Quick Money can Lead to Quick Trouble
We live in an age of apps. This all started with the arrival of smartphones and now there is an app for just about anything. The lure of apps, whether it’s on a cell phone or desktop, is that it is now possible to do business remotely no matter where you live in the world and instantly. It is also because apps and websites are giving anyone the opportunity to do a small business on the side and make some quick and relatively easy money. Learn more: http://www.manta.com/c/mtr4ztj/wealth-solutions
This is also true with AirBnB, a business where anyone who has house, room or apartment for rent, can do so on short term basis for someone who is visiting town for a few days. All the home owner needs to do is set up an account with Airbnb and wait for customers to request to rent the house or room. If only it were that easy. The following are a few things to consider before setting out to be an amateur hotel owner. Learn more: http://anthonycioe.com/richard-blair-providing-sound-investment-and-wealth-solutions-to-clients-in-austin-texas/
- When you have renters you may be liable for any accidents or injuries that happen on the property, including the renter. In some places, even neighbors can sue the home owner for any perceived damages done to their property.
- Typical homeowners insurance does not cover short term rentals. This automatically makes renting out rooms and property a big risk.
- Whether using AirBnB or any other similar business to rent space, take a close look at their protection plans. In most situations, it is minimal at best, and even then it will not go into effect until there is no other option left.
Speak to an Expert
So what can you do in a situation like this? The best recourse is to talk to a professional who has knowledge and experience in dealing with insurance as well as financial decisions. A professional such as Richard Blair. Richard found out at an early age that he had a knack for all things finance at a relatively early age. After graduating college, he went to work for a firm that specialized in financing. After cutting his teeth there for a while he decided to move on and start his own firm, which he still runs today. The firm is called Wealth Solutions Inc. and it is based in Austin, Texas. He has given advice on a myriad of areas such as asset protection, property insurance, property tax etc. If you are considering to rent out that extra room or condo, it is worth while to talk to someone like Richard Blair before doing so. Learn more: http://creditorweekly.com/index.php/2016/05/26/investment-strategy-with-richard-blair/