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Updated over 1 year ago,

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2
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0
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Paul Williams
  • New to Real Estate
  • Sarasota Florida
0
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2
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Bank account logistics

Paul Williams
  • New to Real Estate
  • Sarasota Florida
Posted

Hey guys! Just bought my second property(3rd door) wohoo! I currently have a vacation rental doing well set up on a separate bank account strictly tied to that rental. I close next week on a duplex. I've heard different opinions on how to manage the finances as it relates to bank accounts. Just would like some advice from someone who has been here before and might be able to help. I currently don't have it under an LLC which at the moment I don't think that's the move for me( I have an umbrella policy set up for protection). I opened a checking account separate from my personal finances for the vacation rental. I'm wondering if I should open another account strictly for the new duplex(I'm sure it would be easier to manage Whats coming and going) or keep it all in the account I opened for the first rental I have and use it as one big real estate account for the vacation rental and the duplex? This worries me a bit as multiple things are coming and going and it seemingly might make it more difficult but at the same time I can't keep opening accounts for every property I buy. Would love any feedback I can get. Thanks!

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