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Updated over 1 year ago on . Most recent reply

Shane Allman's profile image
Shane Allman's profile image
Shane Allman
  • Member since Jul 7, 2023

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Shane Allman's profile image
Shane Allman's profile image
Shane Allman
  • Member since Jul 7, 2023
Shane Allman
0
Votes |
12
Posts
General Landlording & Rental Properties

Escrow account for rent Question

Shane Allman
Posted

I think I know the answer but wanted to verify with more experienced investors. I bought a condo for my daughters to live in while at college and will keep renting after they are gone. They have 529s to use to pay their living expenses and school tuition. We have an LLC set up for the condo and we have an banking account for that LLC. My question is, do I need to create an escrow account for that LLC to separate out the rent as it comes in of the other operation funds or does it matter?

Bryan-College Station, Texas
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