Account organization when first starting out

[Michele Z.]

Hello BPers!

Quick question. Looking to purchase our first property by April/May of this year. Assuming it's bet to make sure that funds for REI don't co-mingle with private funds from the get go, but I also feel it's a bit early to be running out to get business accounts.

We have a NFCU checking and savings account that are already connected to our main accounts at another bank (so transfer can easily be made), but we do not really use the NFCU accounts at all right now. Would it be appropriate to make use of them now and earmark them for real estate funds?

Would be nice to use them as we initially opened the accounts years ago in preparation for using NFCU for a residential mortgage before we learned there were better options available and before we decided to start investing in this fashion. We also have a LOC through NFCU that we would probably use for rehab funds, and it would be convenient to be able to pay that back from an internal account.

Is it also wise to do the same thing with credit cards? Earmark specific cards for real estate use and keep that 100% separate from personal cards?

Thanks for your comments. :)