All Forum Posts by: Allison Cutlip

My boyfriend and I are closing on our first property soon which is a duplex where we will be living in one side and renting out the other. I am stumped as to if it is worth it to get a business bank account or just open a normal checking and savings account. I already have a Stessa account which can be connected with a bank account and has the benefits of collecting rent and keeping track of documents, receipts and transactions. With this being our first property though, would a business bank account just be more of a hassle since we want a joint account with no fees? It seems like not many accounts can be joint or if they are, there's monthly fees. We would also have to close on the house first before being able to open a business account, correct? I am very unsure of what to do, as people are so divided saying yes, you should get one and no, you don't need one.

Thank you!

No, we can do everything ourselves and not spend more money than we have to. That will be a future option we look into with multiple properties and tenants but we can handle this one for now. Thank you for your recommendation!

Hi all, My boyfriend and I are buying our first home that is a duplex, planning to live in one unit and rent the other side. House hacking, if you will. There are tenants in the other side already so we will need everything solidified for them by the time we get the title and we are set to close, which is February 19th. We plan to keep them on a month to month lease but after a few months, have them sign a year lease and increase rent, however, we need help finding a GOOD app/website to get lease agreements/documents from or get a template so we can fill/add certain things we want. We need to find a good app/website for them to send rent as well, preferably one that has many things built into it, making it more simple to manage things in one place. If anyone has recommendations for what they've been using and like, we would appreciate it greatly as well as any tips you may have for us!

Thank you!