Jalen De Leon
Separate bank account for REI property
Hello!I am about to close out on my first rental property and wanted some advice on storing the cash flow every month. Should I open up a separate bank account? Or is there like a certain type of app that you guys use...
Brett McManus
Bank Account Structure for House Hacking
Hi BP Community, Towards the end of this month I will be closing on my first duplex to House Hack in the Minneapolis, MN area. So far I am remaining confident in my numbers/reserves amidst the current conditions and ...
Derek L Mooy
How Many Bank Accounts Per LLC?
Just wondering what others are doing regarding how many bank accounts you open for each legal entity (LLC, S-Corp, etc). I’m considering the following strategy:Account 1: All rents are deposited into this account. Acc...
Connor Corkrin
Security Deposit Bank Account for Tenants
Hey again all,So I'm just finding out that there is a law requiring tenant's security deposits to be held in a separate account at 3% annual interest. Is this true?If so, are these types of accounts common with local/...
Janelle Hudson
Business Bank Account for virtual wholesalers
What's a good bank to set up a business bank account for a virtual wholesaler?
Julian Colvard
Which bank allows for multiple accounts?
Currently, I’m getting through “profit first“ for real estate investors (book). It’s giving the advice of setting up multiple accounts for different purposes, and my question is, what banks do you currently bank with ...
S Yu
Separate Bank Account for Rental Activities?
Hi all
I'm closing on my first property today a 3-family unit. I was wondering if I should set up another personal bank account for all activities. I'm going to be depositing my checks and if there are repairs I'm go...
Josh Calcanis
Best Business Bank Account for REI
Morning BP,After 3 years of investing and 6 doors, I'm going to start treating my REI as more of a business. This includes doing a much better job at book keeping. I thought I was doing a good job until I went to my C...
Emmanuel Ramos
Advise on structure and bank accounts
Partners, I would like your opinion on the following:1. Wyoming LLC with TWO Members is a holding company2. The WY LLC owns LLCs in different states. Each LLC holds a real estate asset with a buy & hold strategy...
Matt Burgess
Bank accounts needed for house hack
Hi everyone,
At the end of July, my girlfriend and I successfully purchased our first house hack! I am now looking for advice on how to structure my bank accounts to properly separate my personal expenses from any ex...