Updated about 2 years ago on . Most recent reply
Room by room security deposit.
Hi! Just starting with house hacking and bought a 3/3 SFH. I'm looking into doing room by room rentals with me living in one of the rooms. My question is where do you guys place their security deposit? Is it a separate savings bank account for each room? Or just one bank account for all renters? Is it going to be under their name or mine? Thanks for all your help!
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Julien Jeannot
#4 House Hacking Contributor
#4 House Hacking Contributor
- CPA, Real Estate Broker & Investor
- Seattle & Woodinville, WA
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Julien Jeannot#4 House Hacking Contributor
#4 House Hacking Contributor
- CPA, Real Estate Broker & Investor
- Seattle & Woodinville, WA
One account for all deposits & no other transactions should use that account.
The account should be under your name or the company you operate.
As always, check the local ordinance.