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Updated 7 months ago on . Most recent reply

User Stats

40
Posts
17
Votes
Ryan Tongue
  • New to Real Estate
  • Salt Lake City, UT
17
Votes |
40
Posts

Finding bank for new LLC

Ryan Tongue
  • New to Real Estate
  • Salt Lake City, UT
Posted

Hello all,

I recently filed for a new LLC in Michigan to hold investment properties under, and I'm currently in the process of looking for a bank to open a business checking account with. Essentially, I want all cash flow/expenses to be flowing in and out of a business account rather than my personal bank accounts.

A little background information in case it's important: there are 3 partners holding equal ownership in the LLC, only one of us lives in MI. We're looking for buy-and-hold long term rental properties that need minimal rehab work to be rent-ready.

If anyone has any banking recommendations in Michigan I'd love to hear them. I'd also really appreciate any thoughts on choosing a big national bank vs. a smaller organization, as well as advice on how to filter through banking options to find a good fit. 

I understand this is fairly broad, open-ended question. If any more information is needed to respond to my post please let me know! 

Thank you for any/all responses!
Ryan

Most Popular Reply

User Stats

284
Posts
134
Votes
Wesley I.
  • Investor
  • San Diego, CA
134
Votes |
284
Posts
Wesley I.
  • Investor
  • San Diego, CA
Replied

@Caroll L. Brown

I chose Chase because they had 2 locations within 5-10 minutes from me. I also had an existing account with them.

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