Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Short-Term & Vacation Rental Discussions
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 4 years ago,

User Stats

4
Posts
0
Votes
James Merritt
  • Rental Property Investor
  • Mississippi
0
Votes |
4
Posts

Managing finances for multiple STRs (how to run a business?)

James Merritt
  • Rental Property Investor
  • Mississippi
Posted

Right now were 3 STRs and looking to getting more. This is what I'm wondering. Right now each property has a bank account set up for it where the mortgage comes out of. 2 of the three have the utilities and expenses coming out of their own accounts. The other one was our old house so some utilities are coming out of our personal account. I plan on changing that one to where all the utilities come from its own account also. That's 1 account for each property and there is a 4th account for taxes, escrow and repairs. 2 properties don't have taxes and insurance coming out of the mortgage. 

What I am thinking of doing is this: At the end of the month come up with all the expenses and figure out the profit for that month. Take all the profit and divide it into 25% to our personal account, 35% for additional properties, 30% for taxes, escrow and repairs and 10% to leave in the individual property accounts or for an expense account for supplies. 

I feel like plenty of people have already figured this out, so there is probably no reason to reinvent the wheel. Any suggestions or explanations of how you do it would be appreciated. 

Loading replies...