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Updated about 9 years ago on . Most recent reply

Best Bank for Lanlords
- Jaren Woeppel

Most Popular Reply

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.