New LLC! Now What? : Bank Accounts

3 Replies

Hi

This could be a series of questions/ posts under the "New LLC! Now What?" umbrella.

We've just setup our new LLC to do flips and holds. We are also "new" to investing, but have been in a learning phase (aka analysis-paralysis) for over a year now.

Any advice on where to setup a Bank Account in New Jersey? Should we go with a Local Community Bank to start a relationship? (If so, any recommendations?)

Or should we just go with our conventional usual personally-used (e.g., Chase Bank, Wells Fargo, etc.)?

Thanks all!

@Donald Scott  congratulations on taking these concrete steps towards achieving your investor goals! 

A great first step is getting a business bank account(s).  At least an operating.  Depending on where in NJ and the convenience of a location to you local banks can be a great asset.  In South Jersey, I have been very pleased with Republic Bank.  I have also had clients report back favorably regarding Investors Bank.

If a larger, personally used bank is more convenient to you then, by all means, use that.

As for other now what moments this is a good time to review your operating agreement to make sure you understand its meaning, and that it contains the terms for your business that you want.  A second next step is to ensure that any lease you plan to use is properly drafted.  

Typically local banks, portfolio lenders or credit unions are in a better position to offer more options tailored to your particular needs and work with you towards your goals. If you spend enough time with local investors or at local meetings they should be able to point you towards good resources in your area. You should also consider adding your location info to your profile so it makes it easier for people to know where you are and what kind of resources they might be able to recommend.

Republic Bank by Vernon Hill!

Thanks for all your replies. I've looked into Investors Bank and they don't appear to do REI loans. I'll double check.

I'm not surprised by your experience with Republic Bank. The Vernon Hill model is very much centered around customer-service.

And I've updated my profile with my current location of West Orange, NJ. That's where my search for investments is centrally located, although I do expect to explore within a reasonable northern-NJ radius.