Connor Wentling
What should I do with a damage deposit?
Hello BP community,
I'm closing on my first investment property this month and have lined up a tenant for one year. My plan is to collect one month's rent as a damage deposit. That seems to be a standard approach, bu...
Jake Hill
Rental Property Banking
Looking for advice on the best strategy for setting up a separate bank account for rental income/expenses. Rental property will be in owners name and I would like to separate business accounts from personal. Thanks!
John Barry
Pros and cons on security deposits for 2 family
Massachusetts landlord, looking for the good, bad and the ugly on security deposits.
Where do you investors keep the deposit, what name is the account in, and how do you handle the interest?
Thanks
Horacio Gutierrez
How many banks accounts for rental properties
Hello,Should you have one saving and checking account for each rental property you own? What if you have 70 units does that mean you create 70 banks accounts is there a easy way to keep track of the money and still no...
Donald M.
Handling Security Deposits in Massachusetts (MA)
Straight from Massachusetts law:(3) (a) Any security deposit received by such lessor shall be held in a separate, interest-bearing account in a bank, located within the commonwealth under such terms as will place su...
Alan Bostick
Buying occupied units question
I have not heard in podcasts or read in any book yet about this topic. Is it customary/required to have tenants security deposit transferred to buyer at sale or is the buyer responsibility to provide that when the ten...
Bobby Becker
Owner occupied expenses
First post after some reading, should be closing on a owner occupied triplex in 2 weeks.The calculations I’ve made deducting vacancy rates and maintenance I’ll have to pay about 200$ a month I’m going to open a second...
Michelle Garcia
Separate bank account to collect rent?
Hi all,
I am curious to know what the BP community thinks about opening a separate bank account to collect tenant rent. I currently don't want to start an LLC yet since I am in the beginning stages (haven't purchase...
Roy C.
Bank Account Allocations
Hello BP. Hope everyone had a wonderful holiday. One of my NYR is getting more involved with REI and BP forums, so here it is.How do you guys manage your REI bank accounts?From what I understand from previous discussi...
Jay S.
Beginner Landlord Questions
Hi all,I just went into contract to purchase my first rental property. I'm getting everything set up in the 30 days I have prior to closing. I had a few questions:1. Florida requires that tenant deposits are kept in s...