Renting part of the house on Airbnb is an easy and quick way of making money. Homeowners can make the money they need for their property by hosting a few guests for a few days. Of late, several unexpected adverse incidences have been reported. The temporary renters might damage your home, and the damages may not be covered by insurance companies.
These issues might cost more than the income that the tenants give you. There are a few things too as advised by Richard Blair. For instance, you should know that short-term rentals are not covered under home insurance policies. This implies that the homeowner is liable for damages caused by the renters. One should be aware the INS and OUTS of this venture. When you bring in tenants, they may damage your property and that of your neighbors. The homeowner is responsible for such damages.
If you still want to go on despite the risks, it is recommended that you talk to an insurance provider or a wealth investment manager. Richard Blair is a property investment manager and can be of assistance.
About Richard Blair
Richard Blair is a financial advisor with over 24 years of experience. He is a Certified Annuity Specialist, Registered Investor Advisor, Certified Fund Specialist, Certified Estate and Trust Specialist, Certified Tax Specialist, Certified Income Specialist, and Retirement Income Certified Specialist. His mother, grandmother, and wife were teachers and thus saw how education could boost one’s knowledge and confidence, and this inspired him towards education. Richard entered the financial world in 1993 after clearing college. Richard graduated with a Bachelor’s Degree in Finance from the University of Houston.
Richard was passionate about helping people with their financial planning, and he established his firm Wealth Solutions in 1994 to achieve his perceived passion. The registered consultant firm is located in Texas with estimated annual revenue of approximately $ 2.5 to 5 million and a staff of about 5 to 9 employees. With a total Asset under Management of 55 million the firm’s goal is to provide objective financial advice to clients and lead them in planning their retirement. The aim of Wealth Solutions is to make a positive change in the lives of people, families, and small enterprises. The scope of his clients ranges from wealthy individuals, families and small business owners in Texas and the locality. Richard Blair is a father of three and married to Joanne. His hobbies include spending time with his family, golf, exercising, bike riding, family holidays and attending his kid’s sports events.