While there’s no doubt that apps like Airbnb have helped people turn their apartments into interesting ways to make money, there are still plenty of concerns that need to be addressed and that are often overlooked by those renting their homes out for the first time. In fact, Richard Blair of Wealth Solutions has developed a list of some of the most pressing concerns that should be on anyone’s mind before getting into business with Airbnb.
As with any venture that involves bringing complete strangers into your home, Wealth Solutions suggests that people first think about how they’ll be able to deal with potential consequences. Services like Airbnb only offer a secondary form of coverage for unfortunate events, which means it only takes effect after other resources have already been completely exhausted. In addition, most forms of homeowner’s insurance don’t cover small scale renting situations, like those typical of Airbnb. This means that you’re solely responsible for any damages that a tenant may cause, or any other unforeseen consequences.
Of course, Richard Blair isn’t completely against ventures like Airbnb. He understands the value of a smart balance between risk and reward, which is why he set up the Austin-based securities company a little over 20 years ago. As of today, Blair’s work extends to a multitude of companies and industries. Regardless of who he’s working for or with, he always works hard to achieve their investment goals. It’s this reputation for hard work that has allowed his company to grow into what it is today.
As both a financial analyst and expert, Richard Blair has helped his clients deal with estate taxes, asset protection, employee benefits, and a whole host of other issues that are common of business owners and entrepreneurs. Aside from establishing wealth management goals and then creating actionable plans to achieve those goals, Richard Blair is also known for developing innovative solutions to complex problems. Instead of trying to force clients down specific paths, Blair and his team treat them as partners whose insight is equally valuable. It’s because of this consistent innovation and excellent customer service that Wealth Solutions has remained such an effective financial planning organization.