All Forum Posts by: Barry Cooley

@Account Closed

Thanks for the input, Dylan. Business credit cards is another area I haven't given much thought to, but may be something for me to think about. Thanks for the info!

@Matt Horwitz

Matt, yes, the location I will be investing will be in Alabama. More detailed steps would be greatly appreciated. Thank you so much!

@mateusz Prawdzik

I believe I will be doing it myself then. Thank you. 

@Mateusz Prawdzik

Thanks Mateusz. The LLC isn't quiet as expensive as I thought it would be, so I may possibly go that route. Thanks for the information.

@Mateusz Prawdzik

Mateusz, is the $126 for the LLC or business account?

@Scott L.

Thanks Scott, that's another route I might possibly take.

@Dylan Bensinger

That's what I'm trying to decide, whether to open a business account or another personal account. I know down the line I will want a business account, but not sure it's worth the trouble at this point. Thanks for your input.

@Christopher Brainard

Thanks Christopher. That was my thought also, to separate personal from business. So,do you think creating a legal entity, such as LLC, etc. is what they mean by proof of business? I wasn't planning on an LLC at this point, since I haven't made any money to protect yet, but would like to down the line at some point. Thanks for your help.

Good evening BP members. I am going to purchase my first single family investment property within the next few months. I have money in a couple of different personal accounts that I want to use to purchase properties. I want one account for this money, but when I checked with my bank (online) about a business checking/savings account, it said you need an EIN number or tax returns for the business, and proof of business to open the business account. I have none of this at the moment, since I haven't done a deal yet. Should I get an EIN and open the business account? How did you handle situations such as this? I know I can call the bank, but it's after hours and I am curious. Thanks in advance. 

@AJ Cole

I sent you mail. Thanks.