In the modern world most people are looking for ways to make extra income. With the rise of Airbnb many people saw a way they could turn space in their homes into quick and easy cash. However, many people do not realize that there are many potential pitfalls involved with renting out your home to strangers. They simply see the opportunity to make some money and willingly allow strangers to stay in their homes for a few nights. Had they taken the time to get financial advice from the professionals at Wealth Solutions they would be aware of the risks involved with Airbnb and learn about safer money making options.
There are a number of risks associated with renting your home through Airbnb. The short term renter could damage your property and your homeowners insurance may refuse to cover it because it was the result of a commercial transaction. This leaves the homeowner on the hook for the cost of making the necessary repairs. The renter could also engage in illegal activities, annoy or do damage to the home of your neighbor. This could leave the temporary landlord facing legal and financial issues that far outweigh the little money they made.
Things To Consider
If someone is injured in your home while you’re not there you could be held liable. If your tenant steals something from you or your neighbors, uses your home to commit a crime, or does anything that results in a lawsuit, you can potentially be in hot water legally. Your insurance company could decide the destructive actions taken by your tenant isn’t covered in your homeowner’s policy. While Airbnb offers some coverage for damage caused by tenants they send you, their coverage doesn’t kick in until all your resources have be exhausted.
Other Wealth Generating Options
Once you realize you have lots to lose and very little to gain with Airbnb, it would be wise to contact Richard Blair and Wealth Solutions. For almost 25 years Blair has been a successful wealth and investment manager that has been able to match people with investment opportunities that are ideally suited for their needs and goals. He has vast experience with integrated financial planning, asset protection, investment advice, insurance, securities and more. Blair has assets in excess of $50 million under management and can show you more viable moneymaking options than renting your home through Airbnb.
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