New Bank Account?
Hello! Just wanted to hear from the community and get some other perspectives.
I recently purchased my first home, its a duplex. I plan on house hacking and was wondering if I should open a new bank account solely for the rental property transactions. Are there any specific bank accounts I should consider?
Yeap that would be beneficial for you. I probably wouldnt have a debit card to it either.....
Quote from @Kerry Noble Jr:Makes sense! Thank you for the confirmation!
Yeap that would be beneficial for you. I probably wouldnt have a debit card to it either.....
- Rental Property Investor
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Posting the question once is plenty. The three hour time gap is perplexing.
- Tax Strategist, Financial Planner and Real Estate Investor
- Atlanta, GA
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Yes, a separate bank and separate credit and debit cards will help with tracking income and expenses and will help with tax return preparation.
Good luck.
I didn’t until my 6th property. The booking on only a few properties was simple enough.