9 SFR, 9 locations, 18 bank accounts - or how to manage?

[Axel Meierhoefer]

I am about to dive deep into a 1031 exchange and the end result could be 2 SFR in 9 locations compared to my current 3 SFR in 3 locations. All my properties are turnkey managed. So far I have always had individual accounts for each property. Each property has 1 account for reserve, repairs, etc. and 1 account to pay mortgage and insurance from (or in 1 case pay escrow from)

When the exchange is complete I could end up with 9 SFR which would mean 18 accounts in my current system. I wonder how other with multiple SFR handle the administration and if there are any good tools that make this easier.

In a second step I am also planning to put the properties in LLC's and have already identified a law firm to help with that - it still leaves the question of the bank accounts.

Naturally, I also love to learn about any other tips to manage better/more efficient. 

[Steve Vaughan]

Holy nap-interrupting accounting and admin nightmare.

Why 9 locations? De-worsification?  Nail down one market. Know it well and scale with 1 awesome PM. 

If going OOS, I would first find the best PM in the country, then buy in their market. It's that important.

I love having a PM s-corp of my own.  Get all of these to run through 1 business bank account.  I'd have one account for local portfolio, another for OOS.  I have that now, by geography, but not OOS. 30 mins out. But would apply the same system.  Good luck!