I am under contract for a property in dallas texas. which bank would you recommend i open an account with for my texas LLC to operate the property? Any advice, recommendations to choose the best bank in dallas for out of state real estate investors will be much appreciated.
1. my prop mgr will be making deposits. but i dont want the prop mgr to have full access to my account. a way to enable deposits and make available only a small incidentals fund for prop mgr to run the property.
2. will be relying heavily on electronic banking support
3. should be able to pay all utilities electronically as much as possible.
5. i am an out of state investor, so must be great with electronically moving money fast in and out of account. must not charge a fortune to move money, wire, bill pay etc.
Thanks a Bunch.
@Bala Krishnan I'd go with Wells Fargo because they have a good online system and also have a lot of branches in DFW. Of course, you'll want to make sure there's a close by branch to your property.
WF is a definitely a strong contender. They are on my list. In terms of access in DFW and lending, WF is great.
My research is showing that in terms of service fees etc for moving money and bill pay etc, they are terrible and charge a lot.
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