What bank do you use?

[Jeremy Segermeister]

Hi All,

About to close on my first property in Hawaii. My LLC is setup and ready to take the title of the LLC after the mortgage closes (I discussed this with my lender and no concerns over the due on sale clause).

However, I have yet to select a bank and credit card for the business. I did not realize I couldn’t open a chase account because they do not have any branches there. I’m thinking an online bank might be best.

Any recommendations? I just need an account that my property manager can deposit/withdraw funds from. I don’t expect a high volume of activity.

Jeremy

[Jeremy Segermeister]

@Greg Gaudet

I purchased on Maui for the purposes of a STR. This is going to be managed by a property manager who will manage everything.

Purchase price: $450k

Expected gross annual income: $65k (I’ve stress tested this many different ways and under much more conservative assumptions)

25% down, 4% 30 year fixed.

$16.6k cash flow, 8% cap rate.

My break even cash flow is at about $44k gross (mortgage, taxes, property management fee, insurance, AOAO etc.).

At some point I may consider managing the unit myself and obviously my cash flow would go up significantly. Overall very excited about my first deal and ready to do some more!