All Forum Posts by: Rex Romano

@Eamonn McElroy thank you Eamonn! This is very helpful. I was not understanding that capital accounts are not an actual bank account. We will certainly use a CPA/tax professional and have been in touch with a few.

My partner and I just formed our LLC as co-owners. We are trying to determine the best banking option for our business and have come across a lot of recommendations online to form capital accounts to help track each members contributions. However, we are having trouble understanding what this means exactly for our bank accounts and accounting. I have called several banks and none of them have been able to explain this to me. Can someone please share information about capital accounts in a way that can be clearly understood? Much appreciated.

Thank you Danny. That is very helpful and advice I had not yet heard.

@Robert Gilstrap I appreciate the insight, Robert!

@Michael Baum Thanks Michael! No, I am not independently wealthy. That is the reason for thinking of starting out with arbitrage. We do not have the capital to buy properties yet and are hoping to build up a cash reserve for a year or so to then be in position to buy. Do you have another start up recommendation, considering our situation?

@John Underwood Thanks John!

My partner and I are getting started with the arbitrage strategy to build up capital before we start buying property. We know that Airbnb offers insurance coverage, but are wondering if it is necessary or recommended to buy additional coverage. Does anyone have experience with this and if so, what has worked for you?