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All Forum Posts by: Account Closed

Account Closed has started 1 posts and replied 1 times.

General Landlording & Rental Properties

Post: question about who owns and controls deposit bank account

Account ClosedPosted
  • Investor
  • Wilmington, NC
  • Posts 1
  • Votes 0

Hi, have just purchased a 60 SFR portfolio.

my question is:

Do I allow prop management company to open and control bank account for deposits that I draw from(and they also have draw access) or do I open my own account and allow the to DEPOSIT ONLY into it but no draw access? what is industry standard here? A lot of monthly cash is in this account as rents come in.

please advise best practices thanks!

0 Votes