How to set up duplex. one side Long term and other Short term as well a reconciliation of bank accounts
@belsy.mcdonald Good question but we don’t currently support this situation directly. I would recommend selecting “Long-Term Rental” and setting up a dummy tenancy for the short-term side, to which you can then associate short-term rental income as it appears on your Transactions page. It’s not a perfect solution, but should work well enough given that you can also associate specific expenses by unit.
I would like to also add that this feature would be very beneficial as I have this same situation as well.
I’m using that same workaround as you described, but it would be great so that the other reporting would be more accurate, such as overall cash flow report in the dashboard, vacancy value, etc.
While we’re not doing this right now, we have investigated doing it (or having one long-term tenant at the property to act as a live-in host for the STR, for a subsidized rent rate–which we are doing currently). Would add this to the nice-to-have.
Hi Devin! This is a feature I would also love to see! Has anything changed regarding this topic since Dec 2020? Thank you!
Hi @devin +1 for this feature. I like your suggestion though. Trying to figure out tax implications and how it clears up at the end…
Nothing new on our end related to this request. It’s actually quite complicated to achieve on the back end, so it’s not likely to be prioritized in the near future unless we see a very significant increase in upvotes for the original post. I’ll move the thread to the Wishlist now for more visibility.
I am in a similar situation. This week I might rent Unit “Z” for $XXX per week, Next week I might rent the same Unit “Z” for $YYY per month depending on my tenants needs. Would it be possible on the long term side to add a 1-31 day drop down for lease term. Where rent could calculate for 1 night, 1 week, 28 days, 31 days etc…?
Commenting because I would really like to see this feature added as well. Thank you!
Not saying this is ideal, but I’ve been using Stessa now for a few months and here’s how we handle our multi-family properties that are split between long and short term units.
- Set up the property as if all units are long-term.
- Set up long-term tenants per usual.
- For STR units, I assign a “dummy tenant” to each unit (I use abbreviated Airbnb listing name so the future steps are easier).
- I set the long term rent of my dummy tenant to match my estimated average monthly income (this gives me more accurate reporting for cash flow and other analysis). This is charged on the 1st of the month.
- Income from Airbnb flows into same bank account as tenants’ rent and all transactions are unassigned (my settings do not automatically assign a property/unit)
- When I get an Airbnb payment, I review and manually assign it to the appropriate unit(s). If a split is needed (some transactions are combined), I’ll be sure to do that and categorize correctly.
- All income is still categorized as rental income (long term) but not sure if this matters.
- After a month ends, I go back and submit a credit/charge (usually just call it “July Rebalance” for example) against the account to balance the ledger for that month back to $0. I charge this for the last day of that month.
This method has kept the books “balanced” for all my units and also tracks my income correctly in the dashboard views. The numbers for “cash flow” and other analytics are usually based on the rent roll, so those don’t perfectly align, but they give the right idea. After a year of income, I’ll go and adjust my “rent” for the Airbnb units to align with my annual average from the past year.
@tndmproperties thank you for all the tips! I think we will set ours up in a very similar way because it seems like the best workaround.
“When I get an Airbnb payment, I review and manually assign it to the appropriate unit(s). If a split is needed (some transactions are combined), I’ll be sure to do that and categorize correctly.”
I suggest downloading the .csv files from Airbnb for each of your properties. It will automatically include the separation so you won’t have to do any splits. However, there will be a number of duplicates to delete. More information: Track Short-Term Rentals with Stessa | Stessa Help Center