Cash flow/ passive income

[Greg Strunak]

Hi everyone,

I’m currently scaling my Airbnb business and reinvesting all my property’s income into growth. Eventually, I’d like to start using the cash flow to pay myself and work toward replacing my day job income. However, I’m unsure of the actual process of paying myself as a business owner.

Here are some questions I’m hoping to get clarity on:

1. How do you legally and practically pay yourself from your Airbnb income?
   • Do you transfer money directly from your business account to your personal account?
   • Are there specific steps or systems you follow to ensure it’s done correctly?
2. How do you structure your payouts (e.g., set salary, percentage of profits, or other methods)?
3. If you operate under an LLC or other business structure, are there tax implications or requirements I should be aware of when paying myself?

I want to ensure I’m doing this the right way while keeping my finances organized and compliant with any regulations. Any advice, tips, or examples of how you’ve handled this would be greatly appreciated!

Thanks in advance for your insights!

[Michael Baum]

Hey @Greg Strunak, get a good CPA to help get this all setup. Their expertise is worth the cost to do it right the first time.