LLC's / Checking Accounts

[Toby Gingold]

Hi All, I am in the process of closing on two SFR's in upstate NY. I am putting them under the same LLC. I was wondering if I could get some advice about the following:

1) How should I set up bank accounts for these? 

2) Does anyone know if it is possible to set up two checking accounts under a business checking/savings with my LLC?

3) I have an existing LLC, I used Chase to open my business LLC and checking, but should I go to a local bank that is closer to the properties or does that matter?

I imagine having separate checking accounts for each property so that all income and expenses are tied to each property to make taxes easier, expense/repair tracking etc. There will be no mortgage or hoa expenses so I won't have much need for auto-payments I would think. Then have one savings account where the security deposits are held for each property. Curious to see how others have structured this with 2 properties that are under the same LLC.

Any advice would be appreciated on this, thanks experts!

[Alan G.]

@Toby Gingold

Toby, not sure what your long term goals are but if you continue to purchase more properties can you image having that many checking accounts ? Totally unnecessary. You do however need to be able to separate income and expenses for each property. I use Quickbooks to do that. I would recommend 1 account for your security deposits and 1 checking account with the right software to track everything. I currently have over 50 properties with 5 renovations going on at the same time and I have no problem tracking every penny of 6 different LLCs.

Feel free to contact me directly for additional info.