All Forum Posts by: Jonathan H.

Hello,

If I were to purchase a small rental (multi-family) that's currently using a Private Property Manager (instead of an actual PM company), what's the best way to implement the bank account structure? Given that the PM needs to deposit rent checks and also write checks for Property expenditures, do I need to set up another checking account with my bank, and provide the PM with access to this to adequately run the business?

Thanks,

Hello, 

If I were to purchase a small rental (multi-family) that's currently using a Private Property Manager (instead of an actual PM company), what's the best way to implement the bank account structure? Given that the PM needs to deposit rent checks and also write checks for Property expenditures, do I need to set up another checking account with my bank, and provide the PM with access to this to adequately run the business?

Thanks,

As a future landlord, I'm curious as to how you approach the following situation: one of your tenants decides to move out of state, yet has a few months left on their lease. Do they need to pay me for the additional months, or is there normally some type of early termination penalty?

Thanks!

Hello, 

If I were to purchase a multi-family unit out-of-state (it's included in my LLC), I would want to have a Property manager for it. So, when it comes to bills like Property taxes, City fees, sewer, ect..how do I handle payment? Do I set up a separate bank account that the Property manager has access to - for depositing rent and paying bills?

Thanks!

Hello,

If I plan to put no more than 2 properties under an LLC, do I need to create a separate bank account and/or email account for each LLC entity?