Separate Bank Accounts for Each Rental or nah?

[Tim Ball]

Hello BP World,

I am buying my second property which actually is a duplex.  (Congrats).  Thank you.  I have a separate bank account for my first rental because I am taking the advice from Brandon's book on growing your landlord business.  It seemed like a great idea but now that I will have another two doors, with two tenants, I will have to get two new bank accounts?  I guess I could just do one bank account for the entire duplex.  Regardless, as I grow my rental portfolio, it seems very daunting to keep opening up bank accounts for each property address.  Well, not for me so much, but my wife.  She handles all financials.

What are you thoughts?  Should I continue to make bank accounts for each rental or just keep it all in one bank account?  Am I over thinking it?  Should I get a debit card for each bank account?   I get the idea and I like it to keep everything separate i.e. deposits, rent checks, paying for maintenance etc.  I am torn and need yalls help.  Thanks in advance

[Tim Lindstrom]

No matter how many properties you end up owning, you only need 3 accounts.  Like @Tyler Hodgson was saying.  one checking account to write all your business rlated checks from.  A savings acoount to stora all that money you're going to make, and a seperate savings account for secuity deposits.  You don't want to commingle the security deposits with your working capital. 

Quickbooks is great for keeping track of all your properties.  you can have a million dollars in your account, and quickbooks will tell you which properties generated which portion of that cash, and which properties are a drain on your money.