How many banks accounts for rental properties

[Horacio Gutierrez]

Hello,

Should you have one saving and checking account for each rental property you own? What if you have 70 units does that mean you create 70 banks accounts is there a easy way to keep track of the money and still not mess up the money with each rental property?

Thanks,

[Greg Alway]

@Horacio Gutierrez

You should have 2 accounts. The security deposit is still considered the tenants money and should be held in a non interest bearing account. That way you avoid having to deal with financial accounting headaches. Then you have your other account that you typically use for buying properties, maintenance and what not.