How Should I Set Up My Accounts...

[Jonah Champagne]

Hello,

I am currently in the process of buying my first investment property - scheduled to close next month! The property I am buying is a duplex, one side is currently rented and I will be honoring the tenants lease. The other side was on a month-month lease and the tenants will be moved out before closing and I will live in that side. I am purchasing the property as an owner occupant as part of my initial investment strategy. My question is in regards to collecting the rent from the other side. Where do you guys deposit the rent collected? Into a personal checking account? A business account? I've heard it's best not to put it in a personal account, but I'm not completely sure why or if this is even true. I have an LLC that I set up some time ago (it's still current), could I open an account for the LLC and have the tenants make the rent checks out to the LLC and keep the moneys separated that way? Could I do this even though the loan and home will be in my personal name, not the name of the LLC? Just trying to understand what is the best thing to do in my current situation and am eager to hear how others have and are handling this?

Any advice would be greatly appreciated!

Regards,

Jonah Champagne