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Should I become an FA?

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Moraen View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Moraen Quote  Post ReplyReply Direct Link To This Post Posted: Jul/22/2019 at 8:00am
I'm with helado. I've created multiple plans so that I could just move on out if need be. I think it would be hard to make a lot as a real estate appraiser. Here anyway the cost is standard. You'd have more csuccess as a business appraiser I think.
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helado View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Jul/22/2019 at 10:36am
Yep, I know. I planned on getting the General Appraisers license, not just residential. I used to be on an appraisers forum and after the financial crisis, the creation of “Appraisal Management Companies” really put a dent in their earnings.

It always seemed to me that those dudes are basically the personality of accountants. They were clueless how to market / get business.

Some of the go-getters with GA licenses were pulling $200K, maybe $250K. But most were making $50K and when I did my business plan in my area, it looked like $75K was pretty reasonable without killing myself and/or traveling too much.

Now I’m glad I didn’t bother with the apprenticeship.

Back to the topic as it applies to the OP...I don’t think there is anything wrong with having a backup plan. It’s smart.

Edited by helado - Jul/22/2019 at 10:37am
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Post Options Post Options   Thanks (0) Thanks(0)   Quote RIArules Quote  Post ReplyReply Direct Link To This Post Posted: Jul/22/2019 at 11:07am
It’s very difficult to market as an appraiser nowadays. Banks either use a service that randomizes the process of selection or have an in-house process that does this (audited by the feds). Back in the day, I used to get all kinds of cool swag from the appraisers come Christmas time. The commercial appraisers made serious bank. I can recall some appraisals costing north of $50k.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Steadyeddy Quote  Post ReplyReply Direct Link To This Post Posted: Jul/22/2019 at 11:25am
Thanks for the replies, all. I’m reading and digesting.

I agree that if I make the leap, I have to be all in and not searching for an exit when the grind kicks in. But I’d be crazy not to want to go in eyes wide open.

Are there many RIA’s that would let a guy work part time? I’d be all for passing the series 65 and working commission only on the side if that’s a path that exists.

Honestly I’m leaning toward blogging and maybe financial “coaching” right now. I can do it on the side, and both will help me build a nice prospect list I can use if I get licensed.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Jul/22/2019 at 11:40am
Originally posted by Steadyeddy Steadyeddy wrote:

Thanks for the replies, all. I’m reading and digesting.

I agree that if I make the leap, I have to be all in and not searching for an exit when the grind kicks in. But I’d be crazy not to want to go in eyes wide open.

Are there many RIA’s that would let a guy work part time? I’d be all for passing the series 65 and working commission only on the side if that’s a path that exists.

Honestly I’m leaning toward blogging and maybe financial “coaching” right now. I can do it on the side, and both will help me build a nice prospect list I can use if I get licensed.


Find someone at an Indy b/d or an RIA that will take you on part time, commission only. I’d do this (hell I’m looking to do it right now so I could shed some small accounts for a split). In the Indy world (b/d or RIA) it’s completely up to the person who owns the office.
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helado View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote helado Quote  Post ReplyReply Direct Link To This Post Posted: Jul/22/2019 at 11:45am
Originally posted by RIArules RIArules wrote:

It’s very difficult to market as an appraiser nowadays. Banks either use a service that randomizes the process of selection or have an in-house process that does this (audited by the feds). Back in the day, I used to get all kinds of cool swag from the appraisers come Christmas time. The commercial appraisers made serious bank. I can recall some appraisals costing north of $50k.


Yep, I know. But it’s not completely random. The AMC’s put out “jobs” for appraisers to accept (and in some cases bid). The fee compression there came from appraisers taking residential jobs for like $150 when the fee paid by the borrower was like $600+ Because newbie appraisers were desperate for work.

I *think* that was starting to rectify itself in a lot of areas around the country when I was looking at it. Because the appraiser talent pool is of similar age to ours, and the barriers to entry (classes, tests, plus 2,000 hour apprenticeships that just aren’t easy to come by) for new talent were high.

The key was finding banks that have their own process for randomizing appraisers so there was no AMC middle man.

Or just doing commercial work where that doesn’t exist.

Either way, not my problem anymore.   
My posts are for abrasive entertainment only. Nothing posted is investment, legal, tax or any type of advice, nor is anything mentioned true or even based on real events. Posts are complete fiction.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Linescreamer Quote  Post ReplyReply Direct Link To This Post Posted: Jul/22/2019 at 12:46pm
U got it.  All in or nothing.  I think it's a very difficult business to do part time or halfway.  I would say, 1 out of 10 make it on their own. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote B24 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/22/2019 at 1:33pm
Originally posted by Linescreamer Linescreamer wrote:

U got it.  All in or nothing.  I think it's a very difficult business to do part time or halfway.  I would say, 1 out of 10 make it on their own. 

Do you see the contradiction in your statement? 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Linescreamer Quote  Post ReplyReply Direct Link To This Post Posted: Jul/22/2019 at 3:56pm
Nope
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Fitness1983 Quote  Post ReplyReply Direct Link To This Post Posted: Jul/22/2019 at 3:59pm
If you can get jones to max out a base salary for you. At or very near a $100k, and you’ll receive a new asset bonus of $4 for every $,1000 of assets gathered. Plus very good training for a newbie.

Not sure what else you’d need to get started if you’re serious about starting in the industry
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Krameoj04 Quote  Post ReplyReply Direct Link To This Post Posted: Aug/23/2019 at 1:52am
Welcome!

As long as you see you will grow in this industry, Go for it!
To your more success,
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