Guest blogger Adam Brind from Two Hours North shares his insights into renting a vacation property.
Owning a cottage or vacation property can be a ton of fun, but it can be a lot of work and expensive as well. For some, renting their cottage is a necessity as it helps to offset the monthly and yearly expenses on the property. But, the reality is that it is very similar to running and managing a small business. The income that you earn can be offset by the expenses you incur and thus, reduce your yearly tax burden. So, it’s important to stay on top of it.
At TwoHoursNorth.com, a great site to find or list your cottage, cabin or chalet rental, their team helps you manage all of your income and past sales. But what about all of your expenses and the big picture? That's where Wave comes in!
Manage Multiple Properties/Businesses
Here is the good news! You can manage your personal income and expenses and your rentals all in one place. In addition, you can add as many rental properties as you need to. This helps you keep your rental properties organized — even if you have multiple bank accounts for each rental property.
While we’re on the topic of bank accounts, Wave does something really special by allowing you to automatically connect with your bank accounts so there is no more manual entry. So, if entering that hardware store receipt for lightbulbs seems like a gigantic pain that could easily be missed, ease your mind and allow Wave to do the heavy lifting.
Work from Home or at the Cottage
If you're anything like me, procrastination is a killer. You can’t put anything off or it will never get done. With Wave, you can work from anywhere with an internet connection. This means that there is no excuse to put off that small task.
All of these items are a great start, but it still takes some time and effort to maintain your rental properties like a Pro. But, I promise, if you do, you’ll feel better about the money you’re making and the time you’re spending on renting out your cottage!