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.