How many checking accounts do you have?

[Bryan Caprioli]

Checking accounts...do you have a separate checking account for each property/LLC or 1 main account that all of the properties run through? This is a question for everyone that manages their own properties, as well as management companies. I currently have a management that has its own account, and separate checking accounts for each LLC. As I grow, I see this becoming even more work that the current 15 checking accounts already is!

[Michael Seeker]

@Bryan Caprioli - I maintain one bank account for each entity and then a general business account. The general business account handles most transactions regardless of the entity that incurred the expense and also receives all rent. Around once a month, the accounts are balanced and if an entity is owed money it's transferred from the general business account. If the entity owes money (i.e. some CapEx that exceeded rent for the month) then it's transferred from the LLC account to the general business account.

I am an owner in each of the entities, however if I were managing for other owners I would not maintain separate bank accounts for them but would maintain detailed accounting and keep record of the net balance (positive or negative) for each owner at all times.