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Updated almost 6 years ago on . Most recent reply

User Stats

47
Posts
3
Votes
Matthew Otero
  • Rental Property Investor
  • Brentwood, NY
3
Votes |
47
Posts

Do I really need to open new bank accounts for each property?

Matthew Otero
  • Rental Property Investor
  • Brentwood, NY
Posted

So my question is do I really have to open a new bank account to collect rent for each new property? The LLC has its general business account that we use for all our administrative and operational expenses but I opened another account for my SFH in order to keep track of my expenses on the property and to collect rent. I'm offering the option of electronic payment likes Zelle so I also created a new email to link to that account. I feel like there's an easier way and while I'm here at what point should I create a new LLC (how many properties) to limit my liability?

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