Managing Multiple Properties

[Heyward Lovett]

I current own multiple properties and was wondering what you thought about having checking accounts to represent each unit individually or one checking account representing total portfolio. 

[Nathan Gesner]

One checking account, one savings account.

Checking: rent in, bills out

Savings: security deposits, reserves, and funds for future investments

Tenant pays rent and deposit, place in the checking account. Transfer the deposit to the Savings account. At the end of the month, you have $800 left in your checking account after paying all bills. Transfer that $800 (or a large portion of it) to Savings.

Tenant moves out. Transfer their deposit to the Checking account, use it to pay for anything the tenant is responsible for and then refund the remainder.

I have one account for over 30 rentals. All property management or Landlord software is capable of tracking what is what.