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Updated over 7 years ago on . Most recent reply

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3
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Ron Kahat
  • Miami, FL
0
Votes |
3
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Give PM access to my bank acount ?

Ron Kahat
  • Miami, FL
Posted

Hi,
I just bought my first house in Pensacola, FL and I've started working with a PM that is a friend of a friend who operates down there.
The PM asked me to give him a credit card and a checkbook so he can pay when needed from the LLC banking account, it doesn't seem right to give him full access to withdraw from the LLC account without any restrictions.

Does it safe to give the PM a credit card and a checkbook? does it customary?

There is a better way to do it?

*We decide to go with the strategy that every house has its own bank account, so the account mention above serves only this one house.

Thank you,

Ron 

Most Popular Reply

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1,172
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William Allen
  • Investor / Wholesaler
  • Nashville, TN
666
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1,172
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William Allen
  • Investor / Wholesaler
  • Nashville, TN
Replied

I don't do this, my PM either pays for items and gets repaid each Friday. If it's a big purchase or a sub then they will get payment directly from the company after they submit their invoice and W9. If it's a purchase at Lowes or HD they have our payment method on file and my PM can buy it with the proper authorization. 

I'm very trusting but it usually takes at least a couple jobs before really trusting a contractor with financial information if ever. 

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