As professionals go through their career, they often look for additional ways to add income so that their retirement will be better. One of the more popular ways to add to your income in recent years is to rent some of your home or vacation place using Air BNB. http://hackronym.com/wealth-solutions-insurance-and-other-considerations-when-renting-on-airbnb/
The upside is that if you live in an area that people like to travel to, you can normally defray your expenses significantly. On the other hand, it is a good idea to work with a financial adviser before you jump into renting your places on Air BNB because they can point out ways to mitigate risk that you may not have considered.
One specialist in wealth management that is very in tune with how to shape extra streams of income so that you minimize liability is Richard Blair. Richard has spent decades working to protect and grow his clients’ wealth through his firm Wealth Solutions. When it comes to opportunities like Air BNB, he would point out all of the potential risk and then propose ways to optimize your revenue.
What is the Air BNB opportunity?
Air BNB is a service that allows you to rent part of your home or condominium as a bed and breakfast for travelers. It has been very useful for those who own condominiums in places like Hawaii. Some condominiums there have association fees of more than $2000, making it nice to have the occasional renter help owners pay for that.
Risks of using Air BNB as a revenue source
One of the problems with relying on Air BNB as a revenue source is that there is normally a gap in insurance coverage for your home and vacation place that does not take into account temporary rentals. It is possible for you to rely upon the insurance coverage that is offered by Air BNB to cover against any potential liability in case something goes wrong while there is a guest. Yet as their insurance is secondary coverage, you still need to find policies or partners that will cover you as a primary when you start renting or you will be personally liable should something go wrong.
Richard Blair is aware of this type of vagary and spends a great deal of time researching and explaining the ins and outs of different revenue sources so that his clientele approaches extra income opportunity without blinders on.
So if you would like to increase your revenue by adding extra investments or taking part in business opportunities, remember that talking to a financial expert like Richard Blair before you get started can save you time and money.