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Updated almost 3 years ago on . Most recent reply

User Stats

286
Posts
67
Votes
Leon Lee
  • Real Estate Investor
  • Atlanta, GA
67
Votes |
286
Posts

A quick question on accounts for property/hotel management

Leon Lee
  • Real Estate Investor
  • Atlanta, GA
Posted

Hi, BPers

I have a quick question on setting up accounts for managing two properties. They are two hotels with >30 rooms each and belong to different owners. Now, if I am asked to manage both of them, is it more efficient to have one operational account for all the properties that I manage (including other single family houses, short-term rentals, etc..) or it is the best to have two completely separate accounts for these two hotels?


I leaven slightly toward separating them for both incomes and expenses, given that we have significant budgets for renovations and each is of quite large size.   The downside seems to that I have to apply for debit cards, PayPal, CashApp for each property and we still can't completely separate expenses for two properties (like our PM software, our smart lock system,  costs, etc..). What's more, I can't imagine if one day we manage 5 hotels and the # of accounts and cards we will have. 

Any inputs on pros and cons will be greatly appreciated!

Lee

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