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&

[@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!

[@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.