re appraiser

General Real Estate Investing
1

Hi,

I’m currently in law school, but am not sure if it what I want as a career. I have recently looked into becoming a real estate appraiser. It looks as though they can make a decent salary(70,000?).Is that about average? I also think about it in terms of assisting me w/ RE investing. I would like to buy SFH’s, multi unit homes, etc. I can use the knowledge and practice in finding properties as well as being in a field so closely tied to the RE market. I am wondering if someone can tell the pro’s and con’s of the business. Is there an advantage to getting a certain type of appraisal license; CGREA, SRA(senior residential appraiser)? Also would becoming an appraiser affect me in any legal way? I know that being an RE sales agent, makes it slightly more difficult to be an investor, basically making someone more liable to legal scrutiny when buying RE investment properties, is the same true for an appraiser? Just interested in the process, the best degree to get to become one, the money to be made as an appraiser and any other advice that can be offered. Being a lawyer would be good, but I want to be close to the RE market and lead a more simple life than the stress of 80 hour weeks as an attorney. Any advice would be great

2

I don’t think being an RE agent makes it more difficult to be an investor at all.

The only thing you must do is disclose that you are a Realtor (or real estate agent) on your deals. This lets the other party know you may have an advantage over them and they can decide if they want to do the deal or not. Your new name will be John Smith, Agent. That’s it.

Being a realtor has been VERY beneficial to me in REI. Even though people know I may try to get my properties cheaper, they also have more faith that the deal will go through. I have been sold properties at several thousand below a competing offer for just that reason.

Good luck with your decision.

Jeff

3

Being an appraiser is definately benefical to RE investing. There isn’t any sort of conflicting legal issues with appraising and investing. If you are going to college and looking for a degree to help you with appraising, I would recommend something like Economics, finance, or statistics. There isn’t a specific degree required for appraising though. Check out this website: http://www.appraisalfoundation.org/s_appraisal/index.asp. It should answer any questions you have.