Bank Recommendations for Business Checking/Credit Account

5 Replies

I am starting my new LLC in which I run Airbnb properties in a variety of ways:

  • Owning property/placing on Airbnb 
  • Managing other peoples properties on Airbnb for a %
  • Renting property/placing on Airbnb

My LLC has been created and now I'm ready to set up a business checking account. I'm considering other instruments as well, such as business credit card, line of credit, etc... (I assume I could attempt a personal line of credit as I am aware a business line of credit requires profits for a specific time in the past)

I have banked with Wells Fargo for years and had planned to meet with them to discuss all of this, but I would love to get recommendations for other banks, big or small, even credit unions....specifically ones that are in the Phoenix, Arizona area. Let me know if you have had any experience with business accounts with banks in the area. Thanks!

@Kellen King What I read is that you are planning to open a Property Management division of Rattler Realty. 

The Arizona Department of Real Estate is very specific regarding the label on the "Trust Account" and how you conduct Property Management. The account needs to be labeled exactly and then you conduct monthly 3 way reconciliations.

We have out Trust account with Comerica and have been very happy with the services provided. We helped them learn about the label requirements and now a number of other PM's use Comerica.

Good luck with Property Management, are you the Broker?

@Doug McVinua I have heard some good things about Comerica being a "business friendly" bank. My Airbnb services will not be tied to Rattler Realty at all. (to answer your question, I'm not the broker, I'm an agent). My new LLC is owned by myself. So, me being a realtor and me being involved with Airbnb are two separate entities. I didn't foresee any Arizona Department of Real Estate issues with being an Airbnb property manager as any individual can post property there.

@Kellen King If possible I would recommend a detailed discussion with your broker regarding the plans spelled out above. 

You don't want to get sideways with the Department of Real Estate. The Department has really been cracking down on unlicensed activity and or unintentional Property Management.

I would be happy to answer questions anytime as well.