Is There Any Use?

[TC]

If people question why I spent so little (25 minutes) doing the inspection, my standard line is If the appraiser spends a long time at your house, you have a problem.

TC

 

[Mister Ed]

Originally posted by TC@Dec 11 2004, 01:13 PM
If people question why I spent so little (25 minutes) doing the inspection, my standard line is If the appraiser spends a long time at your house, you have a problem.

TC

I will remember that one, too.

Thanks TC

 

[Leo Firth]

This is one of the hardest things I have had to do in life. I have been at It for 14 months and loged 1200 hours. I have spent around $15,000 in savings just to pay my bill and I started at 50% split. Not alot when you do a drive-by at $175-200 and split 50-50. I look at it as paying for an education. I planed for it. Finding a metor was hard. I sent out over 200 resumes within 75 miles of my home. and got one responce and he is still working with me. He up my split to where he only takes $75 for any report that I do. I also started a home inspection business to help out and pay some of the bills. You got to do what you got to do.

 

[Ed]

Leo.....I'd consider your situation very fortunate. 50% split starting out is very good. Most trainees I've talked to are on a 30-70. When I started as a trainee 3+ years ago, I got $75 per report for 6 months, then a 30-70 split til I was state certified. You're right.....you must prepare for this business. Have a back up or a bank account that can carry you through the start up. Otherwise you'll starve.

I can't tell you how many times Ive seen other trainees use the calculator to show income potential. Hummmmmm......6 Appraisals a week at $300 per report that's $1,800/week.... that's $93,600/year. WOW sign me up.......Yea right...... That ain't the real world for trainees.

I could put into more perspective, but I don't have that kinda time. :rainfro:

 

[Dee Dee]

Originally posted by Ed@Jan 20 2005, 05:05 PM
I can't tell you how many times Ive seen other trainees use the calculator to show income potential. Hummmmmm......6 Appraisals a week at $300 per report that's $1,800/week.... that's $93,600/year. WOW sign me up.......Yea right...... That ain't the real world for trainees.

:rofl:

I haven't met a wannabe who didn't do exactly that....myself included! :redface: :lol:
Boy Howdy, did I EVER get a reality check.

 

[Terrel L. Shields]

a URAR by their standards takes 12 hours to complete. Where a 2055 by standards is 8 hours.

which only goes to show how stupid our states are.

Arkansas allows 8 hr for SFR, but recently determined that is must be something less if you co-sign, so you get 4 hr...say what? No driving time allowance. Oklahoma allows driving time to be figured, so if you drive 2 hr. to inspect and 2 back, take 8 hr. to do, you get 12 hr. credit.

It takes me more time to do a 2055 than a 1004 because I don't like the form, I write more addenda, and i use it so infrequently, it takes longer to write.

Hours is a poor system of determining experience. I much prefer years experience. So long as less than 33% of your earned income is doing something else, you should get credit for a year. 2 yr. to get lic. 4 yr to get cert res or 5 to get cert gen and pass the test. Much simpler and much less likely to see fraud.

I know two people who took test in another state, licensed then reciprocated back into their home state a year or two later.

 

[Leo Firth]

Your system makes no since, why years? What if you only did 2 reports in 2-years. If it takes you longer to do a 2055 than 1004 there is something wrong, a 2055 should ouly take you a couple of hours less drive time and a 1004 should take 1 hour max at subject and report about 3 hours, less drive time, and why should you get experience for travel time, unless you are looking for driving experience and I dont think USPAP or the state thinks that drive time helps you learn to be an appraiser. This is not a hourly job that for every hour you get credit or paid. If you can't do a full 1004 in 12 hours or a 2055 in 8 hours, your in the wrong line of work.

 

[wyecoyote]

If you can't do a full 1004 in 12 hours or a 2055 in 8 hours, your in the wrong line of work.

That is what the State of WA gives credit for not what it takes me to do a report.

Terrel,

Disagree with the years experince to a degree and the income. First year I was in would not have counted I had a side bartending job and did some side construction projects to make it through. That first year would not have counted under your system.

The years thing instead of the hours I do agree with if you couple the years either with hours or a point system per report. WA state currently has 2 years minimum with 2,000 hrs lic & 2,500 hrs cert. 3 yrs gen with 3,000 hrs (1,500 non res). I do agree that the years should be upped I would say 2 yrs for lic, 3-4 yrs cert, and 5 yrs gen. Coupled with a point system or a hrs per report. I would rather see though a point system. Say 4 points 2-4, 3 points 1004/Condo/VL, 2 points 2055 int, 1 point 2055 ext. Narrative/commercial could be on a different point system. Would think that would help some.

 

[Artemis Fowl]

"K...Is it worth it?"
"Oh yeah...it's worth it. If you're strong enough"
--Men in Black


Of the 27 people I took my first classes with. 6 are form filling for sweatshops at $60/report. 1 works for a bank. 1 works for me. The rest have never found a mentor or have dropped out.

I get calls and resumes all the time from people hoping for work or unhappy with their current mentor. I don't have the volume or the experience to take on anyone else and don't think I'd want to if I did.

Finding a mentor is unlikely. Finding an honest mentor is very unlikely. Finding an honest AND knowledgeable mentor is extremely unlikely. Finding an honest AND knowledgeable mentor who will spend enough time to really teach you something is darn near impossible.

Don't even consider the $$. There is none for a while. Some never see it. Only reason I made it thru apprenticeship is that my wife was willing to go back to work and I'd found an honest mentor who split 50-50 AND supported my desire to go on my own when the time was right. Don't quit your day job.

If you're stong enough...you'll come thru bloodied and sore. Only to realize the actual battle awaits. Lender pressure, AMC undercutting fees, LIABILITY for every action, deadbeat clients, lack of clients, temptations, frustrations, loss of hair (not in the places you want to tho)...list goes on. The learning curve is steep...only to get steeper as you begin to realize just how ignorant you are after 2-3 years of slaving away at this.

My partner is way over his 2000hr requirement but will not try for his SLA license. He works in the auto industry and part time for me. He had no desire to go on his own once he learned what would be involved.

This is NOT easy money. For most...it's not much money either. I hesitate to recommend this career to anyone...and many have asked. I would never tell them not to try. I would definately tell them what they're getting into.

On the positive...there is NOTHING like the satisfaction of clawing your way thru and building something of your very own. Learning to love what you do. Always having a new challenge. You'll never be bored. You'll never stop learning. You'll meet a few good people along the way.

Good luck. You'll get out of it what you put into it.

 

[Terrel L. Shields]

If you can't do a full 1004 in 12 hours or a 2055 in 8 hours, your in the wrong line of work.

Lemme send you a couple.....and see you do it right in 12 hours. Let's see, do you want the shop building / as a house? Or the 20 ac. with 2 houses, a shop and a proposed shop? Or, would you like the two mobile homes tied together? Or, the 34 ac. with 1600 SF 30 yr old house....next to the airport? The 6,500 SF exec home w/ built in steam cleaner system built around an existing house made of rocks.

If you just BS your way thru these, shouldn't take 3 hours. Do it right....hunt for those comps, drive to them, see if they are comparable...and go to the next one. In a rural area I have spent 4-6 hours finding 1 or 2 comps you can use. Houses behind locked gates, no photos, FSBO's...read the new fannie regs....you HAVE to search the private sales and document it.

I have yet to figure out how a 2055 saves you 1 minute's time. If you do it right, you need a good description of the interior, not just guessing or disclaiming it. Where is the source? It takes longer to find someone with knowledge of the dwelling than it does to inspect it imho.

Experience is measured in years in most every business but ours. It would be simpler and stop making liars out of people..I still believe 1 of 3 experience logs are padded..badly over-estimated.