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Updated almost 8 years ago,

User Stats

46
Posts
13
Votes
Jesse Holshouser
  • Granite Falls, NC
13
Votes |
46
Posts

Structuring your landlording business

Jesse Holshouser
  • Granite Falls, NC
Posted

I'm curious if anyone knows of any good books or can recommend any blog posts/articles specifically about setting up your business accounts. I know it can be quite complicated and any personal insight is welcome, but I don't expect anyone to answer all my questions. Do you have a different bank account for every LLCs? How many properties in each LLC? Do you set aside reserves in an account for cap ex, repairs, vacancy, etc? If I plan on running this like a business, should I have an LLC from the beginning to separate business from personal income? Will banks consider both business and W-2 income when financing? How does financing change once I've left my W-2 job and only have business income? Some of these may be things I figure out as I go, but I would love to do some reading about it ahead of time. Thanks guys!