Getting sound investment, insurance, and financial management advice is a very important factor that will have a direct impact on whether or not some people are able to build the personal net worth necessary to achieve financial freedom. One individual that has spent his career dedicated to helping people develop financial freedom is Richard Blair, who is a registered investment advisor and principal of Wealth Solutions.
Richard Blair has over 20 years of wealth management experience. He first started Wealth Solutions in 1994 when he saw an opportunity to help people achieve financial success. He now is able to provide financial management and investment advice to personal investors as well as small businesses. He focuses on helping people meet their retirement goals while avoiding financial pitfalls.
While Richard Blair is frequently involved in providing investment advice, he also provides people advice when it comes to trying to make money in less traditional areas. One area that he has provided advice in is insurance when it comes to leasing out real estate to daily renters, including through websites such as AirBNB.
Richard Blair has outlined a number of different issues that all people need to think about when they are about to lease out their real estate to short-term renters. One of the most significant items that need to be considered are the risks associated with the rental. Some of the risks that need to be considered are the risks of significant damage to the property, being held responsible for any illegal activities that take place in the home, and even tenant’s refusal to pay or vacate the premises upon the end of their contract.
Prior to starting any short-term rental property business, regardless of the frequency, Richard Blair recommends getting the right level of insurance coverage. While AirBNB and other websites do offer some form of insurance coverage, it is often not nearly enough to cover severe damage. An owner of real estate needs to ensure that they have plenty of property coverage to cover and property damage, liability coverage to cover any injuries, and even a strong umbrella policy to cover items that may not be considered during the normal course of business. Richard Blair also urges people to take additional steps to screen any potential tenants.