Airbnb is an incredibly popular app. Every day, thousands of people use Airbnb to find a comfortable place to stay while they are traveling. Most of the locations on Airbnb are in private residences and many claim to find Airbnb’s to be more comfortable than hotel rooms. Some people living in major cities place part of their home on AirBnB, believing that the extra income will help provide for their family. This appears to be a great way to make money, but is it really worth the risk?
Recently, an expert from Wealth Solutions looked into the Airbnb trend and he determined that Airbnb is simply not worth the risk for most people. When you take in tenants from Airbnb, you are assuming a great deal of risk. This risk isn’t apparent at first, but it is still there. Your new residents could be criminals, or they could damage your property. They may even get hurt while they are on your property. These are all major risks, and they could threaten your wealth.
We face risk every day, and most people choose to reduce that risk by purchasing insurance. Unfortunately, Airbnb rentals are not covered by most homeowners’ insurance policies. If something happens when your guests are at your home, then you are personally responsible for the problem. Airbnb does offer some insurance protection, but it is not nearly enough to protect you, and usually it will not kick in until you have exhausted your resources.
Airbnb is not a great way to expand your wealth, but those that truly want to become wealthy should consult with an investment manager. The right investment manager will go over your entire finances and help you develop a plan to grow your wealth. Richard Blair is one of the top investment managers in the world, and he is more than happy to help.
Richard Blair owns and operates Wealth Solutions, an Austin-based investment management company. Richard’s team offers a wide variety of services to those that want to grow their wealth. These services include financial planning, advisor services, and asset protection. They focus primarily on high net worth individuals, and they have been incredibly successful. Their clients are extremely happy with the results, and Richard Blair wants to keep growing.
Using Airbnb to make some extra money is tempting, but it can have a horrible impact on your wealth. Avoid the risk that Airbnb presents.