What bank should I use as a landlord

[Wileyka Lara]

Hello,

I’m currently in the process of purchasing my 1st 3 unit home as an owner occupant. I’ve been trying to cross my t’s and dot my i’s as I’m getting ready for this process (I’m both nervous and excited!). I have no clue for what would be a good method to use for rent collection or what bank to use. Is there a special bank account set up as well? I’ve been searching, but I have not come across a clear answer. Help!

[Steve Vaughan]

I give mine deposit slips so they can take directly to the bank. 12 month lease gets 12 deposit slips.

You could use a savings acct for this, as the acct number will need to be on the deposit slips. I use a business acct.  You could establish a dba if you don't want rent made out to you personally.

I have a rental attached to my house (ADU, househack of sorts) and still do the deposit slip thing with them. Some don't mind if tenants knock on their door, but I've never liked it that way.

For bank choice, I generally like small community banks and use 3 of them locally. Chase has outstanding benefits for veterans and obviously national branches. If going with a big bank and you're a Vet, Chase is great.