Updated about 6 years ago on . Most recent reply
Bank Accounts for Rentals
I am relatively new to real estate investing. I have flipped a few houses and have a 12 unit (low end) apartment complex. I would like to know how people, with multiple apartment complexes, set up their banking account to receive rent and manage expenses. I know every real estate investor does it differently but that's better than not knowing really how to do it at all. *As I raise my hand*
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Cozy.com is also a great method for collecting rent, tenant screenings, hosting lease agreement, tracking expenses and maintenance requests, etc. I use it for multiple properties and really like it. My tenants like it as well. I'd also recommend Ally Bank online. Their savings account is FDIC insured and offers 1.8% interest rate currently. This is a heck of a lot better rate than you're going to find at a local brick and mortar bank. Offers you a way to make a little more on your money while you're holding tenant deposits and reserves.