I've been bouncing around the states a little bit.
I got my RE license in Michigan while going to school...graduated with a degree in construction management and took a job in Florida as a commercial construction project manager.
Long story short, I am moving to SC and would like to take the GC license exam when I get there.
However (and I have seen this in other states) SC requires a positive net worth to take the exam.
Can anyone explain this to me??? Can I stuff 6k into a brand new LLC and say this "new business" has positive net worth?....is this really a requirement to take the exam?
@Daniel Dexter I am looking into the same thing actually and I have done quite a bit of research.
1) What type of work are you trying to do, because if you are just wanting to renovate houses you might not need a GC License but instead a residential builders license.
2) There are 5 different classifications of GC's. Class 1 being the lowest...Class 5 being the highest where you can build practically anything. These different classes have their own requirements. To qualify for a Class 5 General Contractors license, your company has to have a minimum of $500,000 worth of assets as well as experience in the field (which you do).. To qualify for a class 1 General Contractors license, your company has to have at-least $50,000 worth of assets, but you are limited to a dollar amount in which you can work.
To my understanding, the class 1 - 5 general contractors license is only required for commercial and industrial work. For residential, all you would need is to take the PSI exam and pay a fee and get your builders license. You also have to have experience for this.
I haven't got my builders license yet but plan to have it soon. So all of this information is based off of my own research, it may not be 100% accurate but I believe this is right. If you find anything different I would love to know as well!
What part of SC are you moving to? It is booming here in the upstate, projects going up on every street corner it seems like.
Here is a link to our states department of labor, licensing and regulation for more information.
Still a little undecided at this point how much longer I want to stay on the commercial side of things, but I'd rather be "over certified" for residential, and have the option to bid commercial work for now.
Wife and I are actually looking at the Greer / Travelers Rest areas on the N. side of Greenville. Its funny you say that, Tampa is crazy busy for us... actually looking to move to SC for a little slower paced lifestyle.... glad to hear there is still plenty of opportunity
What is your day job if you dont mind me asking?
My apologies, I told you wrong. To get your class 1 GC license, you only need to show $10,000 in net worth. But then you are only cleared to do up to $50,000 in contract work.
Find the chart here http://www.llr.state.sc.us/POL/Contractors/index.a...
Greer is an awesome place as well as travelers rest. The Greer housing market is hot right now (as well as everything else around here) but especially the Greer / Greenville area. It is growing at a rapid pace.
I work in Greenville for a construction estimating firm and do handyman work on the side. Ultimately, I want to start a contracting business doing residential and commercial work.
Are you wanting to start your own business or do you already have a job lined up here?
The long term goal is to start my own business, but in order to make the move and get settled in I have been applying for full time positions with some of the larger GC's in the are.
Id love to start my own business, but for now I plan on getting my license and see how busy it is running side work.
Gotcha, well good luck to you! Whenever you come to the upstate let me know and we can connect!
Definitely, would like to talk over a beer/coffee.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing