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Newbie Advice

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ernstej

Freshman Member
Joined
Oct 10, 2016
Professional Status
Banking/Mortgage Industry
State
Ohio
Hi everyone,

First off I just wanted to says thanks to everyone involved in this forum for all the advice and constructive criticism. From what I've read so far, either on this forum or on my own, this can be a challenging field to get into so any and all advice is much appreciated.

I'm 33 and am looking to make a career change. I currently reside in SW Ohio and have worked in the mortgage industry for 7 years.

What advice would you recommend for someone like me to get into this field?

Would you recommend I take the classes first then find a mentor to log hours or find a mentor before pursuing the classes? What's the process to be licensed in multiple states (OH, KY, IN in my case)?

I understand for the first 2-3 years my income will be reduced significantly (currently making 6 figures) as I'll be working under a mentor. Are there any options to supplement this in any other ways? Will I even have time for a 2nd job while training? I am going to make this happen but I do need to think of the practicality of this career change.

And lastly, anyone want to take on a trainee (lol...I have to try right)? Although actions speak much louder than words, I do work extremely hard. I have a positive outlook, I'm fairly intelligent and do whatever it takes to get the job done. I'm not looking for a any charity. I truly believe I have a lot to offer to any prospective mentor and would be eternally grateful to anyone willing to give me a chance. With my contacts in the mortgage industry I have several resources to help increase a mentors business so It's mutually beneficial. And while I'm not naive enough to think I won't make mistakes I don't need to be told things twice.

Again thanks for taking the time to read this and offer any advice. All the Best!
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Get a sales license,

and,
Those in loan origination can not influence the selection of the appraiser,
so off the bat,
you should not peddle practices which,
are against the law,
if this is the profession you seek to join.

Otherwise,
don't expect six figures from residential appraising, for,
years, and years, and years and years.

Get a sales license
48 hours and a test.
and your mortgage friends will help get your buyer's qualified to buy.

.
 

JTip

Elite Member
Joined
Oct 12, 2004
Professional Status
Certified Residential Appraiser
State
Pennsylvania
I understand for the first 2-3 years my income will be reduced significantly (currently making 6 figures)

It will take you a MINIMUM of 10 years before you ever reach 6 figures again if you change careers.

Could you live on 15-25k a year for the next 2-4 years? Are you and your family, if any, minimalist kinds of people? Antenna tv, generic soda, Wrangler jeans?

How about a 4 year degree? Hope you are holding one because it's the first step in the process.

If so, then carry on, this is the perfect career for you.

If not, keep making bank with your current job because 75% of the appraisers on this board will never see $100k years.
 

ernstej

Freshman Member
Joined
Oct 10, 2016
Professional Status
Banking/Mortgage Industry
State
Ohio
Get a sales license,

and,
Those in loan origination can not influence the selection of the appraiser,
so off the bat,
you should not peddle practices which,
are against the law,
if this is the profession you seek to join.

Otherwise,
don't expect six figures from residential appraising, for,
years, and years, and years and years.

Get a sales license
48 hours and a test.
and your mortgage friends will help get your buyer's qualified to buy.

.
Thanks Marion...I wasn't trying to imply that I'd provide additional business directly from loan originators or do anything against the law. I was simply implying I have multiple AMC resources that could always use another good appraiser and would be able to provide several additional orders if so desired. I also don't expect to make six figures any time soon but am optimistic that it is achievable with hard work and a positive outlook.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Anything is possible.

You can have affordable health insurance AND global cooling if you just throw more money at the government.

Go for it.

.
 

ernstej

Freshman Member
Joined
Oct 10, 2016
Professional Status
Banking/Mortgage Industry
State
Ohio
It will take you a MINIMUM of 10 years before you ever reach 6 figures again if you change careers.

Could you live on 15-25k a year for the next 2-4 years? Are you and your family, if any, minimalist kinds of people? Antenna tv, generic soda, Wrangler jeans?

How about a 4 year degree? Hope you are holding one because it's the first step in the process.

If so, then carry on, this is the perfect career for you.

If not, keep making bank with your current job because 75% of the appraisers on this board will never see $100k years.
Thanks JTip! I do have a 4 year degree so I'm in the clear on that. As far as the money goes, of course money makes things easier. But if it's at the cost of working in an office hours on end, taking time away from my family then I'm more than prepared to cut out the NFL Sunday Ticket and buy a book instead. If I have to pitch a tent for the next 2-4 years then so be it. Who doesn't like camping anyways right?
 

0351

Freshman Member
Joined
Jun 11, 2015
Professional Status
Certified Residential Appraiser
State
Louisiana
I am basically the same age as you. I would recommend sales as well. Easier to get into, less liability, and can make more money ( at least just as much) and it's just as up and down.
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
I have multiple AMC resources that could always use another good appraiser and would be able to provide several additional orders if so desired. I also don't expect to make six figures any time soon................

The goal of most residential appraisers is to NOT work for AMCs.

The average income for a residential appraiser is about $60,000 per year; $90,000 for CG appraiser.

Check out salary.com
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
Hi everyone,

First off I just wanted to says thanks to everyone involved in this forum for all the advice and constructive criticism. From what I've read so far, either on this forum or on my own, this can be a challenging field to get into so any and all advice is much appreciated.

I'm 33 and am looking to make a career change. I currently reside in SW Ohio and have worked in the mortgage industry for 7 years.

What advice would you recommend for someone like me to get into this field?

Would you recommend I take the classes first then find a mentor to log hours or find a mentor before pursuing the classes? What's the process to be licensed in multiple states (OH, KY, IN in my case)?

I understand for the first 2-3 years my income will be reduced significantly (currently making 6 figures) as I'll be working under a mentor. Are there any options to supplement this in any other ways? Will I even have time for a 2nd job while training? I am going to make this happen but I do need to think of the practicality of this career change.

And lastly, anyone want to take on a trainee (lol...I have to try right)? Although actions speak much louder than words, I do work extremely hard. I have a positive outlook, I'm fairly intelligent and do whatever it takes to get the job done. I'm not looking for a any charity. I truly believe I have a lot to offer to any prospective mentor and would be eternally grateful to anyone willing to give me a chance. With my contacts in the mortgage industry I have several resources to help increase a mentors business so It's mutually beneficial. And while I'm not naive enough to think I won't make mistakes I don't need to be told things twice.

Again thanks for taking the time to read this and offer any advice. All the Best!
I'll be honest, I admire your efforts and enthusiasm! Seriously. And all kidding aside, I wish you the best of luck. I'm about your same age (35) and was pretty much in the same mindset when I started into this career over 10 yrs ago.

You're making good $$$ now (you said over 6 figures). As others have mentioned, don't expect that with RES appraisal work any time soon. I, personally, haven't seen it yet! You say you have your degree, so that's good. If you're hoping to stay/get to the 6 figure mark again, you'll probably want to go toward the CG (Commercial) licensing. Even if you would prefer RES (as I do), I'd still recommend having your CG at this point in time. It just offers more opportunity for future work, but not everyone wants to do COMM work.

Have you reached out to a local appraiser to "follow" him for a day? Not as a mentor, but just to see what the day to day is? I had a lady call me up a few months back in your situation (not quite the 6 figures but) wanting to know what we do to see if it was something for her. She came along with me on an inspection, back to the office to see what goes into typing a report, etc... I think she would make a good appraiser, but the DRAMATIC decrease in salary for the first couple years of training was the nail in the coffin. JTip hit in on the head - you're not going to make much $$$ your first few yrs. MCG's figures above are pretty accurate as far as CR vs CG.

As far as taking your classes, Personally I think you're more marketable to a mentor if you have already taken the classes. You'll at least have a clue what some of the stuff is that you need to know and your mentor won't have to start 100% from scratch.

Again, best of luck. I really enjoy this line of work, especially the flexibility of it all. It's definitely not a 9-5 (although some do that), but it's also not just sipping cold drinks on the beach all day either! (well, sometimes that may happen!) And by the way...welcome to the Forum! Salut' :beer:
 
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