Rental Property Investor · Decatur, GA · Member since 2017 · 41 posts · 18 votes
I am trying to wrap my head around how to transfer money from a personal savings account and HELOC in one state to another state that will hold my business/LLC account. Will it tie the business account and personal account together and raise flags? I'm trying to start my Buy & Hold realestate business in another state but have the money tied up in the state I'm living in now, so I'm just preparing before I move the money to purchase homes in another state.
Rental Property Investor · Toronto, Ontario · Member since 2012 · 538 posts · 298 votes
8y
No - If you wire transfer (recommended for large sums) from one account to another, they are not 'tied' together. You could also write a check but the bank will likely put a hold on it until it clears. Check with the receiving end bank regarding any policies they may have.
There is a record of it but does not raise flags. One quick note - Move the funds from your HELOC to your personal account and then do 1 transfer to the business acount to save the fees / charges.
Lender · Pensacola, FL · Member since 2017 · 658 posts · 626 votes
8y
When I do ACH transfers between personal linked accounts, I found that PUSHING the funds from the source account to the receiving account means the receiving account makes the funds available right away. When a do a PULL by the receiving account from the source account, the receiving account puts a hold on the funds for a few days to make sure they clear.