Kenneth T.
How to collect rent
My parents are starting to rent out part of their home instead of just letting my kids live there. This is great for them, but they aren't really good at management. Thus, I will be doing most of the work for them. Th...
Andrew Bissada
Keeping track of RE Finances & Taxes?
I am reading the book "The House Hacking Strategy"
Craig mentions to keep a separate (bank) account for real estate, because it will make it easier when doing taxes.
Can this be an additional savings account? Or doe...
Roman Stefaniw
Managing bills, income & accounts
Hello all! Im new to the real estate game and am excited to get started. I am in the midst of negotiations for my first duplex. I do not have an incorporation yet and do not know if its necessary to get one for my fir...
Jason W.
Advance Monthly Payments for P&I
There's a scenario where a borrower would like to pay upfront for 6 monthly P&I payments. Are there any legalities or statues to consider? I was thinking one could setup a separate bank account, deposit the upfron...
Mary Jay
Is it ok to pay mortgages from the property management bank account?
Hi guys,I have a property management company that has a separate bank account and all of my tenants deposit the money into this account. Lets call it "Mary's Property Management LLC"Is it ok to pay mortgages from the ...
Ryan Marker
Separating rental income and expenses
My wife and I have owned 1 rental property for the past 5 years. So far I've managed to keep good records and receipts for all transactions relating to the rental. I'm looking into the best method for me to keep the r...
Ramzi Nuseibeh
Kentucky Security deposit law
Good afternoon,
A little confused on the Kentucky law for security deposit. I know you are supposed to keep them in a separate account than your main checking account, do you need a separate account for each property...
Brian Warren
Security deposit in a high yield account
I understand that I need to hold the tenants security deposit in a separate account... I was thinking of putting into a high yield savings account 1.9% or possibly putting into a 12 month certificate of deposit at abo...
Account Closed
Best practices for bookkeeping if not under LLC
Hello,I’m closing on my first deal and have decided to hold off on putting the property under a LLC. Since I wouldn’t have an EIN to create a business checking account, am I allowed to simply open a new personal check...
David Shifirn
Chicago Security Deposit Account Question
I own 5 units. 1.Do I need to keep each individual security deposit in a separate checking account?2.3 of the units are in a 3 flat. Can I keep those together in one checking account?"Intermingling funds" makes this c...