181. Smart Banking Solutions for your Short Term Rentals

If you have been investing in real estate for a while you know it has a lot of moving pieces. 

Especially if you have ever remodeled a property. All those tiny little expenses need to be recorded. From the miscellaneous screws you bought at your local Home Depot to the new, fresh vanity for your master bathroom. Don’t forget the gas you paid for on the way to the home goods store; that should be expensed too. So maybe you’re not doing the remodel yourself. If you’re like me, when I started I definitely got my hands dirty. I’m not saying I knew exactly what I was doing but that’s where I started anyway. It was fantastic graduating to the point where I could pay professionals to do professional work. No more uneven grout lines or crooked tiles. But of course hiring professionals costs money… and yep, that money has to be tracked too. If you’re working with a local handyman many times you’ll send over an easy payment through the Cash app or Venmo. But as you get bigger, you add more properties, and then you add more expenses. Sometimes, you come across the occasional vendor that doesn’t accept venmo payments. Checks only? Yeah, that still exists unfortunately. So now you need to send a check out that’s not going to process until it’s cashed. I’ve got an easy solution I’m getting too soon–I promise.

And I’m not referring to the turn-key short term rentals we recently talked about (although that’s an excellent way to skip the bookkeeping too) But first let's flip the switch here and assume we’re no longer referring to a long term rental property. Tips from the Short Term Rental Riches Podcast and you’re friends' Airbnb success have led you down the path to getting in the STR game. And as you dive in head first the amount of transactions you have shoots through the roof. Cleaning supplies. Furniture. Housekeeping payments. Utility payments. Software subscriptions. Landscaping. The list goes on and on… This week we’ll break down how we can make all of the expense tracking and banking so much easier! I’ll share with you my best practices and what I’ve learned paying hundreds of contractors, and hundreds of thousands of dollars (remotely) over the years. 

This week as we dive into everything from: 

• Safe banking options & what makes them “not safe”

• My struggles

• Features you need 

• Why speed matters

• Sharing features with your team

• Connecting to accounting programs 

• Two banking options to make your life easier (Incl. one I use)

To find out more about the bank options recommended you can head here to Relayfi.com or mercury.com

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