Renting part of one’s house on the Airbnb marketplace can be a quick and easy way to make money, and a decent amount at that. The simple act of hosting travelers and tenants for small periods of time can sufficiently rake in enough money to pay for property fees. But there can also be a host of unexpected problems that can take new or unprepared hoteliers by surprise. These issues can be big enough to put hoteliers in unanticipated legal and financial problems, and even cost more than the amount of money made by renting their property if severe enough.
There are 3 main issues that one must always consider as a hotelier for Airbnb – the risks involved with renting, insurance coverage policies, and financial insurance coverage and protection. There can be many risks taking in tenants and renting to them. You are potentially liable for and injuries to guests, theft, illegal activities, damage to the property or of to your neighbor’s, or even lawsuits depending on the actions of the tenants. And the typical issue of some tenants refusing to pay.
Short-term rentals are unfortunately not covered by many homeowners insurance policies, which makes you responsible for expenses that are incurred by your tenants. Another issue to consider is that the protection offered by Airbnb is secondary coverage. It doesn’t activate until you’ve exhausted your other resources.
In light of these issues, many qualified insurance professionals, and wealth and investment managers are there to help you review your options and offer advice unique to your situation, and one that stands out among all the others is Richard Dwayne Blair of Wealth Solutions, Inc. Blair is the Sole owner of Wealth Solutions, a company based in Austin, Texas, and has been involved in securities for 22 years.
Blair and Wealth Solutions offer many services such as financial planning, advisory services, information on funds, and more for high net worth individuals. Mr. Blair has helped many people attain their investment goals through companies like the Worldwide Ventures Gp LLC, Crownbridge Wealth LLC, United Global Securities, and of course Wealth Solutions, Inc. His areas of expertise include integrated financial planning, estate tax and planning, securities, asset protection, employee benefits, insurance and more. He holds over 55 million dollars in assets under management. Wealth Solutions is a professional investment advisory firm uniquely suited to advising and supporting novice Airbnb renters, and is highly advised for renters.
Contact Wealth Solutions today!