Real Estate Bank Accounts
If you own multiple properties, do you have a bank account for each of those properties? How do you keep track of the finances if you have a say a duplex with two different sides/doors of the house that has tenants come and go at different times for each unit? Any suggestions on certain banks to avoid or great banks you have investing experience with?
Most Popular Reply
If you are using LLCs, it is a good idea to have a separate bank account for each LLC you are using. This helps to avoid co-mingling of funds, which can be cause to pierce the corporate veil and undo your limited liability in a lawsuit situation.
As others have said here, it is important to keep your books and records clear when handling the rental income and expenses. If you can do that in one bank account, that's great! If it helps you to keep track with separate accounts or separate sub-accounts, that's also great.