Every action could have a negative or positive reaction, including the actions one might think are non-consequential. There are many homeowners who are looking at AirBnB as an additional stream of income, but many of these homeowners have not considered the entire affair. Richard Blair, an effective and successful financial advisor and planner, recently spoke about some of the issues that homeowners have to consider before opening their doors to a stranger or two.
This financial expert is the self-made man who founded Wealth Solutions, which is a prestigious Registered Investment Advisory firm. The firm is based where Blair resides, which is out in Austin, Texas. This young financial advisor and planner formed the company to help normal people, people with families, and small businesses. Blair felt that there was a whole market of people who truly need his expertise, and other companies do not pay much attention to them.
It was Richard’s dream to use his financial knowledge, but he wanted to do so without worrying about conflicts of interests. He wanted to be able to help for the benefit of his clients, which is what prompted the opening of Wealth Solutions back in 1994. For decades, it has been Blair’s unyielding commitment to his clients and their financial security that has made his business successful.
This business man has a strong desire to help people, and he does not want them to make hasty decisions. This is why he decided to speak to people who are looking at AirBnB as a worry-free solution to a financial hiccup. Richard does not want people to use AirBnB without being fully aware of all the possibilities and how they can prevent them from affecting their lives.
Blair is hoping that homeowners pay attention to the laws that apply to tenants and what a homeowner is not protected against. For one, a tenant can refuse to pay for damages, and the costs of pursuing payment may be left up to the homeowner. The homeowner might even end up paying for those damages out of pocket. Remember that homeowner’s insurance may not cover your short term renters.
Richard suggest that any homeowner thinking of using AirBnB as a secondary income should consider talking to their insurance company to see how they can change their insurance to include these occasional renters. It is also important that homeowners earning a little more talk to good financial planner, just to make sure everything is on point.