How do you setup bank accounts/business accounts for your LLC?

Question

Goodevening,

Future investor here wanting to do subject to, owner financing and lease option purchases.

How do you automate payments from your tenants to your bank accounts or business accounts?

Also from your business account to pay a seller’s underlying mortgage on a seller financing deal?

I know majority use direct deposits.

Do i give out my account numbers/routing numbers?

Do i ask for seller/tenant’s account numbers/routing numbers?

Thanks!

Denzel Domingo · Answer

@Matt DeBoth

Sounds like its alot easier than how im playing it out in my head lol thank you!

Matt DeBoth · Answer

@Denzel Domingo usually you just give your account number and bank to the tenant and they can deposit their rent. They would be able to get your money or banking info. You can always try cozy.co or another PM software if that would be easier.

For making a payment you should be able to set up an automatic bill pay to send out the mortgage. Or just write a check.

How do you setup bank accounts/business accounts for your LLC?

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