Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 4 years ago,

User Stats

10
Posts
3
Votes
David Shifirn
  • chicago
3
Votes |
10
Posts

Chicago Security Deposit Account Question

David Shifirn
  • chicago
Posted

I own 5 units. 

1.Do I need to keep each individual security deposit in a separate checking account?

2.3 of the units are in a 3 flat. Can I keep those together in one checking account?

"Intermingling funds" makes this confusing. No intermingling with personal money makes sense but does that mean no intermingling with other security deposits as well? Also, if you own numerous residential rentals and have to keep the deposits in individual accounts do people maintain multiple accounts at one bank? How are others handling this with multiple units?

Thank You in Advance

Loading replies...