Looking for Advice from Experienced Landlords
Hi all,
I am seeking information on how to set up bank accounts for rental properties. I have opened a separate account for my first rental property, but I'm not sure if I should open up a second account to deposit the Cap Exp, Maintenance, and vacancies savings for that rental or what is the best way to do this.
My fear is the money will get spent if it is all in one general account; I want to do this right so when surprises happen, I am financially prepared.
Also, do you open different accounts for each rental property you buy, or do you deposit it all in one account? I imagine the fees could eat you alive with multiple accounts, but being I am totally new at this, I'm not sure what is the best method.
Thank you for your time, knowledge and advice in advance. I also welcome connection requests.
Lisa