The 5 Bank Accounts You NEED for Your Airbnb Business

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Today’s video is sponsored by Relay Financial! If you’re looking for the right bank to help you launch your Airbnb Business, this is it!
Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank and Evolve Bank & Trust; Members FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.
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Sara's Instagram: / saraaraad
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Опубликовано:

5 сен 2022

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Комментарии : 144

@jalabi99 Год назад

The American Express business checking account lets you open multiple accounts under one account holder, and is free to open, plus it pays you interest. I like it so far.

@IzzyOnTheMove Год назад

My first thought is, my business will be way more organized with ONE bank account, not 5. After all, i only need one account to receive the payments in.

@maureenmonfore6641 Год назад

Why not have a business credit card that will earn you points for every purchase? We earn great points from a business Ink card from Chase. We can use points for travel and other things. Paying vendors through the bank or Zelle earns nothing.

@tameralynn7579 Год назад

Did they give you a decent credit limit when first opening?

@parishpatel951 Год назад

How do you manage everything if you have one chase card and multiple properties?

@maxeclan3430 Год назад

What’s the rate

@RobertLinthicum Год назад

word

@pauldueringer7045 3 месяца назад

better off with a straight cash-back card.

@sheilakilby5162 Год назад

So what account to you pay for your cell phones & home internet, equipment used to maintain the yard? Things that are business expenses but have to be divided between your properties. Sorry to get so detailed but I think we all have these questions. Thank you

@jordanharris5450 Год назад

Your guys channel has made my month. Looking to get into airbnb’s very soon and you guys break down everything so well. Seriously thank you. 🙏

@rodjilius Год назад

I'm glad y'all explained this. I read "Profit First" as well as you both not too long ago and have been trying to set my accounts up properly

@airbnbgirllaura Год назад

This makes a lot of sense and is basically the envelope system. One way to do this same exact system and keep all monies in the same account is to use YNAB, or You Need a Budget. It will be simpler than using different bank accounts, trust me! YNAB is an online budgeting system that uses the envelope method and zero-based accounting, where you have to give every dollar a job, such as op-ex, owner's account, etc. I've been using YNAB for about 4 years now and it's been a huge game changer in terms of managing my finances. It links with my accounts and I reconcile once a week.

@sheilakilby5162 Год назад

Our 3 STR's are on the same property as 2 of our long term rentals. They share a water meter, trash dumpster, property taxes (duplex). I so with we could have a separate account for each property. I spend so much time separating expenses and income. I do keep a profit and loss on each individual property. Thanks for the great information.

@codyA530 Год назад

This is the best! I've been waiting for a video like this. Definitely saving this one for future reference as well! Great video Tony and Sarah!

@davidrosenbeck2041 Год назад

This was PHENOMENAL. Been looking into a bunch of different online banks and haven't settled on anything until now. Keep up the amazing content!

@TheRealEstateRobinsons Год назад

Awesome! So glad you found some value! Be sure to use our Relay referral link to get those bonuses

@ianmerten8375 Год назад

Hey guys, thank you for your videos, they make a difference! Bookkeeping is one of the most intimidating parts as a newbie with only one STR and this helps!

@charlesahweyevu Год назад

I just started my one str. How's yours going?

@irmafranke1012 Год назад

I saved this so I can watch it a few times. I am in the process of setting up our first Airbnb and needed this video. Thank you!!!

@TheRealEstateRobinsons Год назад

Amazing! We definitely want this video to be an ongoing resource for people!

@bikenraider99 Год назад

SBA accounting 101. Good advice on the money side of running a STR rental business. Thanks for sharing

@evacasa3195 Год назад

Thanks guys for these precious advices really appreciated!!!

@feinty5561 Год назад

Also what do you think about the lost benefit of not using credit cards? For example, points collected or the protections like chargebacks for bad service/products? If a business has $10K/month operational expenses that’s $120K/year which can be worth thousands of dollars per year. Especially with Amazon, when you can get 5% cashback!

@fb8874 Год назад

Excellent video! Thanks for the thorough details 👍🏽

@kreativeartistreecandleco.5784 Год назад

You got it, just subscribed. Thanks for the great info!!

@GammaSpeaks Год назад

This is one of you guys' best videos! Saving this for sure... Just wish that you split it into two parts - the accounts and how/where to open them. Love what you guys do. Keep up the awesome work. #TrinidadisWatching

@NickSavino Год назад

Thanks so much Tony and Sara this is incredibly helpful! I am SICK of PNC Bank… I have two questions: 1. If you use Relay, are you able to withdraw cash? I’m only used to going to my designated banks atm if I ever need any. 2. What’s the advantage of using the debit as opposed to a credit card? Is the sole benefit because you can immediately start using it’s own virtual card? Thanks so much for all this value. I’m looking forward to getting into short term rentals!

@benitagibbs3404 Год назад

Great information! Thanks! How long does the approval process take when setting up an account?

@erikamezmale8716 Год назад

Brilliant idea about 5 accounts! I followed your advise!

@sergiolauramaldonado3098 Год назад

Great info guys! We are setting up our second Airbnb and this info is super helpful!!! Congratulations on your success and for inspiring all of us!

@TheRealEstateRobinsons Год назад

Glad it was helpful!

@daniellelynchh Год назад

so helpful thank you!

@Kris-ku3xr Год назад

Wow! This is gold!!!!! Thanks so much and I’ll be using that referral code. You guys have helped me a ton! 🥂 cheers from your Cali neighbor

@fighttilldeath3687 Год назад

Great video guys, would love to see a video on the bookkeeping side and how you keep each property separate. What bookkeeping software do you use and how do you set that up for each account if you had say 20 properties Thanks!

@natejmedia Год назад

Couple questions: First, didn’t I see that you’re only able to setup 30 accounts per LLC? That means you have enough accounts for roughly 12-13 properties (tax, profits, then Opex and researches per prop, etc.) Or was that in reference to other banks? And that goes along nicely with, did you choose to setup an LLC per property to mitigate liability between each property and yourselves/other properties? Second, why didn’t you set all this up, but with business credit cards? It seems to me that if everything were filtered through credit instead of debit, you would be racking up the points in the points and miles game of credit cards. If you’re planning to spend the money anyway with cash (debit), why not put it on a business credit card, pay it off with the cash (debit) you were planning to spend it on anyway, then net the point/miles towards free travel, etc.? I know you’ve thought of this, and you’ve decided against it, so why? Leaving this much free on the table must have a good reason. What is that reason? Thanks guys!!

@brandotex 9 месяцев назад

Agree with you here, seems like a good idea to setup a business credit card and establish credit and only use it for business expenses and pay it off every month. Or I plan to do a balance transfer from personal to business credit card for some remodel expense I could put off for a while with 0% transfer for 18-24 months

@JayAttys 6 месяцев назад

I need more of this!

@paulrodelo4112 Год назад

This was extremely valuable content. Thank you! When you are setting up a property and furnishing it for Airbnb.. are you using a business credit card or paying for it straight out of the operating expense account? What are pros/cons of each? Business credit cards earn you reward points to be redeemed so it’ seems like the obvious choice. Does this make tracking business expenses much more difficult compared to just paying straight out of the operating expense account? If someone could please share some knowledge on this. Is it just as easy to track expenses running it through the business credit card first and then paying it in full from operating expense account? And then also having the benefit of racking up reward points. Or does it make bookkeeping more difficult? Ig im trying to understand why they would not use a business credit card when setting up a property.

@chelsearodriguez919 7 месяцев назад

On my second one; so far almost 100% each one for this month.. and some of December.. I just a started a month ago, I got a 1b/1b not pretentious place but happy clients :) , the studio.. luxury and comfortable.. thank you a lot I’ve been a little too lenient with spending my money, I have 2 toddlers, and you know how kids be.. can never spoil them too much. But I appreciate this video so so much! The thing with me is, I have a w2 my co host and baby daddy does cleanings as well we do it together and bring our kiddos.. I want no money going to me but to him, as it’s his only 1099 job on paper. And I keep my children’s Medicaid. I saw a video of a tax attorney saying to avoid self employment tax when it comes to Airbnb is claiming we do less work and don’t provide a service. “Rendered service” can I ask your experience of your first year of tax reporting ? How did that look like..

@streakingclothed Год назад

I really hope this becomes one of the most watched videos on your channel. Anyone who wants to start a business like this should understand the nitty gritty too! Thanks guys, I’m like halfway through Profit First and it’s fantastic

@NickSavino Год назад

Can’t remember if they covered this but who is the book by?

@streakingclothed Год назад

@@NickSavino Mile Michalowicz. If you look it up on RU-vid he also has a great recorded seminar where he covers the book material.

@NickSavino Год назад

@@streakingclothed thank you!

@feinty5561 Год назад

Super helpful! Thank you for sharing! I am curious how scalable this approach is. If you had 30 properties, would you have to open 60 accounts in Relay? (30 opex and 30 emergency fund accounts). This also doesn’t seem possible because Relay only allows 30 accounts under one LLC?

@siri2280 11 месяцев назад

This is one of the most amazing and helpful STR videos out there! Are all of these accounts checking accounts or is any of them savings?

@MarzNGrama Год назад

Thanks for this valuable info regarding Relay! 😊

@TheRealEstateRobinsons Год назад

Of course! We hope this breakdown was helpful!

@MarzNGrama Год назад

@@TheRealEstateRobinsons It is! Looking forward to your follow up video you mentioned.

@clementekpo7606 Год назад

Great video, i can't wait to start my airbnb

@leighannlatchman6482 Год назад

Such a dope channel !!!!

@Mixedchick132 Год назад

This was a great video! Thank you so much.

@TheRealEstateRobinsons Год назад

Glad it was helpful!

@errole 7 месяцев назад

Hey great stuff and I learned alot. I just got relay but been reading so many concerning details like they shutdown people's accounts out of nowhere. Is this true?

@lakeyshaheard1502 Год назад

Great info for a Newby like me 👍🏾👍🏾👍🏾

@jamiemilburn9422 Год назад

Hi Tony. I'm a BP member and found you through the Rookie podcast. Thanks for all you do to help other investors. My question is - When buying a property for a STR do any of these 5 accounts come into play or are you purchasing the property in a different account? TIA

@CalypsoCorazon Год назад

I'm looking forward to more follow up videos on this topic!

@yasminrocha9071 Год назад

Amazing video, thank you!!

@TheRealEstateRobinsons Год назад

Thank you!!

@jerryianjunior9736 Год назад

Great video!!!

@heyerikan Год назад

Hey you all! It’s Erikan from Etiwanda, we were in Rosenbloom’s English class in 10th grade, back when you all just started dating. Congrats on your success! Super inspiring and RU-vid just sent you to me. Prince and I talked about your Airbnb business almost two years ago and it’s cool to see your milestones now. PS Looooove profit first and also obsessed with bookkeeping

@heyerikan Год назад

Literally I’ve watched you all doing all the different things over the years from books/parenting (Tony) to pastries/comedy (Sara) keep going!

@venushenz Год назад

Thank you so much for this valuable Contant! Could you provide more details on the overseas accounting?

@reneetowns5085 Год назад

New subbie. Love your channel!

@KATHIEMATA_KWREALTOR 4 месяца назад

Whow! Wow! Verry important information.... im thinking about starting a new air bnb. - abitrage for now till i can scalr to buy a spot

@robsuetinker9315 Год назад

Great info! Really like that demo of how Relay works

@TheRealEstateRobinsons Год назад

Glad you liked it!! Be sure to use our referral link!

@priscillarosales1154 Год назад

What do you recommend if you have a triplex and two of the units are airbnbs? Would you do separate OPEX accounts per Airbnb or one since it is the same property? How about for the property reserves?

@LiniousRHoliday Год назад

Outstanding video 😎

@brettcline8264 Год назад

Wouldn’t it benefit you more using credit cards for cash back or miles rewards instead of setting up a bunch of debit cards for purchases?

@TheRealEstateRobinsons Год назад

We use a CC to for all of our flips, but switch to the debit cards for ongoing OPEX. Whatever works for you though!

@peggyyoung2601 Год назад

Hi Guys, I would like to know how many towels do you guys leave in your Airbnb? And what color towels are you using? And do you use white sheets and pillowcases only? Thanks

@jurgenweller28 Год назад

Do you have a current bookkeeper you can recommend? Thank you!

@marcyangulo7 Год назад

Awesome Video! Keep it up. Signing up for Relay with your link. 🤙What bookkeeper overseas do you guys use? Currently looking for one. Thank you.

@lentravers5412 Год назад

Hey guys how do you navigate setting up Relay accounts when you have different STR’s in different states that are in different LLC/Business Account. (Not looking for legal advise on LLC Setup) Just wanted to get some insight into how you guys navigate Bank Accounts setup. For example you have different op ex accounts for each property. If a property is under a different LLC can you manage your accounts with different LLC STR’s from one dashboard or would you need to have a separate login to manage a group of STR’s that you might have held in a different LLC. I hope this question makes sense. Thanks for any thoughts or feedback.

@InjnTrails Год назад

Do you have a flow chart for these accounts? Would love to see a diagram/flow chart. Thanks! :)

@hmongster61 Год назад

Where would money be coming from if you were to create a new account for a new property? Operating/reserve account from another property, owners pay account, profit account, or would you need to deposit from your personal account since this is a new investment?

@supabryan83 Год назад

So how did you get the Selling Sunset crew to work for you?

@feinty5561 Год назад

If Airbnb let you split deposits by property, would you still use this system? We split the income by property when exporting from Guesty with their data export feature, so wondering if it’s worth opening separate account for each property.

@davidacosta8060 Год назад

Thank you

@iveycananoglu3738 Год назад

Not sure if this was already asked but how does this work in Quickbooks? Do you know of a helpful resource?

@spintius3752 Год назад

Thanks for an awesome video! I read the book but it’s more general but your video is more Airbnb specific. Super helpful! By the way, I opened an account following your referral link but did not get any of the bonuses you mentioned in the video. Do you know if there is an expiration date on it?

@tarawalton6778 Год назад

Did you receive your bonuses yet from mentioning them? I was thinking of opening an account with RELAY as well.

@spintius3752 Год назад

@@tarawalton6778 nope! Showed them the video but they ignored me. They are good bank tho so I’m not mad but … 🤷‍♂️

@taranwinslow2615 Год назад

Are there any options to deposit or withdrawal cash?

@Spiorad Год назад

I rent out one room in my home and planning to do a second, should I set up two account even though they are in one home

@RadiantStudio Год назад

Hey, a little off topic here but what’s the fee per year for a LLC in Tennessee?

@DockNewellJr Год назад

"Write that down Write that down!" -Me

@lovablebigt Год назад

Does this bank works if I live in California and my properties are in Kona Hawaii?

@InvestingwithBishop Год назад

Big fan here guys! My brother and I want to buy a lake house air bnb. Hoping to do so within the next 18-24 months!

@peggyyoung2601 Год назад

Hello the Robinsons, this will be my first Airbnb, I’m a senior citizen with that said can you please bring down for me the owners pay and the profit account. I can’t wrap my head around how did you do the pay. Thank you

@eddyb9642 Год назад

Does anyone know what the maximum amount per day that can be sent via domestic wire transfer is for Relay Financial?

@asthemoneytalksallthetime Год назад

great video!! ho do you recommend for over seas accounting?

@venushenz Год назад

My question as well.

@veraherlihy5107 Год назад

Can I create a Relay acct with an LLC? We have a STR in CA in an LLC and would like to have a business account?

@funkyfruit3 Год назад

does relay let you deposit cash?

@eonstot Год назад

Super helpful. Love the thought behind setting up individual accounts for each property. Question for people looking to scale: which account do you use to save up to buy more properties with? Is that just from your profit accounts? I also prefer to use a business credit card for purchases, but I can understand how the simplicity of those Relay debit cards are helpful!

@TheRealEstateRobinsons Год назад

Good question! We have another account called "The Vault" and yes, we take money from our Profits to fill that account up

@LuceroDelgado-ip3oi 8 месяцев назад

I was about to ask- why not use credit cards for the points. But I can see how that can get messy opening up a lot of credit cards for each property. I wonder if there’s a bank who would allow us to open multiple credit cards in this similar manner to relay with debit cards. And keep it all in one account

@entnous53 11 месяцев назад

Is there still a Relay “bonus” for us if we sign up using your link, because we didn’t see one…. Also, can you make the checking accounts using your LLC name instead of your own name? Because it just says First Name and Last Name when you want to sign up. Thanks.

@ingosiris Год назад

Great video guys as always. Moving money between account in Relay is easy; but you actually need to enter an specific amount to move from an account every month, In your video it is $150. It would be nice if Relay can auto move the money based on the percentage set, every time money is deposited in the “TRANSFER FROM” account.

@TheRealEstateRobinsons Год назад

Agreed! We’re always giving the team feedback about how they can make the product even better!

@ingosiris Год назад

@@TheRealEstateRobinsons Just send Relay team a feedback to add this in their future updates. In the meantime, I use another software called ASTRA to autopilot the percentage deposit.

@Spiorad Год назад

This seems like a great option but what if you don’t have a registered business yet? It seems like this is only for people who are already really established. What about for people who are just doing one room in their own home but want to keep accounts separate

@liangymendez4164 Год назад

Hello I saw that only 250k is insured do you have an issue with keeping all your money in here which I’m sure Is over that limit ?

@nataliebarcia9974 Год назад

So… does like each Airbnb have its own legal entity? Or are y’all using one LLC to operate all these accounts? I’m a commercial property manager so I’m used to seeing each asset have its LLC.

@lexxieb787 10 месяцев назад

Can you do an update on Relay

@aaroncabrera9955 Год назад

This is the best. I took a lot of notes. Thank you! I need some clarification on the Reserves and Owner's Pay accounts... do I need one account per property or just one for the entire business? I'm assuming reserves would need one account per property?

@TheRealEstateRobinsons Год назад

Glad you enjoyed it! We have one Reserve account per PROPERTY, and one Owner’s Pay account for the BUSINESS.

@aaroncabrera9955 Год назад

@@TheRealEstateRobinsons how about if we don't have an LLC for Relay? I tried to sign up for Relay but it needs a website, a business entity and all that. I have one duplex that's a long-term rental and was planning on putting Relay to use but no LLC. Any second best option for a bank?

@craigbryant6659 Год назад

For clarity and as an example, if i have a Holdings LLC and two properties, do you recommend 3 Relay business accounts? One for the holding LLC, one for Property A and one for Property B? Then would you have the TAX HOLD and PROFIT accounts under the Holdings LLC and the OPEX, Reserve , etc under each of Property A and B? In Relay you can add an account, but you can also add a ‘business’. I just want to be sure I am clear on the way you guys do it and see if that fits my needs. Thanks in advance and great video!!

@tntvacationrentals Год назад

Thanks for sharing very helpful. I can see doing this as an owner/investor but doesn't seem feasible if you are focusing on scaling as a full vacation rental business with 10+ properties, rental arbitrage and vacation rental management.

@magalieatilus4152 Месяц назад

That makes sense but I would set up different LLC’s for each type of business and nest all of them under relay. I could be wrong but just a thought

@troycopeland2170 Месяц назад

@@magalieatilus4152 that what i thought as well but when you are managing other people money, then I believe you have to go through trust accounting and things get to be really messy...

@SimonSozzi7258 Год назад

How does your bookkeeper overseas keep up with the latest U.S. Tax Best Practices? Or are they just crunching numbers 🤔 Sounds like you have that part pretty organized yourselves.

@thecapricornway8458 Год назад

Is relay good for just regular investment properties as well single family

@TheRealEstateRobinsons Год назад

Greta point!

@ErickPardo Год назад

So many accounts - How do you keep track?

@loveview189 7 месяцев назад

Does relay has zelle?

@kolbeypruitt8149 Год назад

This looks great. I'm currently using Novo and I like it, but the extra account possibilities here are very intriguing. My biggest problem with Novo is that they don't support paper checkbooks and it appears that Relay doesn't either. How do you get around the need for writing checks to contractors when doing renovations?

@maggielapido548 6 месяцев назад

We also use Novo. They do mail out checks directly from your account. We have done it about 2 times this year.

@draf8517 Год назад

Question , when you find someone willing to invest on a property for you what is a fair deal? I heard some people make the investor put all the down payment for the property while the one running the show gets 50% stake and some equity. Is that actually a fair deal? Also who pays for renovations and any repair work in that case?

@draf8517 Год назад

@WhaTsApChat±①⑦⑥②②③②⓪⑦③⑦ not happening, scammer!

@chrisschaefer9122 Год назад

Great info! I was just having a conversation about this issue. Can you provide me the referral link please? Thanks

@TheRealEstateRobinsons Год назад

Here ya go! relayfi.com/?AffiliateProgram&TheRealEstateRobinsons&Blog&referralcode=TheRealEstateRobinsons

@GabeKubanda Год назад

Great stuff as always! Always gotta keep business separate from personal accounts, but I can see it becoming quite problematic having 4 accounts for each unit or house as you start scaling past 10, 20 listings. Unless you can keep track of 80+ business accounts, which I don't think I could, lol!

@OndeckTVPodcast Год назад

S/o Selling Sunset lol

@woofsnuggie9337 Год назад

I'm a little confused... wouldn't that be A LOT of different bank accounts? Say, I have 50 air bnb rentals... I need 50+ bank accounts??

@autobotdiva9268 Год назад

good to know, ill just look at 1 property lol

@FelipeSalum Год назад

I wish Relay had Zelle.. most of our cleaner/contractors use Zelle

@TheRealEstateRobinsons Год назад

Relay has “same day ACH” payments that work the same way as Zelle. It’s pretty amazing!

@eastcoastbrushworks6327 Год назад

FIVE ACCOUNTS???? Doesn't that make things MORE confusing when doing your accounting? I remember when my wife and I bought our first home for us, we had like 3 accounts. My wife had hers, WE had a checking acct together and I had my business account. When applying for a mortgage, they were like, "Why don't you have ONE bank account? It would make your book keeping so much easier." Five Accounts just seems to make it more confusing. Just dealing with ONE STR. If you have more than one STR, then yes, I can understand one account for each house.