Separate bank account for REI property
Hello!
I am about to close out on my first rental property and wanted some advice on storing the cash flow every month. Should I open up a separate bank account? Or is there like a certain type of app that you guys use to stock up the cash flow on your guy's rental property? Please let me know what you guys use and how I can stay more organized with my first rental!
Most Popular Reply
Minimally open a separate checking, easier to track for yourself but also needed for tax purposes/CPA at the end of the year. If you have an Escrow account set up for your property not as necessary, but if you don't, I'd also set up a Savings account to move your taxes/insurance money over to on a monthly basis.
My 2 cents and how I have my properties set up. Makes things easier on all monetary fronts.