I'd really appreciate advice from the real estate gurus here.

[RazorAzoth]

Completely fed up with my job, I'm looking to get into real estate. I've heard that getting a real estate appraiser license is the best way to go...job security and good money. Would this be a fair thing to say?

My question is, are the online real estate schools legit? Can anyone suggest a good one to get an appraiser license?

I'm interested in starting immediately.

Thanks.

 

[RazorAzoth]

Here's one for example that I've found...

http://www.realestateexpress.com/

 

[RazorAzoth]

Anyone? I thought there was a bunch of real estate guys here.

 

[Julius_Seizeher]

A real estate appraiser license sets you up to remain an EMPLOYEE who works to make someone else rich and to support the poverty class.

That is, unless you use that license in your own real estate dealings, to be able to ascertain valuations and all the little things you would otherwise pay another appraiser to do.

The money in real estate lies in buying undervalued properties, and turning them into sources of cash flow (ie: rent). My grandfather made a fortune in section 8 housing, which for the uninitiated=welfare apartments. He was a big-time realtor and specialized in farms also.

If you are not ready to jump into buying properties, there is another investment goldmine in real estate that barely anyone even knows about: tax liens and tax deeds. Do your due diligence on general tax lien investing, then study the rules specific to your state. In my state, only institutional investors (ie: banks, etc.) are allowed to buy tax liens, so I'd have to go out of state to get into it.

Basically, you buy a tax lien by paying the outstanding taxes on a property, and the property owner has X amount of time to pay you back the principal + the interest rate determined at the auction. And if they don't pay you on time, you take possession of the property. So it's really a safe, guaranteed investment system. But you have to educate yourself, and save up money to get started.

Some books you should read are Rich Dad Poor Dad, Cashflow Quadrant, Think and Grow Rich, The Law of Success.

 

[Bible_Belt]

Appraiser is a good job, but not a great one. Successful appraisers I knew made about $50,000 a year and also put about that many miles on their car every year. This was almost ten years ago in Florida, so wages might be higher in your area right now, but it is still a working class type of job. Also, in the rural Midwest especially, it tends to be a very crooked job. When you call to ask for an appraisal, they always ask 'do you want it high or do you want it low?'

Tax liens are a good suggestion. I'd also recommend attending the county auctions where they sell the actual property. I once bought the vacant lot next to me for $700 at auction simply so that I would not get new neighbors.

 

[cavedweller]

The only appraisers that make any good money appraise commercial properties.

 

[Paintballguy]

It's rough out there right now for real estate appraisals. I know a guy that owns his own real estate appraisal company, and he's been hurting since the economy went south.

 

[Chromeo]

I disagree with all of you and your statements on real estate appraisers.

My aunt is a residential appraiser, and I have seen her checks and bank statements the woman makes at least $80k+ a year owning her own appraisal company. Maybe not this or last year but over the past five she has had up to 5 people working under her including my mom.

She owns three properties, renting one, wave runners, four wheelers, a boat

Hell she paid me $1000 this weekend to go out and photograph houses, not a bad days work.

so I dont what kind of appraisers you guys know but seems like a decent gig, she was making bank when the interest rates dropped and everyone refinanced. You could do 3 appraisal reports a day if you had the business at $250 a pop at a 5 day work week is 180k a yr.

The economy has hurt them, but Where appraisers really got screwed is when they changed the law forbidding appraisers from doing appraisals for people they were acquainted with (like any normal business where you make connections and offer your services), now they are dealt appraisal orders from mortgage companies, basically communism if you ask me.

Also, in the rural Midwest especially, it tends to be a very crooked job. When you call to ask for an appraisal, they always ask 'do you want it high or do you want it low?'

She is out of the midwest tho, so this could have been the reason for the changing of the law

 

[FutureSpartan]

The money in real estate lies in buying undervalued properties, and turning them into sources of cash flow (ie: rent). My grandfather made a fortune in section 8 housing, which for the uninitiated=welfare apartments. He was a big-time realtor and specialized in farms also.

[/I]

Section 8 housing eh? Damn those communist cheese-eating liberals making your granddad rich!