It is a good idea to get homeowner license for rental business

7 Replies

Hello, I do not have much experience in this field. I wonder it is a good idea to get homeowner/property insurance license just for my own rental business. If so, what do I have to do? If I am not wrong, the insurance agent make 10-20% commission on it, so I could save 10-20%.

Thank you very much

You are confusing me. Do you want to talk about property insurance for a rental? Or do you want to talk about having to get a rental license from a municipality in order to legally have a rental?

That doesn't make much sense to me. Why waste your time getting licensed in something you will not stay abreast of? That could cause you more harm than good. Hire someone who knows what they are doing and does it 40 hours a week. That allows you to focus on the things that make you real money.

If you need further reasoning, if you're willing to get licensed in insurance just to save a few bucks, where do you stop? Are you next going to learn to be an electrician, plumber, auto mechanic, air conditioning repairman, landscaper, real estate broker, mortgage broker, etc. etc.

Account Closed

Insurance license for selling. 

The thing is I am just a college student. I am thinking about becoming real estate agent and insurance agent,  and my family also own several rental properties. I think that if I were to get a insurance license, I save some money using my own insurance. Maybe I am too naive. 

Thank you for commenting. 

I could easily go get a contractor's license, but just because I'm licensed doesn't mean I'm going to save money on rehab projects. I need to become a student of construction and immerse myself in that field. Only by becoming a knowledgeable contractor will I learn how to save money in that business.

Is that what you plan on doing? If you intend to immerse yourself in the insurance business, learn the ins & outs, then it makes sense. If you're doing it to save a few dollars on an insurance policy for a few rentals, well, that just makes no sense to me at all, but it's your life so make the best of it!

Account Closed

The thing is I have a childhood foreigner friend who is interested in investing here with me who I never known that he is rich. He told me that the Roi(on paper)   in here is pretty attractive compared to his country, and if the business is doing well, he might refer about this to his friends. So, I think I see a possibility of add my sorce of income. 

Well, somebody concerned about ROI will shop for the lowest cost insurance that they can find - so what makes you think that you will be the insurance agent this friend uses forever?

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