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Updated almost 4 years ago on . Most recent reply

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Scott Coblentz
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Savings, credit, or checking account for starting up?

Scott Coblentz
Posted

Hello, this is my first post! I just got my first rental property and inherited a tenant. In setting up my business accounts, I am questioning whether I should use a savings account where I deposit rent payments and pay mortgage and electric monthly as well as trash and water quarterly from. I know the rule is no more than 6 transactions monthly (which I will be under for expected bills), but I am wondering if I should also get a business credit card that gets paid off from my business savings account. A business checking account would be ideal, but it comes with a $25 a month fee when there is less than $1500 in it (which it may drop under if a big repair/ expense comes up). I was just wondering if someone could share what kind of account(s) they use for managing rental properties. Thanks!

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