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Updated about 5 years ago on . Most recent reply

James Peluso's profile image
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James Peluso
  • Rental Property Investor
  • from Fair Haven, NJ
  • Member since May 9, 2019
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James Peluso's profile image
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James Peluso
  • Rental Property Investor
  • from Fair Haven, NJ
  • Member since May 9, 2019
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James Peluso
  • Rental Property Investor
  • Fair Haven, NJ
4
Votes |
19
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Starting Out

Separate accounts for rental expenses ?

James Peluso
  • Rental Property Investor
  • Fair Haven, NJ
Posted

I don’t have any rental properties as of yet. I have a question regarding rental expenses, such as Cap Ex, repairs, vacancies, etc. Do you have separate bank accounts? One account with separations on a spread sheet? Thank you!

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Jim Pellerin's profile image
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Jim Pellerin
  • Real Estate Consultant
  • from USA
  • Member since Oct 8, 2014
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Jim Pellerin's profile image
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Jim Pellerin
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  • from USA
  • Member since Oct 8, 2014
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Jim Pellerin
  • Real Estate Consultant
  • USA
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Jim Pellerin
  • Real Estate Consultant
  • USA
Replied

@James Peluso Use 1 bank account. Have your accountant or bookkeeper set up a chart of accounts. Track your transactions using a simple accounting software like Quickbooks or a project management software such as Buildium. 

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