All Forum Posts by: Patrick Martone

I am a little surprised you are able to find a HELOC for an investment property. Maybe I don't get out enough...

Also, it seems like those appraisals always comes in lower than expected when comparing a refi to a buyer coming in to buy the newly renovated property. That is another kink in the plan, as I have found out myself. This is even on buying using the standard flip criteria. The appraisal is the weakest link in the plan IMHO. However, that said it is still a great plan to work.

@Matthew B. - Negative.

If you have three years of credits (you don't even need a degree) from an accredited college level course and one year experience as a foreman you can apply for the license.

If you have a construction related degree you only need one year of proven experience (doesn't have to be as a foreman) and you can apply for the license.

Here is the application from myfloridalicense.com

I'll see you at the "New Residential Contractor's Certification Gala Dinner" next year :)  Both of us with our fancy business degrees and all!

@Aaron McGinnis 

I understand what you're saying about the insurance. They'll try anything they can to get out of paying a claim. They'll most likely sue the electrician and his insurance company.

My point is that the inspector comes out and inspects either way. His job is to make sure the work was done up to code. The only difference is who does the work. The end result is the same.

If we are to trust inspectors to know how things are supposed to be done and we are to believe that the purpose of the inspectors is to protect the public, then it shouldn't matter who performs the work. It's either up to code or not up to code. It's the inspector's job to know the difference.

Either force homeowners to hire contractors to pull permits or allow investors to pull permits without a contractor. The current system is contradictory and illogical.

If the purpose of the law is to create a bigger target to go after in the case of a lawsuit (i.e. the insurance policy of the contractor), then what about the houses with homeowner jobs that are passed by inspectors and then sold on the market? Why not require investors to carry insurance policies similar to those of the contractor?

In the case of either the homeowner job or the contractor job, the inspector has the final say on whether the work performed is safe, and the inspector is the one who should be held responsible if the work is later found to be faulty. But then again good luck getting the government to take responsibility for anything.