Managing finances between multiple properties

[Brice Alef-Torrisi]

Hello everyone,

I recently bought a second property in Michigan and I'm really excited to get it rented. However, I was unsure whether I needed to open a new bank to manage the finances associated with the property. I currently have a bank account dedicated to my first property which I hold in an LLC, and I'm planning on paying out of pocket for the start-up costs initially but I wasn't sure if creating new savings accounts under my first LLC's Bank constitutes a comingling. If anyone has any insight on how they manage their finances between multiple properties/LLCs, I'd greatly appreciate it.

Thank you.

[Gregory Schwartz]

We use one checking account per LLC. Then we keep the accounting straight via Quickbooks with each unit a different Class. This way I know which unit is a stud and which is a dud.