What should I do?

[Tiffany Gibbons]

I can't imagine I ever retire except I think Social Security will force me to if I make too much money.
Real Estate has cycles of good and bad years. Work hard in 1-2 years and relax and take it easy in other years.

My commercial mentor was still appraising at 85, he got his social security at maximum age and did just enough appraisals throughout the year to supplement his income without going over, by cherry picking the easy ones. The difficult ones, he would recommend one of the other CG appraisers at our company. He just paid the company owner to use secretarial services and MLS and spent the rest of his time at his beach house or his mountain cabin.

 

[Surf Cat]

Agreed w/Eddie - I'm not too far away from the big R myself, but I don't think I'm going to just give my credential back. Who knows what might come along as a side hustle down the road.

I believe when the eager, ready to go PAREA appraisers bust out of the classroom into the sunlight and hit their first non-conforming, jetliner View, no sales in the last 12 months job.... us old dogs are going to be getting a call...

In regards to the OP's situation,
I'd do what BRCJR suggests. Get on the phone, send emails, let every single contact know where to send their orders and the new company name is xxxx. You don't need no stinking lawyer.

 

[Terrel L. Shields]

You can create an S corp and get a tax ID number. Pay annual franchise taxes. You can simply write up a partnership, call it whatever you want, don't register it and have your CPA get you a tax ID number. With ID and your partnership papers you can open a bank account. I am part of a partnership that is for non-appraisal and I have an S corp for my business.

 

[Tiffany Gibbons]

You can create an S corp and get a tax ID number. Pay annual franchise taxes. You can simply write up a partnership, call it whatever you want, don't register it and have your CPA get you a tax ID number. With ID and your partnership papers you can open a bank account. I am part of a partnership that is for non-appraisal and I have an S corp for my business.

Terrel, I did exactly as you said years ago. I didn't use an attorney, it's a simple form to file with IRS and Secretary of State (in my state), open business account, pay business license county, city, personal property taxes, franchise/excise, etc. So thanks!

 

[Zoe]

Yeah, If you just want to quit, then do it. I assume the owner has been paying some of your expenses that you will write off being the new owner. Do a business plan and estimate what you plan on making and spending. You will write off your expenses against your income.

You don't have to assume that business name.

You probably already write off some expenses that the current owner don't pay for you.

You don't need a lawyer. A public accountant would help you.

I don't know if you said how you are currently classified in the business. Are you classified as an employee or independent contractor?

A public accountant can do all you need to move on if you want to keep your license.

I probably would not assume that business name for liability reasons. You would limit your liability some by not assuming that business name.

I would contact all the clients you have been working for and say the prior business has been dissolved. The owner is retiring. This is my new contact information.

Please consider me on your next assignment.

With NAR you will probably have to take an ethics class and easy test to be a member of the MLS. Don't worry, you will pass the test with flying colors.

NAR locally is required to report the appraiser name on any property they sell. They are required to post it in the MLS for members' view only.

You write that expense off of your income also. If you drive as much as I do, your mileage adds up as big deduction. You and public accountant can figure out how to do it if you want to work another 1-2 years.

 

[Zoe]

You will need a tax ID# like others have said. You don't want to use your SS#. Easy to get. You will need business license and pay some personal (business) property tax (computer etc if you want to depreciate them) and business tax likely.

Talk to your accountant. You may want to deduct home office deduction.

You can name your new business whatever you want to. Don't get sleazy like "always hit value appraisals". LOL

Your accountant will help you how to classify the business. Hang in there if you can.

 

[Mark K]

Why do you need the co name?

Just let the clients know you are going on your own and the owner is cool with it. Maybe get a letter from the owner stating he is retiring.
I've been a sole prop for the past 30 years...no office...no name..no DBA, etc...

I've been sole prop for over 30 years. No DBA, no LLC, etc., no problem. I do have a Fed. Tax ID to give out; I never give out my SSN.

BTW, I'm retiring end of next June when lic expires. Been working 'casual' time for last few years and will let it go next year. Appraising is easy these days after 30+ years and the pay is very good on hourly basis, but every day it gets harder to get motivated to start work on an appraisal. Time to leave the fun to others.

 

[Tiffany Gibbons]

Yeah, If you just want to quit, then do it. I assume the owner has been paying some of your expenses that you will write off being the new owner. Do a business plan and estimate what you plan on making and spending. You will write off your expenses against your income.

You don't have to assume that business name.

You probably already write off some expenses that the current owner don't pay for you.

You don't need a lawyer. A public accountant would help you.

I don't know if you said how you are currently classified in the business. Are you classified as an employee or independent contractor?

A public accountant can do all you need to move on if you want to keep your license.

I probably would not assume that business name for liability reasons. You would limit your liability some by not assuming that business name.

I would contact all the clients you have been working for and say the prior business has been dissolved. The owner is retiring. This is my new contact information.

Please consider me on your next assignment.

With NAR you will probably have to take an ethics class and easy test to be a member of the MLS. Don't worry, you will pass the test with flying colors.

NAR locally is required to report the appraiser name on any property they sell. They are required to post it in the MLS for members' view only.

You write that expense off of your income also. If you drive as much as I do, your mileage adds up as big deduction. You and public accountant can figure out how to do it if you want to work another 1-2 years.

No test. Just a 1 day class to be classified as a Realtor Appraiser Associate Member and the NAR, local board membership, and MLS fees.

 

[Salty]

this is the best job when you are retired. what are you going to do all day at home, look at your wife while she's looking at you wondering why you are doing nothing. just 1 full appraisal a week gives you money to have more fun, or give it to your wife, or girlfriend.

exactly the only reason I will be keeping my cert.

 

[glenn walker]

exactly the only reason I will be keeping my cert.

Thats why we always have a real office to hang in , so we are not bothered by women and children etc and you dont explain to wife's where you are going or what your doing