Rookie-Business Bank Account

[Isabelle Trepkoski]

Hello!

I have purchased 2 duplexes in 2022. One was rehabbed and now is in the process of being rented. The other is in the rehab phase on half and the other half is rented. I realize I should have opened business accounts earlier in the process for these properties, but it didn't happen and I have been doing all the financials out of my personal accounts. 

The problem I am running into now, is that our local bank won't let us open a business account(checking/savings) without a LLC or Sole Proprietorship (EIN) and several other banks I have looked at appear to be the same. We are not planning to put these properties into LLC yet(we have a good umbrella policy for now).

My question is how do I get a business checking and savings without a LLC? Or should I just open separate personal accounts for each property? Please share what you did at the beginning of you investor journey to keep the finances separate from personal banking.

Thank you!