The Ultimate Guide to Setting Up Your Airbnb Business the RIGHT way (banking, taxes, LLC, profits)

[@ThanksForVisiting]

🏦Open your account with Relay today: lets.bankwithrelay.com/thanks-for-visiting/?referralcode=ThanksForVisiting&

[@RICKREALESTATEGOALSSANANTONIOT]

Got it! Open Llc , Ein-and then RELAY all the way for banking services 👍

[@ThanksForVisiting]

Yesss!!! 🔥💰

[@SB-pe9ec]

so helpful!!!

[@ThanksForVisiting]

Thanks for watching!

[@BetterWayLiving]

For those looking to expand in the future, setting up a corporation and filing as an S-corp offers extra tax benefits. Im not a lawyer or tax professional but is based on advice I had for a previous business as well as researching it again. Its actually sometimes cheaper to set up a corporation depending on the state. Requirements are basically the same with an additional requirement of an "annual meeting" of the board of directors for a corporation. Check with your state. And tax prep fees may be a bit more but in my experience it has been worth it when your profits get larger. It sure beats having to go from an LLC to a corporation later.

[@ThanksForVisiting]

Thanks for sharing!

[@Nestrs]

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!

[@ThanksForVisiting]

That's awesome! We agree!

[@vlbah]

Any recommendation on an accountant for only 1 STR for a non US person to ensure taxes are being paid

[@ThanksForVisiting]

@@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!

[@kristawebb5732]

Loving these deep dive videos, such great information on setting up a legit and profitable STR business!

[@ThanksForVisiting]

Thanks for watching! We're glad you're here!

[@alexgutierrez-q5t]

Nice way to make it all about ur sponsor

[@ThanksForVisiting]

We're super proud to have partnered with Relay on this video - we use them in our business every day, as described in the video!

[@coreygray5842]

Such an informative video, thank you for posting. Do you recommend setting up a new LLC for each property? Also is it process for getting mortgages in LLC’s difficult?

[@ThanksForVisiting]

Thank you for watching and for your kind words! 😊 Setting up an LLC for each property can provide added liability protection, but it’s a personal decision depending on your business goals. It can definitely be beneficial to have the separate LLCs. As for mortgages in an LLC, the process can be more complex than personal mortgages, but it’s just like learning any new process! I always recommend consulting with a real estate attorney and working with a CPA. You can never be too informed.

[@coreygray5842]

@ thanks for the info, we’re just getting started and want to be as informed as possible. Relay is definitely looking like the best option for banking for STR.

[@ThanksForVisiting]

@ we LOVE Relay!

[@wantmoreinlife]

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?

[@vlbah]

Following this as I had a similar question.

[@ThanksForVisiting]

Good question, I would check specifically with PR regulations and work with professionals with experience specifically in PR.

[@nolo3]

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.

[@ThanksForVisiting]

Highly recommend working with an accountant or professional with STR specific experience so you can ensure you're as strategic as possible.

[@kjwking3923]

Excellent video, thank you for the detailed info. Question: Do you have a separate Relay account per property?

[@ThanksForVisiting]

@@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.