I am about to close on a Triplex and was wondering how I should go about managing my bank account and mortgage payments. Should I create a new account and have the mortgage come straight out of that and all my tenants pay rent directly into the account? Or open a new account with a new bank..?
Any tips or opinions in this?
What works best for you?
This is just my opinion (others will chime in), unless you have access to free business accounts, I would open a checking account for business operations and a savings account for deposits held for your tenants (you need to separate these funds). Deposit their monthly payments and make your mortgage payments from the operating account.