All Forum Posts by: Nicholaos Koufoudakis

@Bruce Woodruff haha na man I appreciate any info.... @Sam Wilson I agree it does seem to be a total admin nightmare. I guess what I am looking for is there another method that offers the same protection as having a separate LLC/property and separate bank account/property? I do not mind having separate LLC's, I feel that is a safe route to protect each entity... My question was more so around is it necessary to have a separate business bank account per each LLC.

Ideal situation for me is to have separate LLC's per property and all money flowing in and out of one checking account. What I am unsure of is that the right way to do things? Or is there another way that still offers the same protection?

Thank you @Bruce Woodruff Really appreciate the advice. But if someone is to file a law suit against me and all my properties are under one LLC does that not put them all at risk?

Agreed with the admin nightmare. But, this will protect each property separately if being sued. The more properties under one LLC the more you are at risk to lose. Lets say 5 properties under 1 LLC, something happens at 1 location and tenant decides to file a law suit they can come after everything within that LLC. Admin nightmare, Yes. Worth the protection though.

Thank you Daniel. I have spoken with them on the standpoint of LLC's... I was only hoping there was a simpler way rather then having numerous bank accounts... But if thats my biggest problem I can live with it haha. Thank you for your reply

Thank for your response, right now I am at 5 properties. So for my own clarity you are saying that Yes it is best to have a separate bank account for each LLC/Property? If I have 100 properties then I should have 100 bank accounts(1 for each property)?

I was not sure if it would seemingly be ok to have 1 account that all properties cash flow/expenses/etc... all flowed through and i could separate transactions with a tool like Quickbooks(or other tools people on here may have used that they would recommend).

HI all, I had a question about bank accounts and what is the best way to manage this. I have chosen to go the LLC route for each property and was told the safe bet is to open a separate bank account per property to manage expenses/transactions etc.... Does anyone have any other suggestions? Though I am early on in my real estate investing with just a handful of properties right now when the day comes and I am at 10, 20, 30.... having that many different checking accounts seems a bit ridiculous. With that being said, if that is the safe route and best way to go about things I am all for it, but I wanted to reach out and see what others are doing when setting up and LLC per property and how they are handling their banking. Thank all.