Investor · Member since 2020 · 164 posts · 87 votes
6y
@Brad Haughton Although not in the same domain, there is a design principle called "Separation of concern" in the world of software engineering. This principle simply supports for separating a computer program into distinct sections such that each section addresses a separate concern.
Keeping your RE investment finances apart from your personal finances may be beneficial. Within your investment account, you may need to further consider 2 separate accounts - one for income and the other for expenses.
@Danielle Gray I plan on getting more properties I just want to figure out how to get my foot into investing in Real Estate
Then definitely treat this one as you would a business from the start. Learn everything you can so when you decide to finally use a property management company you know what they should know. You also don't want to have to change and readjust everything once you begin purchasing more property. There are business checking accounts that are in favor of small businesses. Do research for banks in your area as well as online ones. If going with a brick and mortar location, speak with a branch manager in regards to your goals and how they can be of best service to you.