Separate Bank Account for First Rental Activities
I have just selected first Renal property in Memphis and will be closing in 2-3 weeks. I will be opening new personal Saving account and will be adding initial money to that account from my personal checking account. After that i am planning to leave that account just for the Rental activities to not mingle with personal account. I may go for LLC later in future after 1-2 years.
Below are some of my questions:
- Should i put initial amount just to seed the account to new account from my personal account? or is it not advisable?
- Should i take home warranty for rental property?
- Who is better for property manager in Memphis: Crestcore Reality, Renshaw, Reedy and Company Realtors?
Really appreciate for insights. And looking forward to learn.
Most Popular Reply
- Real Estate Broker
- Cody, WY
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I recommend a checking and savings account.
Checking: rent goes in, bills go out. pay your mortgage, repairs, insurance, taxes, etc.
Savings: hold security deposits so you don't accidentally spend them. When your checking account gets a surplus, transfer those funds to savings so you can save up for your next purchase.
I don't have any personal experience with property managers in Memphis but CrestCore holds the highest qualification from National Association of Residential Property Managers. that's a good place to start.
- Nathan Gesner
