Room by room security deposit.

[Sharlene Ko]

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!

[Julien J.]

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.