Petoskey, MI · Member since 2013 · 7 posts · 0 votes
How are you setting up your business accounts for your properties? Are you doing 1 account for every LLC? How do you keep things straight and easy? Also, when not using the same institution for both personal and business, I am running into the issue of having to pay for wire transfers or going through bill pay where I send myself a paper check. Any banks out there that make it simple for a business to personal external transfer without fees?
Real Estate Broker · Omaha, NE · Member since 2020 · 329 posts · 203 votes
4y
I think it is important to have multiple accounts set up for each property. This doesn't always make sense because of the monthly fees involved, but you should be able to have one account per property no problem as long as you are keeping up to date with your reserves and accounting. I sometimes write personal checks from one account to the other, and although tedious, it's easy.