All Forum Posts by: Jaime Penix

Welcome...

It is true from my experience. If you don't have two years tax returns for the business, then the income is not verified. Thus, very difficult to get a conventional loan. I had the same problem when I went from an employee to business owner, even though it was basically the same job. Before 2007, you probably would qualify easily. But after that subprime loan thing went down, banks have very strict documentation policies. 

@Morry Eghbal that is interesting, in Florida I don't believe that there is a trade test. Maybe it is included all in one test. But I definitely do not need any more liability than I already have.

@Doug Ferguson I am actually studying for my realtor's license right now. I am not really sure what I would use this GC license for, but this guy made it seem like it was the key really making some money. This really new to me, these are my first and initial thoughts regarding this field.

@Wayne Brooks that would make sense that the degree would require something construction related, but the site I was reviewing didn't mention that. I am sure you are right, the website just did mention it or at least didnt make it immediately clear.

@Account Closed agreed, what I was not sure on was the level of competence offered by these courses. And I intended no disrespect when I say that is for supplemental income, I was basically saying it would not be my primary source of income. So at most I would only do small occasional projects. Actually I don't really know what I would use it for, the entire concept is new for me.

PS. my GF already dumped me, that is why I have all of this extra income to invest now...haha

I am a novice and trying to understand the logistics of this proposed "bubble". Are we saying that current properties are overvalued and because of the likelihood of an increased interest rates, the price of said properties will contract? Contract to the point of creating mass hysteria resulting to further bottoming of prices? I am not following. Maybe in some points of the country but I think properties, well at least in florida are undervalued. Even if you had the land I don't think you can even build a house for the same price that you can purchase them currently. If the prices drop even further, I think I would be in heaven because I will clean up.

@Eric Bowlin thank you for your input. I understand you take heed/protect yourself at all times advice...I completely understand...the subcontractor does sound worthy of deeper investigation...

But just to clear somethings up, I don't expect to go take a test and that be it. I guess what I am inquiring is if these construction schools that test prep you, provide enough training to  not only pass the test but allow to you competently perform as a general contractor

This might be a silly inquiry, I don't know. But I was speaking with the subcontractor doing some work on one of my places, and he is trying to convince me to get a General Contracting license. He went on to tell me about how he convinced a former Girlfriend of his to do the same and she did. Also he admitted that as soon as she became successful, she dropped him like a hot potato. So now this guy is sounding so excite about me becoming a general contractor. I guess this is a good idea for someone, but I have a profession. Regardless, I looked up the requirements and  all I have to do is pass a test. The 4 years of working experience would be waived because I have a bachelors degree (I also have a terminal degree as well). My question is, can someone with little or no construction experience become an effective general contractor? Would the lack of experience kill any reasonable chance of being a successful contractor. If so, in what fashion will it be hinder. I am not trying to say that I am Einstein or anything but I dont think that  there is anything inside of a house I can not learn and understand with study. I believe with course/test prep I can pass the test. I am just not sure if it would be wise to do pursue something like this with the experience I have. I guess one can start small and build up. BTW this would not be a primary profession, just a supplemental one.

This sounds like a good idea to me... Every one says "attend the CFRI meeting" if you want to learn about real estate. That is fine and dandy, however my problem is that my schedule is hectic and I travel out of state a lot. I have only been able to attend one session in the past year. I would love to find something with a little more flexible schedule.