WHAT IS THE PROPER WAY TO OPEN A BUSINESS CHECKING ACCT AS A REI?

[Torey Henderson]

Hello all-

I tried opening a business checking account a few months ago and when asked what type of business we are, I said the forbidden "real estate investing" and was denied the opportunity to open the account. I do not want this happen going again.

For those who have opened business checking accounts in recent years how do I describe what I do without using "REDFLAG WORDS" even though I am a REI ?

I appreciate any helpful feedback you guys can provide. I already know to avoid using investor, investing etc.... I understand why this is considered risky, I would like to know WHAT TO SAY in order to get my accounts opened.

We have a LLC registered in Texas, we have an EIN and a DUNS trying to get going to establish a business lines of credit etc...

THANK YOU!

[Mark Brown]

That's crazy that they care.  I use Prosperity Bank and they've never given me any trouble. Every bank I've ever delt with has been happy to open an account and take my money.  I think you need to find a new bank.  Yeah, next time just try telling them "real estate holding company" or "home renovation company" or "property management company" or any of the many types of work we real estate investors find ourselves doing.