First Time Landlord Finance Questions

[Daniel Vikhtinski]

Hi everyone,

I’m a new investor in central Minnesota and I had a couple questions regarding the financials of a rental. Seeing as every CPA I tried to contact is busy with tax season, if anyone could answer even one question that would be extremely helpful. 

1. How many and what kind of bank accounts do I open for a property? I heard 1 business checking and 2 business savings but I’m not sure. 

2. Is there anything tax related I have to take care of before the next tax season, or can I just open the necessary accounts and get started?

[Bjorn Ahlblad]

Unless you live in a state where deposits have to be kept in a separate account (google) I would open 1 business account and a credit card for the rental property. 

Keep the business and personal money separate. You can open the account now.

I am not an accountant but I do not believe there is anything tax related you need to do at this time.

Congrats and all the best!