Denver, CO · Member since 2014 · 8 posts · 3 votes
Hi all,
I posted this previously, but I think I posted it in the wrong spot. Unfortunately, I haven't been able to figure out how to adjust it, so I've decided to post here while I figure it out :)
Just bought my first property, a short-term rental in Colorado. I have a 30% partner and want to know if there are any systems out there that can help automate paying my partner. For example, if I bring in $2000 in a month for 3 rentals ($75 cleaning fee per rental), how could I setup some rule to transfer $532.50 [($2000 - $225 Cleaning Fees) x 30%] to the bank account of my partner?
I have Stessa and Tiller, and have been looking at QuickBooks, but I don't have a lot of experience in this realm. Any guidance is much appreciated!!!
@Nicholas K. I do believe that Square Business has an option for this. You should be able to setup a reoccurring payment that takes the percentage out every month of what is coming in.
I have not done this myself but it might be worth reading into and determining if it is a good option for you.
@Nicholas K. I do believe that Square Business has an option for this. You should be able to setup a reoccurring payment that takes the percentage out every month of what is coming in.
I have not done this myself but it might be worth reading into and determining if it is a good option for you.
I am not aware of a solution for your need. But it is only one property so why not just manually send him 1 PayPal payment a month.
Also, although you weren't asking for my advice, I sure would be concerned about dispersing so much of my income right off the bat. TONS of new investors fail because they think they can immediately start living off of excess cash. Its a long term game.
Anyway good luck, I am jealous, I really want to get into short term rentals.
@Jacob Miller - Thanks for the suggestion! I'll take a look at Square Business.
@Jacob Sampson - I anticipate that we will potentially have similar partnership agreements, with varying degrees of "ownership" based on a number of factors including who has access to contacts in these mountain towns, who will be providing the "hustle," who will be providing the cash, and many others :) Thus, I wanted to see if I could at least begin putting together systems to support such an endeavor :)
But I'd also suggest you might be barking up the wrong tree. I think more accounting needs to be done before being so quick to disperse profit. If that could be automated there wouldn't be so many bookkeepers out there I wouldn't think.
Thanks @Allan Smith. I'll take a look. We are trying to structure the deal as simply as possible, which will facilitate any automation efforts, but you're point about not getting there completely is well taken :)