Been using Relay for the past couple years! Every time we buy another property, we put it in an LLC and then easily open up a new Relay bank account with it. Keeps us SO organized! Our CPA and bookkeeper love the platform too, which is a win-win!
@@vlbah I recommend finding an accountant in your area who specializes or has experience in the STR industry, usually they'll mention or advertise this experience, just takes a little looking around!
This is great thank you! I live in the states and bought a property in Puerto Rico to use as STR. Do I need to open my LLC and have it based in PR or my home state?
I just closed on my first STR. I had an old checking account that I don’t use anymore that I setup for Airbnb deposits. I also connected that bank account to Quickbooks. And have been tracking all of the business expenses on a spreadsheet accurately. Haven’t set up an LLC yet, but have invested $20K into supplies/furniture. If I set up an LLC now will I not be able to write off that $20k of expenses since I used personal credit card? Again, I have kept everything very organized.
@@kjwking3923 Good question. We use a separate Relay account per business. So, we have separate Relay accounts for each separate property we own. We keep our hosting business under one account.
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Loving these deep dive videos, such great information on setting up a legit and profitable STR business!
Thanks for watching! We're glad you're here!
Been using Relay for the past couple years! Every time we buy another property, we put it in an LLC and then easily open up a new Relay bank account with it. Keeps us SO organized! Our CPA and bookkeeper love the platform too, which is a win-win!
That's awesome! We agree!
Any recommendation on an accountant for only 1 STR for a non US person to ensure taxes are being paid
@@vlbah I recommend finding an accountant in your area who specializes or has experience in the STR industry, usually they'll mention or advertise this experience, just takes a little looking around!
This is great thank you! I live in the states and bought a property in Puerto Rico to use as STR. Do I need to open my LLC and have it based in PR or my home state?
Following this as I had a similar question.
Good question, I would check specifically with PR regulations and work with professionals with experience specifically in PR.
I just closed on my first STR. I had an old checking account that I don’t use anymore that I setup for Airbnb deposits. I also connected that bank account to Quickbooks. And have been tracking all of the business expenses on a spreadsheet accurately. Haven’t set up an LLC yet, but have invested $20K into supplies/furniture. If I set up an LLC now will I not be able to write off that $20k of expenses since I used personal credit card? Again, I have kept everything very organized.
Highly recommend working with an accountant or professional with STR specific experience so you can ensure you're as strategic as possible.
Excellent video, thank you for the detailed info.
Question:
Do you have a separate Relay account per property?
@@kjwking3923 Good question. We use a separate Relay account per business. So, we have separate Relay accounts for each separate property we own. We keep our hosting business under one account.