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5 Things You Should Know Before Investing in Airbnb • The Dumb Passive Income Blog
Investing in Airbnb is all the rage; there are over 660,000 listings across the country and that number is ever-growing. This popular way to earn passive income can be fun and relatively easy, but there are some key things to know before diving in.
1) Risk v. Benefit
While there are several benefits that we will get into shortly, there are also a handful of risks that need to be noted. According to iGMS, the top 5 risks for Airbnb hosts include liability risks, renting to squatters, changing regulatory environments, canceled bookings, and the negative impact on property values.
Liability means you risk any accidents happening on your property while guests are staying there. The best way to avoid any potential lawsuits is to invest in the correct Airbnb liability insurance. This will save you money in the long run and protect you from any personal liability.
Squatters are another problem many people with rental properties face. This is when someone rents from you and either doesn’t leave, doesn’t pay, or is a combination of the two. This can cause obvious problems but can be quite difficult to get rid of due to the whole eviction process. Not only does this result in losing out on renting to new guests, but it can also come with a…
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