New to Real Estate · Providence, RI · Member since 2020 · 11 posts · 8 votes
Hello BP community! I've just closed on a triplex on the East Side of Providence which will hopefully be the first of many. I'd like to set up my business account which will manage my rental income through a local bank in order to establish a relationship. I'd appreciate some suggestions? I'm also in the market for a good electrician and/or contractor for a remodel. Any & All suggestions are helpful!
Buy and Hold Investor · Cranston, RI · Member since 2013 · 1k+ posts · 1k+ votes
6y
@Lindsey Costello congratulations on closing on your first property! The first one is always the most difficult one mentally, so it's awesome that you've overcome that hurdle. The next one, whenever you're ready, will be a lot easier.
If you mean you're looking for suggestions on where to open a business bank account, I've had good experiences with Navigant, BankNewport, Washington Trust, HarborOne (formerly Coastway), and Pawtucket Credit Union.
It sounds simple, but for me a lot depends on what's logistically convenient. Most of my accounts are within a quarter mile of each other and where my office & home are, so it's very easy to work them in, go and talk to folks, etc.
I've also had accounts that are at places just one city over and it was a perpetual thorn in my side since it wasn't in my main sphere of location/activity.
Once you find some that are recommended and fairly close by / convenient, some other things to check out are fees and online access, bill pay, etc.
For example, I found out that one of my banks doesn't let me do mobile deposit through their app for a business account - so that was quite a disappointment.
And if you might have several accounts, one for each entity, someday then fees across multiple accounts can add up quickly so keep that in mind. Some banks have fees for minimum balances, some have fees for not enough activity, and some have fees for too much activity. So ask about that and see what fits your needs.
Re: contractors, someone recently asked me something similar so I'll just do a copy/paste message for you :)
Rental Property Investor · Boston, MA · Member since 2018 · 29 posts · 14 votes
6y
Congrats Lindsey!! Great move on your first step of hopefully many!
I agree separate bank accounts are valuable to your rentals but simply using separate personal accounts are fine. I keep my rentals that way. My business account was more difficult to obtain from banks and offers little benefits for the purpose. (of course, after growing your portfolio might be a different story).
New to Real Estate · Providence, RI · Member since 2020 · 11 posts · 8 votes
6y
@Kevin Berry Thanks for the insight! I'm planning on putting my leases & rental income in a bank account associated with an LLC for liability purposes. I'll have to go talk to them and make sure that opening up an account in that manner won't be an issue.