Security Deposit

2 Replies

Hello BP world,

I just purchased my first multi family(4 units)
In NJ. I'm trying to find a simple solution to putting the security deposits into a 4 separate savings accounts. The bank is asking me for 4 deprecate w9 forms for each tenant. Can I do this with out having to get a w 9 form for each tenant...that's seems like a hassle. Please help!

Thanks,

Brian

@Brian Simmonds I've never been asked to provide a W9. The closing statement should have documented the security deposit transfer from the seller to the buyer. If not, as long as the lease agreements document what the security deposits are, and you are able to provide a bank statement with that amount of money in it, you should be good to go.

@Brian Simmonds

No need to have a separate act for each unit. Open an act like trust act and have all deposits and rental income going into this including expenses. Each month you pay yourself income out of this to your personal act.

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