Before Buying My First Property, What Accounts Should I Have?

[Nick Tzenevrakis]

Hey BP community, there's a chance I'll be putting in my very first offer on a fix and flip property next week. I can fund the entire project out of my savings. My question, is there any reason I should open a separate account and transfer the money I plan to spend into it? Is there any sort of expenses I need to keep track of during the fixing of the property? Should I fund it out of my savings? Rough numbers are 50k for house, 10k in sweat equity and rehab, sell for 75k. If there is anyone feeling generous, I would love for someone to help me analyze this deal. I have a feeling I'm going to learn quite a bit on this project, from an estimating standpoint!

[Nick Tzenevrakis]

@Anton Ivanov,

Good advice, I will be setting up another checking account. When the day comes that I am ready for an LLC I will be sure to separate my accounts.

Thanks again!