PSA: Personalized CC

UT · Member since 2018 · 36 posts · 17 votes

PSA: I recently found out that my credit union offers personalization of your debit and credit cards. It's a free service for the accounts you have at the bank/credit union. I have made each of my rental properties a photo card so I can quickly and easily remember what card goes to what property.

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Cheree Hill

Elkridge, MD · Member since 2019 · 10 posts · 5 votes

@Ned Carey

I don't personally have any properties at the moment. However, I am a bookkeeper for a REI and QBO ProAdvisor. I still encourage clients to keep things separate and streamlined but that's just me...

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Aaron K.
Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
6y
Cool but will get tough when you don't remember what each one looks like.
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Nicole Heasley Beitenman
Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
6y
OMG I want one with my company logo on it! Currently, all of my rentals are in the same bank account, so I used our local city's college mascot to help me remember it was my rental property card.
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Ned CareyPro Member
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Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
6y
@Laura Johnson why would you have a card for each property?
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Bob Daniels
Phoenix, AZ · Member since 2017 · 135 posts · 294 votes
6y
Originally posted by @Ned Carey:
@Laura Johnson why would you have a card for each property?

If you have each property in a separate LLC as some people advocate for, then you would need to keep each properties expenses separate from one another.
Personally I keep everything together. I couldn't imagine filing and renewing that many times with the state each year, or going to home depot and needing to check out 5 different times because i'm buying items for different properties.
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Cheree Hill
Elkridge, MD · Member since 2019 · 10 posts · 5 votes
6y
@Ned Carey
Like it was said below if they are each their own LLC then expenses would need to be separate. You might want to keep expenses separate anyways for each property if you wanna track profitability by property,etc.
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Ned CareyPro Member
Moderator
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
6y
@Cheree Hill I could also ask why do you have one LLC for each property. If you do, then what you suggest makes sense. However I think one LLC for each property is overkill and an expensive way to go. I figure each LLC costs about $1,000 to maintain. One thousand dollars out of the income for one property is a pretty big hit. Spreading that expense over 4 or 5+ properties is not so bad.
There is no need for separate bank account or credit cards to separate expenses on properties within one LLC. That is easily done with accounting software. That software can be as basic as an Excel spreadsheet.
I would like a card with my company logo though !
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Cheree Hill
Elkridge, MD · Member since 2019 · 10 posts · 5 votes
6y
@Ned Carey
I don't personally have any properties at the moment. However, I am a bookkeeper for a REI and QBO ProAdvisor. I still encourage clients to keep things separate and streamlined but that's just me...
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Ned CareyPro Member
Moderator
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
6y
@Cheree Hill That is what I use; Quick Books. I separate properties by class for rentals and customer/ job for some other purposes.
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