substantial drop in my business....right when things seemed to be going very well :rolleyes: .

20/20 hindsight, if I could back up to five years ago when I first started in the biz I should have been buying real estate and had it all sold off by now, I'd be much closer to the option of retiring, or at least sitting on a bigger nest egg. Party's over here, at least until the next upswing in the economy. When that happens I'll be much wiser. I just hope that I'm not too old and feeble to remember the lessons I've learned on this round. :blink:
 

xmrdfghap

Senior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
Florida
Helen, hang in there. We NEED good young people to replace many of us who are looking at retiring in the not too distant future.

But it has always been difficult to get started.....and despite the number of schools churning out new appraisers, few ever make it.......they see the easy money and the nice salaries and think they can do this without a sweat. Then comes the weeks without an assignment, the search for mentors, the spouse asking every morning "are we going to be able to pay our bills this month," and suddenly it doesn't seem like such a good career move. But give it a few years. Pay your "dues." And someday you too can be like Bobby Bucks......picking and choosing who you want to work for, cold beer and bass fishing every Friday afternoon, a nearly new SUV in the driveway guarded by the half dozen rotts...........Golly, Clarence, it really IS a wonderful life........... :D
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Helen:

With your realistic view, you are going to be a glad addition to our little band of mayhem makers! Being the ones who tell the truth, the REAL truth, is tough in good times and more so in bad. Like you I think a realistic view shows rough waters ahead for this profession. Been there and done that a few times, so I think I read the storm warnings aright!

Thank you for posting a newcomers point of view.

Too many desperate people get churned out of the schools (kinda like cooking school, hunh?) with stars in their eyes about making it big and big bucks... They come here looking for support and think we are lying to them! Then they finally land a mentor and wind up in a back room at peon wages, and eventually find out how very expendable they are when times get tough :eek: .

You on the other hand probably will be in it for the long haul! Despite my prediction of gloom for the near future... the tide WILL eventually turn again (for a variety of reasons) but probably never again to the state it has been this last two/three years. You will be set to sail!

Welcome !
 

Yellow Fin

Junior Member
Gold Supporting Member
Joined
Feb 27, 2003
Professional Status
Certified Residential Appraiser
State
California
Hi, Helen

I am taking the risk at this time, but I won't quit my current job until I get the license. I've been reading expert's advices from here AF and took their advice, 'Do not quit your job while you are in training'.

This appraisal job is very sensative with a market trend, but the worst time could be the best time if you take an advantage of it. When the rate goes up, people are trying to buy the house in hurry before it goes up too fast. At this time, you can work with realtors to get the purchased appraisals. And if the house price goes down, find the private owners and let them appraise their house so they can save money on the yearly property tax. This is the beauty of the appraisal (Marketing + Dedication of work).

When the refinance boom fades out, only the good appraisers will be survived. Newbies and wannabies will be busted. LOs will try to match the price between appraisers. At this situation, only the good network will make it happen to win the game.

California has a lot of advantages for minorities, just like me. I will contact with other Korean-Americans to go thru the difficult situation if it comes. I have a power lunch with one of LOs today. He will arrange the time for me so I can introduce myself to them when they have a weekly meeting. I have two more mortgage companies and one small bank to do this. But, not now because I work part time as a trainee! I would rather learn more than making dollars since I am a trainee. (Friends + Families = helps sometimes)

Anyway, in a view of my point as a trainee, it is a good time to stick with a menthor to learn. It's been too busy to learn wasn't it?

<Daniel>
 

Willie

Senior Member
Joined
May 30, 2002
Professional Status
Certified General Appraiser
State
Tennessee
Helen, don't let Greg fool you. He retired when he was 35 and just does this for the heck of it. I'm almost 34 and planning on following his example. LOL

Of course the real truth is, and you will find out after a few years, is that old appraisers never retire. They just die. Usually at an early age. LOL

Again, I'm in agreement with the Greg and Lee Ann. Your remarks make you sound as if you are a "seasoned veteran".
 

HelenTestin

Sophomore Member
Joined
May 10, 2003
Thanks for the kind remarks.

I feel as if I am among friends in this forum. And, I really do enjoy the work. As tough as training has been, and it has been tough, I feel that if I manage to survive through it, going into appraising may be the best career decision i have made in a long time. I am just trying to be realistic, and it does appear the tough times are ahead.

However, I was planning on getting out of my previous career for the last couple years, and really started paying bills off and stashing cash away. The biggest contrast between myself and some others trying appraising seems to be the expectations. To me, if I have to work a cash register for a while during the slow times, I am not adverse to it at all.

I recall after my father passed away a couple years ago, and I decided to take a full week off to make the preparations and maybe morn a little, my manager almost lost it on me. Not a TEAM player. That was the beginning of the end of corporate life for me. 4 layoffs in 10 years and 5 total companies worked for. Not to much stability in any job.

After several months of working in appraisal, their is no going back to that mess. You guys have helped me remain pretty realistic. Hey, even an appraisal or two a month during the slow times is still working toward cert. I am hoping to work such a deal with my mentor is times get as slow as I think. Perhaps even at a very low split just to keep sharp.

Should be interesting

Helen
 

Tom Foster

Senior Member
Joined
Apr 18, 2003
Professional Status
Certified Residential Appraiser
State
California
Great Post,

At first when you said "kid" a thought - wow , you got some 9 year old kid in you class. But early twenties is when I got into this game 17 years ago and yes I was a kid back then too. Blind faith I guess has kept me here this long.

As far as the refi boom over, I think we are going to get the "fence sitters" that have been watching the rate go down and once it starts heading up - then they re-fi. So we are getting those, when it slows even more , I shift into part time SQL Database management jobs.

Good Luck to all
 
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