How is your banking set up

[Devin E.]

Good afternoon all, I am trying to figure out the best way to set up my banking for my properties. As of now I have a separate bank account for each property but I want to know how others are setting up their banking. Please let me know your thoughts on this matter Thanks

[Eric Black]

Hi Devin,

I think a lot depends on how your properties are set up. We have 4 rental properties in 3 different states but they're all in our names, not in an LLC, so we have them all go to a single bank account. If they were in different LLC's or business entities we would probably have them in different bank accounts.

The key is to make it as simple as possible while keeping things separated...as necessary. 

My advice would be to talk to your CPA and see what they recommend. If you don't have a CPA my recommendation would be to get one (assuming you have more than 1 rental property).

Best of luck!

Eric