Updated almost 7 years ago on . Most recent reply
Automate Payments to Partner based on Variable Rental Income
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!!!
Nick
Most Popular Reply
@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.