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Updated about 9 years ago on . Most recent reply

User Stats

56
Posts
10
Votes
Lisa Johnson
  • Real Estate Professional
  • Foley, AL
10
Votes |
56
Posts

Opening a joint bank account

Lisa Johnson
  • Real Estate Professional
  • Foley, AL
Posted

Hi everyone, 

I am getting ready to launch my career in flipping and this one issue has been on my mind.  I have built my team;  I am the PM / Designer, my contractor, my Realtor and my investor.  It is probably a very similar set up for most flippers.  However, since my investor will be paying for the properties and rehab, but will not be on site, is it better to establish a joint checking account so I can pay the contractor and material cost rather than bothering him for every little expense?  Is this how it is typically done?  This business endeavorer is new for both my investor and myself and I want to get off on the right foot.  Any advice you offer would be greatly appreciated.  Thank you!  Lisa

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