All Forum Posts by: Chris Baxter

@Alex Carpio, what is important is that you keep your personal and business finances separate. If you are operating your properties under a formal business relationship (sole proprietor, partnership, corporation,etc.) you  should open a business account. Otherwise, personal account is fine. I don't agree with @Steven Leca on having a separate account to save for capital expenditures. Money sitting in a bank account is losing value (interest paid < inflation) and it could be deployed elsewhere. Look at getting a LOC to cover capital expenditures and / or include known needed upgrades in your mortgage ask

@Mei Hutchinson we own an EV and charge our vehicle exclusively at home. Questions to consider: 1) would you be taking away a parking stall that would benefit a tenant? 2) Are you trying to make money from your tenants or from the public in general? 3) have you run the analysis on whether you'd be better off renting an EV accessible stall to your tenant(s) ($50 extra per month, for example) vs making it available to the public?  4) How do you monitor stall hogs? 

I have forwarded this thread to BP Support so that they can fix... 

They have a pretty good selection of screen caps on their website: https://www.rentalsoftware.com...

@Alex Carpio welcome to BP!  While it is critical to keep personal and business finances separate, there is no need to have multiple bank accounts for one property.  Income and expenses are tracked in accounting software or in spreadsheets, not by having multiple bank accounts (with multiple sets of banking fees).  I use my local credit union for business banking as they are easy to deal with and offer good service with minimal fees. 

Luke Gervais handles MF in Edmonton and surrounding areas and publishes a regular "Kitchen Sink" e-mail with listings and opportunities

https://www.biggerpockets.com/...

You should post this in the Canadian forum... 

@Leon Doucette congrats on the progress to date. Make sure you are realistic in estimating rehab costs and have a safety margin to ensure that your plan can absorb the inevitable things that will happen. Good luck, and keep us posted on your success!