Updated almost 8 years ago on . Most recent reply
Where to keep cash reserve?
I am meeting with my property manager today to get my first rental on the market! I am planning to build my cash reserve over the next year as I prepare to purchase another rental. Where should I keep my cash reserves? Business checking? Some other interest bearing liquid account?
Most Popular Reply
Get a cash reserve that you're comfortable with and put it in the highest interest bearing account, most likely a high yielding savings account, that you can find. The money needs to be liquid and unlikely to be unavailable when times are tough -- because tough times often follow situations where you can't get money from other sources. There are several recommendations on BP. I agree with @Ian Kee however, get a track record and then find private money.