Updated over 9 years ago on . Most recent reply
Accounts
I am mid way through closing on my first property! This will be in my own personnel name and I will be managing myself at first. I am wondering how everyone manages their bank accounts. My first thought is to open a checking account for rents paid and multiple savings accounts to allocate a percentage of the rents to for expenses i.e. CapEx, repairs, etc.
I realize this will not be sustainable as I get more properties. Is this something a property management software such as Appfolio, can do for me? If so, would it be best to have just one business account at that point? Or would I have to look more at an accounting software like Quickbooks?