1 rental bank account or 1 for each property

4 Replies

Hello

Just wanted to see how everyone else does it? Do you have 1 rental bank account or 1 bank account for each property?

If you combined all the income and expenses in one account it would get really confusing.

I have 1 bank account for each property, I like to know how much I have invested in the property total, which includes my mortgage, cash and expenses and Lines of credit on each property.

Nate

I use one bank account for all my rentals, but keep separate spreadsheets to track expenses/repairs/mortgage for each property. I feel that it works out quite nicely that way, and I'm not sure what benefits you get from having a separate bank account for each property.

1 bank account.  QuickBooks to keep track of everything.

1 Would say 1 bank account per LLC or whichever entity you have the property in.. That way you can keep track of all income and expenses... If you have 10 different properties in 10 different llc's, i would say have 10 bank accounts so you can write off the expenses and end of year.

1 bank account for everything. In Quickbooks you can set up Classes and it will track income/expenses per property.