I was thinking of going to school and getting my CCB for design and remodeling so that I can be the contractor for flipping homes. I also plan on taking the Real Estate Broker exam and getting my license in that as well.
Do you think that these would be a good idea for someone trying to flip homes for a living?
Thanks in advance!
I don't know what CCB stands for, but I do know that I recently got my real estate license.
I wrote about the costs associated with it on the BP blog. I am not sure about the laws in your state, but mine, and most others, say you have to work under a more experienced, licensed broker before you can hang out your shingle. In CO that is 2 years, but there is talk of increasing that.
Check out all the costs associated with getting your license, so you know what you are in for.
I did exactly what you're thinking about doing. I've been a property manager for about 19 years now, so I'm really familiar with renovating and working with contractors. When I decided that I'd like to get into other parts of the real estate world, it just seemed like a natural path to get my CCB license. (You have to have it in Oregon if you want to flip houses anyway.) The course was fairly expensive, but relatively straightforward if you've been in the business in any way. The bond and insurance was the most costly part though! (Approximately $2,500 in all.) In addition, I also became RRP certified, (renovation, repair and painting.) The course was quite brief, but the certificate will be handy, and will save money in the future. The real estate broker's license was the really time-consuming part. 150 hours of study - at least!, and then the exams. Once you've completed everything, you'll be very well prepared, and will feel ready to get started! Albeit about $5,000 lighter... I wish you the very best of luck with your endeavors.
Mindy's blog on the cost of getting a license was probably my all-time favorite read on Bigger Pockets. Well worth a look!
Getting your CCB license is a very good idea for flipping houses. In Oregon it states that if you flip 5 or more houses a year you are required to have your CCB.
I have been flipping for a year and a half now and have my CCB. I have flipped three properties so far. It's great knowledge to have. I ran into some issues with my contractor and was able to do and hire out some of the work that was needed to be completed because I had my CCB.
Studying is on line at your pace with practice tests. Exam is open book but timed. Not too bad. Best of luck!
CCB stands for Construction Contractors Board. It’s been a while sense I took the test but I think it allowed you to do everything but electrical and plumbing. If I remember correctly, it also allowed for landscaping attached to the construction but would bar landscaping when no other construction was underway. In the case of the latter you need an actual landscaping license which is a total unreasonable pain in the butt to obtain. At least it was in 2006.
Honestly Chad, I am beginning to think the Broker's license is kind of pointless. My reasoning is that it may be easier to hook up with someone who already has the license from BP or to go out in search of your own investor friendly agent. I do agree with the CCB license though. That little thing allows you to do a lot of stuff. Of course this is coming from some who is still in pursuit of their first deal; so, feel free to ignore everything I just typed.
Great thread you guys! Thank you for sharing! I recently discovered that you have to have your CCB in Oregon if you are flipping more than three a year as a licensed RE agent so this topic has been on my radar. @Gavin Peacock do you mind if I ask you, was that $2,500 expense for your contractor's insurance and bond an every year expense or was some of that "start-up" costs with a lower yearly premium? Thank you!
The bond and insurance expenses are yearly, I hate to say. I was actually surprised at how difficult it was to become insured. My agent searched around for several weeks for a company that insures contractors, and the one I went with is based in Arizona. Also, they ask LOTS of questions, and every detail has to be spot on. Once you have your paperwork ready to send in to the CCB, (along with another $325!), it then takes about a month to receive your actual license. The CCB website has changed a bit recently, but they have a "How to get a license" section, and a link for the Market Assistance Plan for anyone having difficulty obtaining insurance. If you have any other questions at all, please feel absolutely free to ask.
Good luck, Lisa!
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