Multi Family Bank Accounts

[Raymond Hill]

Hello,

I was told that it is important to open up a bank account per rental property. I wanted to know if anyone has done this and if so what are the benefits and what banks are the best to utilize in the New England area, preferably in Rhode Island.

Ray

[Johann Jells]

Sorry, that sounds crazy to me, managing so many checking accounts. All you have to do to keep track of expenses with one account is properly categorize your transactions in your ledger software like Quicken. With a Home Depot Pro account and a commercial credit card every checkout asks for a PO#, I input a code for the property and unit. They email you the receipt! All utilities and mortgage payments are ACH, automatically downloaded into the software with an identifying account number.