Setting Up Landlord Bank Account

[Michal Kolenda]

Hi all,

I made this post originally in the wrong section and had no replies, but this seems more suitable. So, I'm currently in the process of closing my first deal. I'm going to be house hacking a 3flat, and am wondering if using the PNC Virtual Wallet to manage the finances is a good idea. Has anybody used this in the past?

Makes sense to me since they have a checking, reserve, and saving account. I would keep the security deposits in the savings account, place some reserve capital in the reserve account, and accept rent and pay expenses through the checking account. However I would like to hear thoughts and opinions.

Thanks!

[John Leake]

When I was looking into this I met with my local bank that I got the loan for my property through. I set up a business account with that same bank so that I can begin building that relationship for future deals. The transparency that comes with serving you loan and business all in the same place cant possibly hurt when it comes to the next deal! I set up a business checking and savings. I also read that deposits do not have to be in an interest bearing account if your property is under a certain number of units. I purchased a 4-plex so very similar to yours. Will definitely try to follow this post and chime in if I can help!