New Landlord Financials

[Andrea Marty]

Hi Everyone,

So happy to be part of the Bigger Pockets community. I just purchased my first Duplex, and I will be an owner-occupant- yay! I want to do this right to set myself up nicely for when I start looking for my second (and third) rental property. I can never get enough help and advice when it comes to managing the finances for this new endeavor, can you please share your systems, tips and tricks? Where do I find quality templates for documentation? 

One specific questions I have is around banking. I know I need to open a separate (from my personal) checking and savings account for my rental property, should these be business accounts? Any pros and cons to using a big bank vs. credit union?

I am so grateful for anything you can share with me. I plan to actively call on this community to help me along the way.

Thank you!

Andrea

[Basit Siddiqi]

@Andrea Marty

You don't need a business account(unless you have an actual entity).
Big bank or credit union is just a preference. I would pick one that has branches near your home and near the investment property.