Separate bank account to collect rent?

[Michelle Garcia]

Hi all, 

I am curious to know what the BP community thinks about opening a separate bank account to collect tenant rent. I currently don't want to start an LLC yet since I am in the beginning stages (haven't purchased a property yet). However, I plan to house hack and I am curious to know what are the best strategies in collecting rent in the meantime and once I own a few rental properties.

Thank you in advance :) 

[Scott M.]

LLC or not you are running a business with income and expenses. Yes, you should open up a separate checking/savings account to handle your business income and expense. Do not comingle with your personal money.