Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 2 hours ago on . Most recent reply

User Stats

1
Posts
0
Votes
Pete E.
0
Votes |
1
Posts

Transitioning My First Home to a Rental Property - Banking Question

Pete E.
Posted

Hello - looking for guidance on transitioning my current house into my first rental property. 

Background info: I have owned my home for >2 years now, relocating due to career (routine moving every 2-3 years). Next home I live in will be renting. I plan to keep my current home and rent it out as my first rental property. 

Timeframe: will be moving at end of summer (July 2025). My new job will be within a 2 hour drive to my rental home.

Specific points I need guidance on relates to the financial "set up" stuff. I'd like to set things up now to be able to scale to a few properties in the next decade and not need to re-do things:

1) Do I set up a business checking/savings account? Seems like a sole proprietorship after I move with a dedicated business check/sav account is a possible way to go. Does this make sense? If so, does anyone have experience with the AmEx business check/sav?

2) should I apply for a Sole Prop EIN from the IRS to set this up, or is using my SSN in the set up okay?

Any other tips and tricks would be appreciated! Again, I am looking to set things up now to be able to scale to a multi-property portfolio in the next decade.

Loading replies...