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Updated about 9 years ago on . Most recent reply

User Stats

110
Posts
22
Votes
Jaren Woeppel
  • Lender
  • St. Augustine, FL
22
Votes |
110
Posts

Best Bank for Lanlords

Jaren Woeppel
  • Lender
  • St. Augustine, FL
Posted
Hello Bigger Pockets, I was wondering what people think is the best bank out there for landlords/property managers. For instance, what bank makes it easiest to manage every renters separate deposit and have separate accounts for each property as to not commingle the rent? Also, online banking is very important to me, so what bank has a great and easy online interface for all the mentioned above? Thank you Jaren
  • Jaren Woeppel
business profile image
Jaren Woeppel Motto Mortgage Invictus
5.0 stars
18 Reviews

Most Popular Reply

User Stats

188
Posts
149
Votes
Mike Makkar
  • Investor
  • Plano, TX
149
Votes |
188
Posts
Mike Makkar
  • Investor
  • Plano, TX
Replied

Thanks @Percy N., fingers were quicker than the brain. I'd failed to read the actual content of @Jaren Woeppel. Just equated banks and lending.

Just to give one possible answer to the bookkeeping comment on having each renters deposit separate, I've researched big banks and community banks and noticed that online banking checking/savings products weren't too different from each other. Once sub-accounts are created everything else could be controlled from the rent collection system (I use cozy.co). If theres a change in the sub account to be ACH'ed, change it on Cozy. The bank sub accounts I maintain are 

1. AP: Taxes/Insurance

2. Security Deposits

3. AP: Principals Payables

4. AR: Rent Receivables <-- All rents get ACH'ed in here

5. Miscellaneous 

I used to have separate accounts for #4, based on the number of properties. It just got too overwhelming after a 3 properties. 

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