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Updated 5 months ago,
First Duplex Questions
Hello,
I am under contract on my first Duplex. I used an FHA loan but I am concerned about accepting rental payments into my personal bank account. Should I set up an LLC, open checking account in business, and use this for collecting rent and paying morgage/expenses?
Or should I wait until I refinance and transfer property to LLC? Supplimentally, Do you all reccomend any bank accounts where you can easily manage sub accounts within main account? AmEx or Discover?
Separately, I will be needing to raise rent for existing tenant to match market rates. Any advice on how to do this would be helpful. I have heard of the "Binder Strategy" of being super transparent.
Any suggestions are appreciated, Thank you!
#AskDavid