Checking/Savings Separate Accounts per property???

[Justin Smith]

I'd be really interested to hear how everyone separates their checking/savings accounts as far as for rental properties and also for saving up for the next investment? Do you prefer a single account for each property and one savings account for all your properties? Or multiple savings accounts for different things? Thanks for your responses!

[Gerardo Dominguez]

@Justin Smith I've been slacking it in this regard so far. For the majority of 2016 I've used my personal checking account and CC for everything. However, for 2017 I'm going to change this. The past month or so I've already started using separate CC's and my business LLC checking account. When I do my 2017 taxes, I will be able to just look at my CC/ bank statements and know exactly what money went in and out that year for my rental property. In the future, I'm going to make my entity into a Serial-LLC and have a separate LLC/ checking account / CC for each property. I've never been a big fan of savings accounts. I honestly don't see the point. You get less than 1% here in Chicago. I'd rather save up my cashflow for a year before I actually take a draw from there; then I'll figure out how I can buy another rental.