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Updated almost 6 years ago,
9 SFR, 9 locations, 18 bank accounts - or how to manage?
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.