Airbnb, VRBO plus many other online rental platforms have revolutionized the rental business. They have made it possible for home owners to rent out their homes or apartments to visitors on a short term basis. This venture has enabled home owners to get extra money from rooms or houses that have been laying vacant.In this economy the new venture of allowing strangers to stay in your home for a short period of time has enabled many home owners to make good use of the empty spaces in their homes while making money from them.
Richard Dwayne Blair who is the owner and proprietor of Wealth Solutions Investment Advisory Firm has some advice for home owners who are supplementing their income through renting their homes out. First he says that bringing tenants to your home comes with a lot of risks which include theft, injuries to tenants and those in the property, damage property which may include neighbors’ property and lawsuits.
Quite a number of municipalities require that people operating businesses that include the provision of bed and breakfast services should have special licenses and be able to pay taxes out of those ventures. Thus Richard warns that home owners may run into risks of potential lawsuits that arise out of those arrangements regarding the payment of taxes and other legal implications. Short term rental businesses fall into certain category regarding the acquisition of licenses.
Richard Blair holds a bachelors degree in finance and financial management services from the University of Houston. Blair founded Wealth Solutions which is an investment firm that has helped quite a number of people achieve personal financial freedom and build up long term wealth in the process.
Richard has more than 25 years experience working in the financial management and is a registered investment advisor with skills ranging from wealth management, banking , retirement, portfolio management, investments, mutual funds among many others. His current residence is at Austin, Texas.
As an investment expert Richard urges home owners who are in the short term rental business of renting their house to strangers that most insurance companies do not protect against the liability which is associated with the paying tenants. Many insurance agencies will not cover that and when you institute a claim the policy may be cancelled. He recommends that home owners disclose to their insurers about their new venture so that insurance agency can factor that in the home policy. Quite a number of online platforms disclaim protecting guests or hosts from trouble and so his advice to home owners is to seek legal assistance from their insurance agencies.