should I become an appriser?

[Kariann12]

hi I am 24, looking for my career path. I love real estate, my best friend is a realtor and we invest and flip properties. I know I would like this job and would love to go out on my own, but everything I am reading is so negative...any advice would be great thanks

 

[Em Tee]

You'd make a lot more money investing & flipping. Very bad time for the appraisal profession with appraisers going out of business left & right.

 

[Tom Woolford]

Now is not the time. There are many "old timers" who are getting out because of cut throat competition, and a poor ethical environment. Plus, you would probably have a very tough time finding a mentor willing to take someone on in the curent environment. Check back in a few years.

 

[Thern Newbell]

I would direct you toward commercial valuation/appraising. Residential is in a period of transition right now and business is down from previous years. The number of licensees on the residential side has swelled due to a refi boom a few years back with lowering interest rates. No one really knows what the environment for residential will be like over the next few years, but many would say the prospects are not encouraging. One caveat for the commercial branch though, you will have to have a 4 year degree to start as a trainee for commercial appraisal. If you are strong analytically, communicate well, and can be patient through your first few years of training, this could be a good option for you.

 

[Metamorphic]

hi I am 24, looking for my career path. I love real estate, my best friend is a realtor and we invest and flip properties. I know I would like this job and would love to go out on my own, but everything I am reading is so negative...any advice would be great thanks

There's a stock buying strategy that says you buy when everybody else is selling.

If you buy that strategy, its a good time to get into appraisal, because there's lots of people selling and not may buying.

If you start now and work hard at it it will be a minimum of 2 years before you can be positioned to make any real money as an appraiser. So you need to consider what the appraiser market will be 2 years from now. Given all the pending legislation hovering out there, its almost an impossible thing to predict.

However, the skills and knowledge of an appraiser would be a very valuable to a person engaged in real estate investing; so much the better if you own that knowledge rather than having to buy it.

Lots of things to balance in the equation.

 

[Lee Lansford]

I would direct you toward commercial valuation/appraising. Residential is in a period of transition right now and business is down from previous years. The number of licensees on the residential side has swelled due to a refi boom a few years back with lowering interest rates. No one really knows what the environment for residential will be like over the next few years, but many would say the prospects are not encouraging. One caveat for the commercial branch though, you will have to have a 4 year degree to start as a trainee for commercial appraisal. If you are strong analytically, communicate well, and can be patient through your first few years of training, this could be a good option for you.

What I was thinking!

 

[Greenback]

It may be me, but I would be careful using the term, "flipping properties"; when and how. It may be just me, but I have hard time talking with people who uses the term, "flipping properties" loosely and often. Not saying you do that, however, I am just noting my opinion.

I think it would be a good idea for any Trainee to use the time given for training in a positive way. Instead of concentrating on the minimum of two years, concentrate how one may use the grace period in not just becoming certified, but learning and progressing as much as possible. The difficulty in finding a mentor is, exactly what it is, difficult, so, I would suggest using the time given by not running through the system, just because its a minimum requirement.

I had planned on 2 years for turning in half of my credits and another 2 years maybe to turn in the rest of my credits. Didn't work out that way, but nothing in life is perfect.

I agree with one of the posters, the real money is buying low and selling high, but I also agree with another poster that said, the experience of being an Appraiser is invaluable.

You're right, there is much negativity out there. Many reasons why this is. Many want to blame it on the unbelievable supply of Appraisers in the basket, but, I see it slightly different. I do agree there are too many Trainees, but there is an ethical problem and ineptness problem that is sinking the ship. Many Appraisers have a belief that going into commercial Appraising will fix the problem with themselves; even-so, the problems are running over into the commercial side of the profession, in my eyes, and the problem isn't being taken seriously, in my eyes. Jumping ship doesn't always make it right - sometimes, its just running away from the real problem until it catches up with everyone (that's my opinion, no others).

If you love studying economics/land economics, prove that you have an analytical mind on a daily basis that may contribute, you can find a real/true mentor, take a hit in finances and time, do everything for the right reasons and not what one may think is for the right reasons, then that's a good start.

This is my very short opinion,
Goodluck with your decisions..

 

[BRCJR]

It may be me, but I would be careful using the term, "flipping properties"; when and how. It may be just me, but I have hard time talking with people who uses the term, "flipping properties" loosely and often....................................................QUOTE]

Why is that term a problem for you--(just curious)?

It is a very common term with a very well understood meaning.

 

[Webbed Feet]

hi I am 24, looking for my career path. I love real estate, my best friend is a realtor and we invest and flip properties. I know I would like this job and would love to go out on my own, but everything I am reading is so negative...any advice would be great thanks

Keep reading everything negative you can find until you talk yourself out of it.

Webbed.

 

[Restrain]

I've been in the business since the 70's. I would not encourage anyone to go into this business, not even my kids. You'll make more money as an investor today than as an appraiser. Good investors and brokers drive Mercedes. Appraisers drive old Chevys.