All Forum Posts by: Chris Montgomery

Thanks for the quick replies! There are no companies involved (yet), I own one rent house in my name and the other is 50% share with my sister (house we inherited from our folks). Right now, we have our shared house in one bank account (both have access) and I started a new bank account for my rent house (it was my former personal residence). I am leaning in the direction of keeping just the one bank account in my personal name for future single family acquisitions unless I decide to partner with someone else on those. In that case, I'd set up separate bank accounts for each property involving a partner (or probably set up an LLC before that and have that bank account for any partnership deals going forward).

As far as bookkeeping software, that's another question I have and will likely explore that in a separate message thread but I'm using MS Money right now to track income/expenses and have considered moving to Quickbooks. I'm still undecided on what to do moving forward but will re-visit this topic later.

Thanks, all! Good forum, glad I found it.

Howdy,

Newbie to the forums and a relatively newbie investor.
I have two rent houses and have separate bank accounts for each one (one is shared with my sister, 50% each). I'm wondering, as I buy more single-family rent houses, if it would make sense to have a separate bank account for each property. What do you all do? Are there advantages for doing this or would it make more sense, over time, to have one consolidated bank account for all rent houses? Thanks.