Will Having a GC License Make It Easier To Obtain Financing?
Hello,
I'm really considering becoming a general contractor to project manage my properties & have a better chance at obtaining financing.
One thing has always being stuck in my head since I went to to see a mortgage broker & lender about 7 months ago. I went to him with the proposition of networking and introducing myself; I told him that I had a partnership which was a general contractor and myself (I have the experience; worked for a multifamily investor and a flipper as a general manager plus I have good credit & cash). At the meeting the GC canceled last minute and I attended the meeting myself, The lender was interested on the GC that he can work with the GC to obtain a loan and it looks good on paper, while for me he told me that I was pretty young and anyone can type up a resume saying they were a real estate asset general manager, I honestly think he didn't believe me when I told him I have 18+ flips and I had reposition 5 multifamily in Miami Beach. He said that I needed a track record.
The partnership did not work out. A couple of months later I went in all cash (55K) and (8k for repair), that's all my savings. I bought an apartment to flip. It's my very own first flip, but it sucks having all your cash tied up in a single property & eating cereal & sandwiches all the time haha. I did not have enough to hire workers so I've done all the work myself. I'm currently doing punchout, and will be listing the property on Tuesday through a flat fee broker.
After the sale, I'm thinking of getting my GC license? I will like anyone's input if it will become easier to obtain financing.
Thanks,