While it may sound like a quick and easy way to pay for a home or ensure financial security by renting part of their house on Airbnb, there are many things a person must take into consideration before making such a large decision. Things that should be taken into consideration are the risks involved, the insurance coverage needed, and the protection that is available. Learn more: http://hackronym.com/category/financial-advice/
The risks can although may not happen all the time can be devastating if a landlord is not prepared and have not considered it. These potential risks include the possibility of being liable for injuries that are incurred by a tenant. Other considerations would be property destruction, potential theft or other criminal actions, or what legal measures may be brought because of these.
A homeowner considering rentals for short-term should consider the fact that they cannot be covered under many traditional homeowner’s policies and would be responsible for damages that are incurred from the guest. A person would also want to consider the fact that Airbnb coverage is not meant to be a primary coverage meaning that it would not cover anything until other resources are exhausted. It is recommended because of these concerns that you consult with an investment manager. A very strong candidate for this would be one such as Richard Blair of Wealth Solutions.
Richard Blair is a highly respected independent investment advisor and has learned from watching family members teach others that he could utilize this to help others with investment strategies. He has over 20 years experience and carries many field-specific certifications including CAS or Certified Annuity Specialist, CES also known as Certified Estate and Trust Specialist, Certified Fund Specialist or CFS, CTS or Certified Tax Specialist, and RICP or Retirement Income Certified Professional. He works from Austin, Texas and has a Bachelors degree in finance from the University of Houston. Mr. Blair is the founder and owner of Wealth Solutions, which he began in 1994 just one year after graduating from college. Wealth Financial is a 55 million dollar RIA company. Richard Blair has geared his passion toward retirement investing and helps people bridge the gap between the planning phase and the actual retirement phase of life. The main focus of his company is to help the aging retain their wealth through using a strategy of conservative investing this is done to take advantage of the upside while minimizing risks.
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