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Need some insight here...

I have been getting spotty work from an agent for the last 2 years when her main contractor is unavailable, just locks, wints and a few trash outs here and there. She has finally contacted me last week and asked if I would be willing to take on all of her Wells Fargo work in the area and of course I have been hoping we could get this from her at some point but now I have an issue with licensing, or maybe I dont.
She asked for all of my info again w-9, insurance and also my contractors license which I explained I did not have a GC license but shouldn't need one for what was being completed. She checked back with WF and responded saying that they wouldnt allow me to do anything without my 'contractors license.'
Can someone tell me if it is really a requirement to have a GC to do WF preservation work and not remodels or is there a misunderstanding.
 

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That is a question for your local and state licensing boards.

In my area there is no such license available. Dunno about your area.
 
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YEP WFHM requires you to be a contractor so you KNOW the codes and other issues of taking care of a home properly. This is not to be a smarty but anyone can do a trashout or a grass cut and not worry about codes BUT to replace a sump, outlet, switches, winterization, minor or major repairs they want only licensed contractors with an insurance policy for licensed professionals. Basically the knowledge that hopefully comes with licensing and experience.

Otherwise this can be a gold mine for you. Good luck.
 
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Thanks for the quick reply Fremont, I was afraid you might respond with that answer though because I do realize this had the potential to be a goldmine. I do not currently hold a contractors license in TN and there is no way for me to get through the testing before the window of opportunity gets slammed. Was nice to think we might be able to make some decent money in this field again though :(
 
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Can you hook up with a licensed GC and use him as your qualifier? Don't think the door has slammed shut unless you have visited all available options. Check on Craigs List....there's a slew of out of work license holders that will "sell" you their credentials for a fee or profit sharing.
 
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Builderbob 72 said:
Can you hook up with a licensed GC and use him as your qualifier? Don't think the door has slammed shut unless you have visited all available options. Check on Craigs List....there's a slew of out of work license holders that will "sell" you their credentials for a fee or profit sharing.
Someone would have to be out of their mind to take full responsibility of all jobs of someone who contacted them by CL. I also believe that this is illegal, it is rubber stamping.....if he just uses his license.
 
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Kent Whitten said:
Someone would have to be out of their mind to take full responsibility of all jobs of someone who contacted them by CL. I also believe that this is illegal, it is rubber stamping.....if he just uses his license.
Yep its a no go here.
 

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Builderbob 72 said:
Can you hook up with a licensed GC and use him as your qualifier? Don't think the door has slammed shut unless you have visited all available options. Check on Craigs List....there's a slew of out of work license holders that will "sell" you their credentials for a fee or profit sharing.
Find someone who has a License and would be interested in teaming up. Let him oversee his interests for a payroll.Let him earn it in some way. If you are really looking at a goldmine, it should not hurt too bad by padding his pockets while you deal with all the Bull#### from the agent.Although even transfering a license could take 60 to 90 days, depending on your state.
 
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Discussion Starter #9
JDRM said:
Find someone who has a License and would be interested in teaming up. Let him oversee his interests for a payroll.Let him earn it in some way. If you are really looking at a goldmine, it should not hurt too bad by padding his pockets while you deal with all the Bull#### from the national. LPS does wells fargo properties.Although even transfering a license could take 60 to 90 days, depending on your state.
LPS does PPO work for Wells, so do others. REO work is handled by Wells' in house service company.
As far as business relationships go with service companies, IMO, this opportunity IS a goldmine. At least it has been for me.
 
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Kent Whitten said:
Someone would have to be out of their mind to take full responsibility of all jobs of someone who contacted them by CL. I also believe that this is illegal, it is rubber stamping.....if he just uses his license.
Perfectly legal if you PARTNER with a GC as a equity investor in your business. I wasn't suggesting a rubber stamp, I was suggesting to build his business by alliance, instead of throwing his hands in the air. The CL suggestion was just a comment as to the number of out of work licensed builders who lack the marketing skills to locate their own work.
 
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Builderbob 72 said:
Perfectly legal if you PARTNER with a GC as a equity investor in your business. I wasn't suggesting a rubber stamp, I was suggesting to build his business by alliance, instead of throwing his hands in the air. The CL suggestion was just a comment as to the number of out of work licensed builders who lack the marketing skills to locate their own work.
If you can find someone, legally....sure....it could be a good option. If I had the license, I would want to make damn sure who I was partnering with though.

I would think that partnering would require legal partnership, as in an LLC.
 
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Discussion Starter #12
Kent Whitten said:
If you can find someone, legally....sure....it could be a good option. If I had the license, I would want to make damn sure who I was partnering with though.

I would think that partnering would require legal partnership, as in an LLC.
I think you must've meant LLP.
LLC is 'limited liability company'.

I do agree that a legal entity would need to be in place for this concept to work. Legally.
 
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Discussion Starter #13
mt4closure said:
I think you must've meant LLP.
LLC is 'limited liability company'.

I do agree that a legal entity would need to be in place for this concept to work. Legally.
LLC or LLP, both are for partnerships. Either one works.
 
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Discussion Starter #14
GC (vs) HIC

tenec said:
Need some insight here...

'contractors license.'
Can someone tell me if it is really a requirement to have a GC to do WF preservation work and not remodels or is there a misunderstanding.
Not sure about your state, but I do work for Wells fargo (PAS) under a Home Improvement License. 1 page form (+ fee) submitted to the Dept of Consumer Protection
No need for a General Contractor license
Done over $100k since last summer through their REO Brokers,
get on that $ train!!
 
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Ding, ding, ding Danny you sir are the winner in my book! Thanks a bunch for your response because thats the ticket here in TN. $250 app fee, $10,000 bond, $100,000 liability and work comp. No other financials or testing required and it covers you for contracts between $3,000 and $24,999.
 

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I have been working for WF in NC for 2 years now doing Lawn Maintenance, Trash-Outs and Winterizations. I have never been asked for anything except my insurance... Crazy how things can be so different from town to town.. If you can get onboard then your set cause they are about the best bank to work for and get paid your worth...

GOOD LUCK!
 
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Re: Wells Fargo Preservation
If you can get onboard then your set cause they are about the best bank to work for and get paid your worth...

Always have great experiences with them. Work approved at my regular contractor pricing, paid in 7-10 days, No haggling, No hassles, No charge backs
 

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danny1217 said:
Re: Wells Fargo Preservation
If you can get onboard then your set cause they are about the best bank to work for and get paid your worth...

Always have great experiences with them. Work approved at my regular contractor pricing, paid in 7-10 days, No haggling, No hassles, No charge backs
I agree!!! It is beautiful working for them, although I get mine from LPS, still no problems!! Pay on time all the time, never threats of chargebacks! (safeguard)
 
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Discussion Starter #19
I've been spoiled with strictly investor and brokerage clientele until now....now i gotta get on board with the nationals like every other P&P company :( trust me i'm sad too BUT i've heard good things about LPS and PAS.......info about both of these would be great and requirements needed or just business license, GL at 2mil & WC ins like all others??

also whats required to be a LPS inspector?
 
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