Updated almost 8 years ago on . Most recent reply
Newbie Needing Some Advice
I'm new to BiggerPockets and I'm working on my first deal. I have been involved off and on in the rental business with my dad and grandpa. I also did a flip with my dad several years ago. Anyway, I am buying a duplex and single family simultaneously. They are right next to each other. We are going to live in one side of the duplex. I have a few beginner questions.
- Should I set up a separate bank account and run all income/expenses completely separate from my personal finances?
- Should I set up some sort of LLC to protect my personal assets? Obviously, I will be personally guaranteeing these loans, but my long term plan includes building up to some larger multi-family properties with commercial financing. Is this something I need to worry about starting out?
- Is there a good option for tenants to pay online without me setting up my own website? I don't want to incur fees, but it may be worth it to encourage prompt payment.
Thanks for your help!
Jaredith Mize