Landlord App with Multiple Properties in Separate LLC's

[Whitney Holstein]

Hello! I'm a new investor and purchased my first buy and hold property in May this year. I decided to place my property within an LLC for liability reasons. The property purchase and all rehab has gone through my LLC bank account / LLC credit card using cash I supplied as capital contribution. I plan to manage using a landlord app (currently looking at RentRedi) to help with listing, tenant screening, rent collection, maintenance requests, etc. I plan to do this for every property I purchase. When using the landlord app I'm unsure how to use for (eventually) multiple properties that will also be in their own separate LLC. I searched through the forums and it seems like the best suggestion I ran across is to create a separate LLC to function as a property management company with it's own set of financials (I understand that the "management fee" I take is considered earned income vs passive income). Are there any other suggestions? Rehab is almost complete so I'm hoping to figure out ASAP.

Thank you in advance!

Whitney

[Ryan Barone]

Hi @Whitney Holstein! Congrats on your first buy and hold!

A common way to do what you're looking to do is to have a different bank account for each LLC and set that up in your one account in the landlord app –– so that the money for each property automatically flows to the appropriate LLC. The way to do this would be to (1) with your bank, create a separate bank account for each LLC; (2) in the landlord app, "add a payment account" for each bank account; (3) in the landlord app, connect the payment account to the property you want.