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Updated 12 months ago on . Most recent reply
First Time Landlord Finance Questions
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?
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#5 Multi-Family and Apartment Investing Contributor
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- Shelton, WA
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#5 Multi-Family and Apartment Investing Contributor
- Investor
- Shelton, WA
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!