Checking account for Rental property

[Patrick Howarth]

We're transitioning our primary residence to our first long-term rental. For managing rental income and expenses, we're wondering about the best checking account setup. We currently bank with Capital One. Should we use our existing account and open a separate new account specifically for the rental, or should we open an account at a different bank altogether?

[Ryan Spath]

Hey, great question!

We self-manage a dozen doors across two states. We have a separate bank account that handles all rental-related activity. Personally, I don’t think the specific bank matters—as long as the account is completely separate from your personal finances and used solely for your rental business.

For tracking, we keep things simple with an Excel spreadsheet. Each property has its own tab, and we track profits and expenses in detail for each unit. It’s worked well for us, and we’ve done our best to keep the system easy to manage.

That said, the key is finding what works best for you. Create a system, stick with it, and improve it as your portfolio grows or your needs change.

Feel free to reach out if you have any specific questions—always happy to help and share what we’ve learned over the years!