Posted by John/CA on 9/4/04 3:59pm
Msg #7390

Side job for a notary?

Does anyone have experience with real estate appraisal? I'm researching the idea to combine those 2 professions and build a business with 75% appraisal and 25% loan signing activities.

Reply by PAW Notary Services on 9/4/04 4:24pm
Msg #7391

John,

You may want to fully research what it takes to be successful RE Appraiser. I suggest starting with the CA Office of RE Appraisers http://www.orea.ca.gov/ for info. The training and apprenticeship requirements are killers. So, 75% appraisal and 25% NSA may not be in the cards, at least for a while.

Good luck in your endeavor.

Paul/FL

Reply by Cathie Nichols on 9/4/04 4:47pm
Msg #7392

John,
Go to http://appraiserlicense.com/index.html to see what it takes to be an appraiser. Have you thought more along the lines of a home inspector? Or, maybe your own store on eBay?

Good luck and let us know what you decide.

Reply by Lawrence Goodwin on 9/5/04 9:53am
Msg #7416

John, I cant tell what the requirements are in CA, but if they are anything like Oklahoma's your in for a long duration of endless hours of educational training, and you must pass the USPAP (Uniform Standards Of Professional Appraisal Practice) before you can take the state exam. The examinations are killers and you must serve a 2 year apprenticeship before you can become a Licensed Real Estate Appraser. Then you have all of the endless hours of continuing education and E&O insurence that is out of this world. Not to mention a few thousand dollars for all the equipment that you will need to keep up with industry standards. Your appraisal software will run you about $800.00. I will be more then glad to help you in any way I can, just Email me.

Reply by jOHN/cA on 9/5/04 2:47pm
Msg #7427

Re: Side job for a notary?

Reply by John/CA on 9/5/04 2:49pm
Msg #7428

Re: Side job for a notary? Thank you all

Thank you all for your kind answers. You didn't discourage me, I know it is a long way to go but if I find that this profession is not as saturated as the notary business then I think its worth to seriously look into.

Reply by nah_AR on 9/5/04 4:53pm
Msg #7437

Re: Side job for a notary? Thank you all

I am an Appraiser in AR, although I am not aware of the laws in CA, I do know that there are many, many hours involved. Two-thousand apprentice hours and 90 actual Appraiser Education hours.

It can be very difficult finding a Licensed Appraiser that is willing to go the extra mile and apprentice you. My office received a call several weeks ago from a gentleman willing to pay $20,000 just to apprentice him, he only lacked 700 hours worth of appraisals. However putting this in perspective after you have completed a couple it generally only takes 2 - 3 hours to complete one. So he was at least 350 appraisals short.

If you find someone willing to apprentice you here is a GREAT selling point for yourself.
"I will do all the work involved in completing this appraisal. All you will need to do is review the forms and sign off on it. (this may take 20-30 minutes). Tell them whatever the dollar amount I make on the appraisal I will give you 40% of. They are looking at the very least making $120.00 for about 20 minutes of work.

As for having E&O Insurance that is a personal preference, although it may have effect on which companies will allow you to contract business with them.

If you have the resources to obtain your License then GO FOR IT...and the Best of Luck.

By the way, the money is great!!!!

Reply by Bob-Chicago on 9/6/04 11:19am
Msg #7471

Caution

I'm not trying to discourage you, but keep in mind that both businesses have a tendency to rise and fall with interest rates and the strength of th RE market. Both signing agent work and appriasal work tend to be either good or bad at the same time. You might consider something that operates in a different economic cycle.

Reply by John/CA on 9/7/04 10:26pm
Msg #7535

Re: Caution

Thank you for your warning, I appreciate it, but I have thought of that too. So to play safe on all sides I'm also building an Income Tax Service, which is a great opportunity for additional income.