How do you have your bank accounts organized / set up?

[Mike M.]

Hey guys 

I'm wondering if there is a way I can increase my efficiency or improve my money management system the way it is. For those of you that have full time jobs (non real estate) and do this on the side - how are you managing your accounts? 

Right now I have my direct deposit going into a Bills account, from which I pay off my credit card every month and pay my primary mortgage and all fixed expenses like utilities. I do all my spending on my credit card. I also have a rental account in which I have my roommate deposit via check into every month. I have 5% of my paycheck going into an investment account at fidelity and everytime I have XXX amount of surplus dollars after bills are paid I send this money to my fidelity investment account. 

I am looking at acquiring another property and feel like I can improve my system. 

[John Leavelle]

Howdy @Mike M.

I still work a W2 job full time.  I keep my accounts separate.  One set for Personal use and one set for Business (Real estate investing) use. 

For Business I use a money market account for day to day accounting. Income deposits, bills, etc. I use a no fee credit card for most business expenses. Also have big box store Business credit cards. I use a renewable short term CD that allows 50% daily withdrawals for Real Estate Investment Cash Reserves (Vacancy, Maintenance, and CapEx).

Our W2 income goes toward paying down current personal debts (double payments for most), Retirement savings (401K's and IRA's), living expenses, and certain percentage for personal entertainment and vacations. Any leftover is transferred to the Business CD.

I don't have a lot of properties yet.  So I use the same accounts for all the properties.  I use sub accounts to track each property separately.