When should I open a new bank account for my rental properties?

[Dan Kim]

I'm just starting out and I don't think I'll create an LLC to invest in my first few rental properties. Should I still create a new bank account (and get new debit/credit cards) for all the income/expenses for these rental properties? Are there popular banks that are favorable towards REI?

[Daniel Hyman]

I think a separate bank account is helpful even without an LLC. It should streamline the bookkeeping immensely.

Having to comb though all of your personal transactions to fish out the real estate ones can be a big time water. Having the transactions segregated in their own account is much more efficient. Same with the CC's