Leon Lee
A quick question on accounts for property/hotel management
Hi, BPersI have a quick question on setting up accounts for managing two properties. They are two hotels with >30 rooms each and belong to different owners. Now, if I am asked to manage both of them, is it more eff...
Brigitte Garrett
Accounting for managing LLC and property trust
Hi all, Newbie here...We have set up a single member LLC for us to act as our own property managers for a 4 plex we just purchased. The 4 plex is owned by a trust with a 2nd single member LLC as the benificiary.I am...
Michael Ghim
Recs for business checking accounts and credit cards - can you have too many?
What do most do in terms of keeping rental business out of personal finances? My eventual plan is to scale - do most have a single financial LLC with its own checking account and each rental LLC finances go through th...
Vernon Trice III
How to structure multiple SFR accounts
Hey BP. Wanted to ask how experienced investors set up owning multiple SFR in terms of bank accounts. Is there one bank account with multiple checking accounts attached to it or just multiple banks with multiple accou...
Philip Hy
How do you live off your cashflow?
I've never heard anyone on any podcast or webinar talk about the mechanics of how they live off their cash flow. Do they have a bank account for each property? Or does it all go into a single bank account? How much, h...
Eric W.
Funding personal investment account from business LLC checking
I've got one rental home and have it held in a single member LLC. My LLC business checking account is growing and I'd like to put that money to use by linking my LLC checking account to my Vanguard personal investmen...
Account Closed
Im in a scary jam! Michigan kid needs some serious legal/tax help
Im getting straight to the point. 1. After reading the blog "The IRS Hit me With a $10,000 Penalty--and it could Happen to you, Too!" I literally have the same problem I have a LLC with no account history not even a b...
Rich Thomas
Seperate credit card for rentals?
Hello,
I currently own 6 units total, I have a seperate checking account 'Investment property' that all money produced from the rentals goes into and does not co-mingle with my personal checking. Bills for the proper...
Joseph Ben-Avi
Should our Holdings LLC own all our future LLC's?
Hi all,I have been viewing this forum for almost a year now and learned a great deal of information, thanks to all of you here that help out. Today I have a simple question that I couldn't find an answer to. Me and 2 ...
Chris H.
Transfers from Personal/Business Accounts
Hello!I currently own 2 SFH's in my own name and all funds flow through my own personal checking account.Moving forward, I plan to put all new properties into their own LLC (single member) with their own business chec...