Financial set up help

[Mark Spivey]

I'm starting to shop for multifamily properties in the Phoenix area for my 1st purchase. I'm trying to figure out how to handle paying the bills etc. I don't want to mix my personal finances with my investments. I think I should open a second bank account, but I don't know if I should create a business entity and associate the bank account with that or just open it under my own name. I don't plan on placing the deed or mortgage in the business/entity name, but wonder if it would be wise to pay all bills under that name. Thanks in advance for any advice!

[Heath S.]

You should start an LLC and put the property in the LLC after you purchase it. Go to azcc.gov for forms and instructions. It's about $85 to do yourself or $400 on legalzoom.com

After you have the LLC you get an EIN for the LLC and open a business checking account at your bank of choice.

That is how I would handle it.