Richard Blair Advises Against AirBNB
Everyone loves to make a little extra money. Homeowners and even apartment renters are exploring their options with AirBNB. AirBNB provides a seemingly fantastic option. A homeowner who has vacant rooms available can rent them out. AirBNB is an online venue that handles the bookings and takes the payments. The bookings could be daily, weekly, or monthly. Some may choose to charge very low rates to draw in interested renters. Others may charge very high rates and reap the rewards of the bookings. Is all this a good idea though? Richard Blair of Wealth Solutions doesn’t think so. In fact, he wrote an article on many of the drawbacks with using AirBNB. These drawbacks can be quite significant.
Blair points out there are a great many risks associated with renting out a room. A renter could end up getting hurt on the property or causing damage. In short, there are liabilities that might come into play and do so in a disastrous manner.
The question of liability leads into the next issue of insurance. A new insurance policy may be required in order to cover the newly commercial use of the property. A non-commercial insurance policy could leave someone in a terrible spot if the policy is voided.
And then there is the unknown associated with the mysterious renters. The person could be involved with criminal activities and bring those problems into a short-term property. The landlord never knows what is going to happen until it is too late.
AirBNB does provide a level of protection, but the deals the service offers are inadequate. AirBNB might seem like a great thing when looking at the service on a computer screen. Closer inspections shows numerous trouble spots exist with the service.
Richard Blair absolutely knows matters related to finance and business. He runs Wealth Solutions, Inc. and has previously been affiliated with insurance and securities endeavors. Financial planning is one area of his areas of expertise. Financial planning often entails telling people to avoid bad investments and business ventures. Based on Blair’s assessments, renting through AirBNB does not seem like anything close to a good financial endeavor.
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