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Updated about 3 years ago on . Most recent reply
Bank Accounts for rental Properties
How do you all set up bank accounts for rental properties? I am a new investor here in San Antonio. Own a duplex and a triplex. Bought both of these within the last 6 months. I am working on organizing the rents and expenses for these properties. Do you guys use separate bank accounts for each property or consolidate everything in one account?
Both of these properties are in my name. Does it make sense to open a business checking account and deposit rents into that account to build business credit? My thoughts are all over the place.
Any suggestions are much appreciated.
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I have different accounts for each property, but only because they're separate entities. Before I started a series LLC, I always just ran them all through my personal checking account. I use Crockett National Bank here in San Antonio, and they make it easy to view several different business accounts all with a single log in. I've noticed that seems to be a challenge for some banks.
- Joseph Cacciapaglia
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