Building wealth. Something that a number of people are interested in these days. And one of the many ways people seek to do that is through rental property. Airbnb, a short-term rental website, is one avenue that’s become increasingly popular over the past 2 years. Although popular and an easy way to make quick money, the article suggests that there are some things to consider before hosting travelers in your home. http://hackronym.com/wealth-solutions-insurance-and-other-considerations-when-renting-on-airbnb/
The first of which is risk, which is assumed with either short or long-term rentals. Should anyone be injured or damage sustained to your property (or a neighbor’s) or should anything be stolen, you may be liable and/or not have any recourse. Another reason being that short-term rentals are typically not covered by homeowner’s insurance. The third and final reason is there’s no real protection. Sure Airbnb provides some sort of coverage, but that coverage is secondary. And that means you pay everything you can pay and then their coverage will kick in.
After carefully considering these possible issues, one still might want to consult a professional: either an insurance agent or possibly a wealth and investment agent. One financial advisor who has helped many people reach their financial and investment goals is Richard Blair. His passion for teaching and helping people with their personal finance decisions led to the founding of his company, Wealth Solutions, Inc. a professional investment advisory firm, in 1994. Blair not only has 22 years experience in securities but is also certified in multiple areas, including as an Estate and Trust Specialist and a Retirement Income Professional.
No matter how you are trying to build your wealth, it would probably be in your best interest to consult an investment professional. The knowledge and expertise of a professional will help you with the best decisions for you – customized solutions tailored to your personal wealth and investing goals. Be they short or long-term, a financial professional can help you determine what investments you should avoid, show you what methods are best for the goals you are trying to reach. Although a popular trend, Airbnb – short-term rentals in general, is not the best wealth builder for everyone. So before taking a risk on something that has the potential to cost you more than what you could make, get some advice.
Learn more about Richard Blair and his company, Wealth Solutions: