Factors To Consider When Renting On Airbnb

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Richard Dwayne Blair is a successful entrepreneur. After graduating from college, he founded his own independent firm, Wealth Solutions. His aim was to provide objectives and unbiased advice to his clients without any conflict of interest. Richard Blair has vast experience in retirement planning, and he helps clients bridge the gap between planning for a living and retiring. He is an expert on matters involving tax and planning, securities, integrated financial planning, asset protection, employee benefits and insurance.

His company, Wealth Solutions, is located in Austin, Texas. The company mainly offers business consultations, research, financial planning, accounting, information on funds, and management services. The company is estimated to generate $401,861 in annual revenues and employs four people at a single location. Richard Blair has over $55 million in assets under management.

Renting part of your house or the entire house on Airbnb sounds like an easy way to make money. Many people rent houses to host their relatives or friends who have traveled from far. Even though renting your home might seem like a good idea, costly and unfortunate events might occur in your house. The temporary renters may damage your house, and insurance may not be able to cover. Some of the damages may end up costing more in repair than the initial cost of renting the house.

When planning to rent your house through Airbnb, you should consider some factors. One of the major factors to consider is risks. You should understand that there are risks involved when you are planning to rent you house. It is wise to remember that you will be potentially liable for injuries to your guests, damages to you or your neighbor’s property, illegal activities, lawsuits filed against them, or even theft. Another risk is the refusal of the tenant to pay.

The second factor is insurance coverage. As the owner, you should know that short-term rentals are not included in most homeowners’ insurance policies. Therefore, you will be personally responsible for any expenses incurred by your guests. The last factor is protection. Secondary coverage is the type of protection issued by Airbnb and many others similar services.

After considering those factors, and still decide on renting your house, you are recommended to consult a wealth and investment specialist or an insurance professional. Richard Dwayne Blair takes people through their options. He and his company also offers advice depending on your situation.

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