Becoming a home appraiser vs home inspector.

[J Grant]

The people who make bank in RE are the property flippers and investors, but both are subject to rising prices though there are still opportunities.
Appraisal used to be a good profession, at least some of the time , now not so much - unless one is very determines -

 

[Jbrow327]

The people who make bank in RE are the property flippers and investors, but both are subject to rising prices though there are still opportunities.
Appraisal used to be a good profession, at least some of the time , now not so much - unless one is very determines -

I don't even know where I'd start if I wanted to be a property flipper lol.

 

[J Grant]

I don't even know where I'd start if I wanted to be a property flipper lol.

takes money - maybe in your future!

 

[Terrel L. Shields]

Sarcasm?

Fernandoism

no matter how good or bad the housing market is, people always buy houses.

Yes but if the current crop - call them A's is servicing X many Bank appraisals (call them B's) then B- X /A+1.

You are competing with established appraisers in a down market and that did not work out well in 2008. Many "newbies" tried to survive by cutting prices and ended up cutting not only their own throats but pretty much everyone in residential appraising except those niche appraisers I talked about - the commercial folks who specialized.

 

[Salty]

Thanks. I feel like no matter how good or bad the housing market is, people always buy houses.

True, but in many areas there are not enough homes being sold/bought to provide a good living for an appraiser especially with the AMC business model driving fees to minimum wage levels after expenses and an oversupply of appraisers waiting for work. Take my advice do not become a residential appraiser. That is probably one of the worst decisions you could make. So much time invested in learning and at least 2 years working for almost nothing only to end up in an industry that rewards the lowest bidder. Appraisal is not just form filling - it is very analytical and you hold the liability for every report you complete. many better choices if the goal if to have your own business. Not even sure anyone is taking on trainees now anyway. In my area there is literally almost no appraisal work being offered. Keep in mind if you do find someone to train you and you invest the 2+ years needed the income you are able to make when you start will probably not increase that much as you get older and have more expenses. Because you will be at the mercy of the lowest bidders in your market. The ones who do not have mortgages, kids, etc... You will be bidding against the young ones who just want a 30-pack and some food for the weekend.

 

[J Grant]

True, but in many areas there are not enough homes being sold/bought to provide a good living for an appraiser especially with the AMC business model driving fees to minimum wage levels after expenses and an oversupply of appraisers waiting for work. Take my advice do not become a residential appraiser. That is probably one of the worst decisions you could make. So much time invested in learning and at least 2 years working for almost nothing only to end up in an industry that rewards the lowest bidder. Appraisal is not just form filling - it is very analytical and you hold the liability for every report you complete. many better choices if the goal if to have your own business. Not even sure anyone is taking on trainees now anyway. In my area there is literally almost no appraisal work being offered. Keep in mind if you do find someone to train you and you invest the 2+ years needed the income you are able to make when you start will probably not increase that much as you get older and have more expenses. Because you will be at the mercy of the lowest bidders in your market. The ones who do not have mortgages, kids, etc... You will be bidding against the young ones who just want a 30-pack and some food for the weekend.

The AMC's have wrecked the prospects for newer or mid career appraisers on the residential mortgage side. There are always a few exceptions and there is direct lender and private work that pays better, but not enough of it to sustain every appraiser - the reality is the AMC predatory model is not going anywhere and it reduces income by 30-40% so the field is a loser -

 

[Fernando]

I don't even know where I'd start if I wanted to be a property flipper lol.

When the market was increasing, contractors and investors would buy the homes at a bargain price usually directly with the homeowner. Seen past few years where house usually inferior condition (thus low purchase price) and with just enough remodeling, the new owners can make tens and sometime hundred thousand profit.
Even homes in MLS, contractors know what's needed to repair and they can bid price just high enough to make it work.
I'm an investor and past year, contractors were busy so it was difficult to buy and find a contractor to do the remodeling in time before the market declines like now.
I'm seeing more homes with deferred maintenance coming on the market. I suspect the contractors see it doesn't make sense to remodel the home in a housing market which many perceive is on the decline. Could be good time to buy as an investor.

 

[Ariba]

Thanks. I feel like no matter how good or bad the housing market is, people always buy houses.

That is very true, however, who is to say they will need an appraisal by an appraiser?

 

[Tim Hicks (Texas)]

All the money is in being a loan officer. LOL

 

[EddieB]

Take the first class or two, many are offered on the evenings. Network with classmates, instructors, RE agents. Peruse this forum, you’ll get several viewpoints. Maybe after some time doing those things, the picture may be clearer in the market and in your mind.

If you’re looking for quicker gratification maybe consider a career on the big screen. Similar fame and notoriety but less money.