Best financial management app for short term rentals?

[John Semioli]

Any suggestions on a finacial app for my short term rentals?  We used to use Stessa but my bank no longer links to them. ☹️

[Nancy Bachety]

I’d probably get a new bank. Much lower learning curve and Stessa is great. 

[Sarah Kensinger]

When it comes to banking for STR properties, we always recommend Relay.

[John Semioli]

Quote from @Nancy Bachety:

I’d probably get a new bank. Much lower learning curve and Stessa is great. 

[John Semioli]

100% agree!  😆 

[Justin Parham]

So I set up multiple bank accounts in Relay with my EIN number that way all transactions flow through the same account. 

For bills and other expenses I charge them all to a credit card that has good reward points. 

I pay that card every month so it doesn’t accrue any interest that card is paid from the Relay bank account so the expenses are tracked. 

This makes it really easy at Tax time since all of the transactions for a specific property hit one credit card through the year. 

I use Monarch to keep track of all my expenses. 

You can set filters that allow you to narrow down which accounts you are looking at. 

If the different properties correlate with different account it gives you a really clear simple picture. 

I track everything through Monarch personal stuff include because the filters work really good and it gives me a clear financial picture of all my finances as I work towards FI. 

If you like I’d be happy to jump on a call and help you get things set up. 

Monarch is offering 50% off right now with code Mint50 which in my opinion is a steal. 

[Landon Mizuguchi]

@John Semioli are you using some obscure bank? 

I used to use spreadsheets, then moved to when QB as my portfolio grew, now on Digb because I have multiple LLC and I don't want to have to buy QB subscription for each. Also, QB standard account code need to be modified to handle real estate expenses and income.

[Mark S.]

@John Semioli REI Hub. Switched from Stessa to REI Hub and love it, as do all the other owners I have referred there. (No vested interest, just a happy user)

[John Semioli]

Quotes from @Justin Parham:

So I set up multiple bank accounts in Relay with my EIN number that way all transactions flow through the same account. 

For bills and other expenses I charge them all to a credit card that has good reward points. 

I pay that card every month so it doesn’t accrue any interest that card is paid from the Relay bank account so the expenses are tracked. 

This makes it really easy at Tax time since all of the transactions for a specific property hit one credit card through the year. 

I use Monarch to keep track of all my expenses. 

You can set filters that allow you to narrow down which accounts you are looking at. 

If the different properties correlate with different account it gives you a really clear simple picture. 

I track everything through Monarch personal stuff include because the filters work really good and it gives me a clear financial picture of all my finances as I work towards FI. 

If you like I’d be happy to jump on a call and help you get things set up. 

Monarch is offering 50% off right now with code Mint50 which in my opinion is a steal. 

Great stuff!!  Thank you!!