Richard Blair is the founder of Wealth Solutions, an investment advisory firm that is based out of Austin, Texas. Blair has always been drawn to the world of education, and he discovered early on that he had a natural talent for finance. Those two things combined led him down a different path, one that would have him not only working in the financial industry but teaching people how to plan and manage their investments. http://www.wealthsolutionsria.com/p/services
After graduating from college, Blair immediately entered the business world where he founded his company, Wealth Solutions. As he has continued to grow his company, he has honed it to focus on not only helping clients plan for retirement, but also living in retirement.
Overall, Blair focuses mainly on making a positive difference in the lives of his clients, and that led him to a recent article to help clients who are looking to generate income from an Airbnb. While this can be a great way to generate extra income, it is also easy to get in over your head, and he has a few tips and things to consider for those looking to begin this side business.
There are risks when you have tenants, you become liable for their injuries as well as any damage to neighboring properties, theft, and possibly even lawsuits associated with their actions because sometimes tenants choose not to pay.
Home owners insurance doesn’t often cover short-term rentals. this means the owner of the property will be legally liable for all expenses. The protection that is offered by Airbnb is a secondary insurance meaning it doesn’t kick in and cover anything until the renter has exhausted all their other efforts.
Blair stresses how important it is to speak to a qualified insurance professional as well as a wealth management company to help plan and discuss what will and won’t be covered as well as if it is worth it in the long run for renters to take on this business. Richard Blair himself is willing to help clients who are looking into joining the rental business, he is available at Wealth Solutions and has some advice for anyone looking to begin renting through Airbnb. http://hackronym.com/wealth-solutions-insurance-and-other-considerations-when-renting-on-airbnb/