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Updated almost 3 years ago on . Most recent reply
Multiple doors multiple bank accounts?
I currently have 3 properties ( 6 doors). I currently keep all the money in and out in one bank account. I do not have an LLC.
I am going to continue to acquire properties and and wonder where to start. Should i create a LLC in each properties name along with a business bank account for each property? or is there a better way to go about this.
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Zachary Rosa I would HIGHLY recommend having a company (LLC) and having a business bank account. Some people do keep a different bank account for each property (and a different LLC)....I don't know if that is entirely necessary....but having 1 account/1 company I would consider being necessary. Keep that personal/business separation. It does provide some protection but it will also help you learn how to properly run a business incase you become a multi-billionaire real estate mogul one day. Start now while you are smaller so it's easier to keep good books later. Hope all of that makes sense. Thanks!