Become a residential home appraiser for lenders

Mortgage lenders, usually through appraisal management companies (AMCs), and sometimes directly through local banks and credit unions.

A flat fee per report, set by the lender or AMC and varying by area and property type. Income depends on how many reports you can inspect and write each week.

• Attention to detail
• Clear, factual report writing
• Comfortable with math and spreadsheets
• Reliable with deadlines

• State licensing or certification is required to appraise for most lenders, and requirements for education, supervised experience and exams differ by state, so check with your state board
• Errors and omissions (E&O) insurance is commonly required by lenders and AMCs, so check what they ask for
• Becoming licensed usually takes a long time while you log supervised experience, so plan how you will earn income meanwhile
• Fees from AMCs may be lower than you expect, so check typical local fees before committing
• Strict independence rules apply, and clients must not pressure you toward a target value

Startup costs are typically around $2,500 to $10,000, depending on your education, licensing and equipment. These are estimates, and requirements differ by state, so check with your state board before paying for courses.

Monthly revenue is typically around $3,000 to $9,000, depending on how many reports you complete and the fees you accept. Plan on at least about 30 hours a week. Fees from appraisal management companies may be lower than expected.

State licensing or certification is required to appraise for most lenders, and education, supervised experience and exam rules differ by state, so check with your state board. Also check what errors and omissions insurance lenders and AMCs ask for.