The current trend with many homeowners is to rent rooms or even the entire apartment or home to short-term tenants and travelers using online rental platforms like Airbnb. Through the income they can purchase luxurious real estate property or supplement their income. Most of the people do not consider the legal and financial implications that amateur hoteliers have to take.
Insurance issues to consider before joining the Short-term rental game
1. Homeowner’s policies do not cover short-term rentals
The insurance policy taken by the homeowner does not protect the liabilities associated with the guests. Most insurance companies interpret short-term rentals as a commercial project and therefore exclude the claims from your home policy. When claiming for compensation, it is advisable to inform Airbnb, least the claim is canceled. Homeowners are advised to either upgrade their existing policies or take a business liability policy. The other option is to ensure the guests using the premises are insured with the homeowner or rental policy.
2. Tenants come with many risks
Tenants pose numerous liabilities to the homeowner. The risks include theft, injuries to the guest or someone else from the family, illegal activities, etc. Many local authorities require the people offering beds and breakfast to pay special taxes, have a commercial license, and submit to inspections
3. The protection offered by most rental platforms is not enough
A firm like Airbnb gives a $1 million guarantee to every host. This guarantee is not like an insurance company, and a person may suffer in the event of peril. The guarantee is only applicable when all other means to recoup the loss are exhausted. It also excludes some losses. The majority of the rental platforms disclaim the responsibility for protecting the guest or the host from trouble. Homeowners don’t want to be the ones testing the policies in lawsuits.
The desire to supplement income is a wise idea. However, it is advisable to inform your legal and insurance providers and get their professional advice.
Richard Blair is an investment advisor at Wealth Solutions Inc. He went to the University of Houston where he graduated with a Bachelor’s degree in finance. He is the executive and sole proprietor of Wealth Solutions Inc. The firm is based in Austin, TX. He developed this firm with an aim of providing independent advice. Richard Blair enjoys helping others accomplish their personal financial objectives.
Investment banks play a big role of advising and meeting the financial needs of various public and private corporations. The core services of investment banks include underwriting debts and securities of various entities, facilitating mergers and acquisitions, guiding the issuance and placement of stocks and facilitating the sale of securities. Investment banks also provide financial advice and financial asset management services on behalf of clients. Since the services provided by investment banks cover a wide area of operation, various departments have been created to cater to all the niche markets.
A typical investment bank has finance, investment research, merchant banking, investment banking, compliance, securities and trading, information risk management and private equity banking departments. Investment banks are generally divided into two main categories, Tier 1 and Tier 2. These classifications are made based on the size of the firm. In terms of career, candidates who have obtained bachelors or masters degree, but have no prior experience in investment banking can apply to work as investment banking analysts. On the other hand, candidates with an MBA and the relevant industry experience can apply to work as associates.
About Martin Lustgarten
Martin Lustgarten is the CEO at Lustgarten Martin, an investment banking firm based in Florida. Lustgarten’s successful streak in the industry has seen him build an impressive client portfolio around the world. The firm is already a huge financier of various companies, most of which are based in Venezuela. The investment banking firm offers a number of services including underwriting, facilitating mergers and acquisition, providing financial advice and acting as an intermediary in security issuance among other core services.
Although investment banking is a highly competitive industry, however, professionals like Martin have excelled by providing solutions that cover various market segments. In his spare time, Lustgarten is a keen collector of vintage items. He also spends some of his time supporting various communal causes. One of his latest Gofundme campaign aims to raise money to save and give a new lease of life to shelter dogs in Florida placed on the so called “death row”. Martin Lustgarten has a family with two children.
More information for Martin Lustgarten: https://www.producthunt.com/@mlustgarten2
Investment banking as the name suggests is a branch under the banking industry which helps people, organizations, companies and governments invest their money to raise more capital. Investment banks are quite popular because of the services they offer.
Unlike commercial banking, investment banking does not take the clients money and deposit it safely, rather it benefits from taking risks. Investment banks raise their capital through selling of securities and giving of investment advice.
The services offered by investment banks can simply be classified into two categories. One department involves giving of informed advice to companies and entrepreneurs who want to invest their money in stock markets. The second category includes managing of money and accounts of other firms or companies to sell securities. They participate in acquisition of properties, determine value of companies and help in merging companies.
Most investment firms or banks have a front office that deals with giving advice and conducting market research. The middle office then deals with management of risks while the back office deals with the other operations.
Investment banking is quite tricky and involves taking great risks. Failure to have well researched information for clients and poor strategies leads to automatic failure. Taking of reckless risk led to the major financial crisis in 2008. This led to clients being keener on only taking well calculated risks. The investment banker must be able to study markets, make correct predictions and understand consequences of events. In this field, the more successful an investment banker is, the more their reputation and clientele grows. One of the top most recommended investment bankers is Martin Lustgarten.
Martin Lustgarten’s impact on investment banking
Martin Lustgarten has earned his reputation in the world of investment banking through mentoring of successful investment bankers and delivering of individualized services to his client. His work has consistently produced financially successful outcomes. He established a culture around investment banking where interest of clients is put first before acquisition of profit.
With his vast experience and skills, Martin started Lustgarten Martin invest banking firm that is based in Florida. He is the CEO and the firm has the reputation of pulling successful deals and is a top most sought firm.