All Forum Posts by: David Corrales

@David Corrales just open a separate account in your personal name and run all business income and expenses through that for good record keeping. Keep good record of all expenses (ie digital copies). Your future self will thank you come tax filing time! I personally use i-Cloud folders organized by property-> year-> month. Best wishes on your new venture!

Thank you, Would you know if it would be okay to transfer money over to the rental bank account from my personal the reason for that is because the new rental bank doesn't use zelle?

0 Votes

Mesa, Arizona

Can I still use rental income to offset dti even if the lease has only been established for a month on a primary residence that I moved out off. Someone mentioned to me that there is going to be some law in February next year requiring a year worth of rental income before offsetting dti for a new 5% down primary residence loan application.

0 Votes

Mesa, Arizona

Quote from @Bob Willis:

Hey David - if the property is in your personal name you can just use your personal account. If you start growing and want to setup a separate account handle that part of your life that is fine. But to start you can just use your personal account. If the property is held by an IRA you own or some other entity you may want to talk to an accountant. I'd keep it simple as you are starting out.

Makes sense and property is under my name not an entity. So do you suggest opening a new personal bank account or comingling with my personal personal bank account?

0 Votes

Mesa, Arizona

Makes sense and property is under my name not an entity. So do you suggest opening a new personal bank account or comingling with my personal personal bank account?

0 Votes

Mesa, Arizona

What kind of checking account do I need for a rental property? Will it need to be a business checking account even if I don't use a llc for the property or would I need a DBA?

1 Vote

Mesa, Arizona

Quote from @Ray Hage:

You could use your home address. I wouldn't use a rental property address as you may not get the mail. Tenants might not pay attention, throw it away, etc.
As @Alecia Loveless stated, you could use a UPS address to get it if you need to be anonymous but I think for most investors/landlords, it's just easier to receive it at home.

Makes sense, basically the new place I move to although we won’t be there long so I will need to change that address when moving out to our next primary residence.

0 Votes

Mesa, Arizona

Quote from @Alecia Loveless:

Personally I have a PO Box for such things.

The platform I am using to create an LLC says no PO Box for the LLCs mailing address.

0 Votes

Mesa, Arizona

When creating an LLC for the purpose of transfering ownership of a primary residence which I am converting to a rental property should I use the rental property address for my LLC's address?

1 Vote

Mesa, Arizona

All Forum Posts by: David Corrales

David Corrales has started 3 posts and replied 8 times.

Post: Business or Personal Checking Account?

Post: Rental Income to offset DTI

Post: Business or Personal Checking Account?

Post: Business or Personal Checking Account?

Post: Business or Personal Checking Account?

Post: Should I use the rental property address for LLC's address?

Post: Should I use the rental property address for LLC's address?

Post: Should I use the rental property address for LLC's address?