Updated about 3 years ago on . Most recent reply
First Investment Deal and Banking Question
Hello BP community,
Just wanted to share my first deal done out in Southern Indiana as an out of state investor.
Rent: $1,450
PITI: $1,020
PM: $145
Cash Flow: ~ $285
Property needs some work and with that should be able to get rents up to market value. I plan to save all cash flow to hopefully reinvest to purchase another deal in 2023. I'm interested in doing more of a BRRRR type deal as conventional is difficult to repeat and scale, but I'm happy to have my foot in the door.
A question I have for the community is how I should go about setting up a bank account to handle this new investment. For closing, everything was done out of my personal account, but since this is a business I want to open a new account for it. Does it make more sense to get an account with local bank? Or would an online bank work? Curious to know what others have done.