My name is Todd Haskell. My wife and I are new to the real estate business and have started making offers on a few duplexes and condos. What is the recommendation for each property in regards to banking? Is it wise to have seperate bank accounts per location to keep it clean and organized? We haven't filed for an LLC yet and didn't know if that made any difference.
Most investors don't have separate accounts for separate properties but you do need an accurate accounting of what money came from where and when spending which property it was spent on.
@Todd Haskell no, especially if you use a PM it should be very easy because they give you monthly statements. If you don't it still shouldn't be too much trouble as long as you stay on top of it.