Richard Blair’s Success and Philanthropic Acts
For a multitude of people, renting out their entire home or part of it on Airbnb seems like an easy way to cash in money. One may look at it as a way of paying off their mortgage loan by hosting travelers for a short while. But recent studies have shown that there are some unexpected problems like for instance damage to your property that your insurance may not cover. In most cases, this leaves these amateur hoteliers with financial and legal issues that they hadn’t anticipated, and thus they end up costing more to fix these damages than they could make by renting out their property.
What to consider before renting out your property on Airbnb
1. What your homeowner’s insurance covers
Many homeowners’ insurance policies don’t cover Short-term rentals. Meaning that, you have to foot the bill in the event your paid guest does damages to your property.
2. Potential Risks
When you rent out your property, you’re responsible for any injuries, illegal activities, theft, damages to your neighbor’s or your property that they may inflict or incur while during their short stay.
Once you have looked at these few issues, you may consider whether to take in short-term guests or not. It’s also strongly advised that one should seek the advice of an investment manager or an insurance professional. An example of such a professional is Richard Dwayne Blair of Wealth Solutions, Inc. He can assist you in reviewing your options and advice you to your customized needs as he has been in the business of securities for 22 years.
Richard Blair and his company offer advisory services on information on funds, financial planning, and management of wealth for high net worth individuals. He has assisted many people to attain their investment goals via companies like Worldwide Ventures Gp LLC, United Global Securities, Blair Insurance Group LLC, Wealth Solutions, Inc., and Crownbridge Wealth LLC.
About Richard Blair
Mr. Blair is a sole financial advisor certified in Annuity, Fund Specialist, Income Specialist, Tax Specialist, Estate and Trust Specialist and a Retirement Income Certified Professional with 22 years of experience in the finance industry. He is the founder of Wealth Solutions, a firm dedicated to providing retirement, and wealth preservation strategies and objective advice and customized investment. His motivational drive is from the challenge of assisting others to attain their financial goals. Outside the office, Richard Blair spends his time with his wife and their three children bike riding, cheering on his kids at their sports events, taking family vacations, golf, and exercising.