Do you have separate bank accounts for each property??

[Mark Douglas]

Hello all,

I'm on the cusp of closing on my first property ^^ and I want to have as much in place as I can.

I know I'm going to open up a second checking account for this first property, to keep it separate from my personal funds, but what about down the road with (hopefully) more properties?  Is it overkill to have an account to represent each building, or should I just open one account, and pool all funds into it?? 

For tax purposes, I really want to have a grasp of where all of the money is flowing.

Any thoughts?

[Brett Youngster]

Pretty much what Russel said. If they're in your name or a single LLC, then one account would be adequate. Good record keeping is the key.