Richard Blair Offers Financial Advice
Airbnb opened the door to home owners easily becoming amateur hoteliers and while the notion of running a mini bed and breakfast (B and B) can bring in additional income, it can also incur new costs. Renters may damage the home and homeowners insurance may not cover the damage. Running a B and B requires additional insurance. With many risks, if you don’t know what you’re doing, the “extra” earned can cost much more than the renter paid.
Having tenants opens the door to liability revolving around them. The hotelier becomes potentially liable in regards to:
Homeowners insurance doesn’t cover short-term rentals. Without additional insurance to cover the rentals, you must pay for damages and liability situations out-of-pocket.
While Airbnb does extend insurance coverage to those participating in its service, it offers secondary coverage, meaning it pays for nothing until you exhaust your resources – both insurance and out-of-pocket.
Before entering the hotel business – even part-time – talk with an insurance and investment professional. Richard Blair, owner of Wealth Solutions, Inc., takes a teaching approach with his clients. His take is that the investment professional should offer unbiased, objective advice, free of conflicts of interest.
Look for an individual conversant in multiple areas, who can offer concrete, integrated advice. Blair, for instance, tops his college degree with post-graduate certifications as a:
Registered Investment Advisor (RIA)
Certified Annuity Specialist® (CAS®)
Certified Estate and Trust Specialist™ (CES™)
Certified Fund Specialist® (CFS®)
Certified Income Specialist™ (CIS™)
Certified Tax Specialist™ (CTS™)
Retirement Income Certified Professional® (RICP®).
Find someone available to you 24/7/52. Blair’s company offers 24-hour access to investment options via online solutions. That allows you to research something when you think of it or the moment a question comes up.
Opening a new stream of income should make you money – not end up costing you. Consulting with a trusted professional before doing business as a bread and breakfast can save you and make you money in the long run.
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