All Forum Posts by: Rebecca Kirkwood
Rebecca Kirkwood has started 1 posts and replied 3 times.
Post: Property Management checking accounts
- 6707 Broadway Merrillville, IN 46410
- Posts 3
- Votes 0
They are a mix of multi units and SF and they are under different LLC's. I do have a separate account for all rent that comes in and I do already pay for utilities from that account as well as the owners and myself out of that account. I would have to establish new accounts since the owner (one owner, different LLC's) wants me to take the burden of accounting that is held by his wife right now. I would want different accounts since he estimates he makes 7% interest on all of his rentals. He wants me to send them the interest, leave the remaining funds in the account paying utilities, taxes, insurance and any expenses that arise as well as my fees out of that account. keeping them all separate is paramount for me to keep accurate accounting. I have quick books already and do print checks, but I still have to buy checks that fit the app of there check printing system. I just feel if I pay for this owner and his 8 properties then the next owner wants the same service and he has 10 properties and then the next... I would set a standard that would not be financially beneficial to my company.
Post: Property Management checking accounts
- 6707 Broadway Merrillville, IN 46410
- Posts 3
- Votes 0
Thank you Charles, I have reached out and was able to get one response in this time of crisis not many are answering. They said they don't pay all expenses. They have one account they pay owners out of, but my owner wants me to expand at my expense.
Post: Property Management checking accounts
- 6707 Broadway Merrillville, IN 46410
- Posts 3
- Votes 0
I have my own property management company that is just over a year old. I was a property manager for about 4 years prior to going out on my own. That company was disorganized and didn't teach the infrastructure of the accounting portion of the business. I have an owner that wants me to create 8 different checking accounts for his properties at my expense ($840 to order security checks) out of those accounts I would send owner his interest payment, pay taxes, pay insurance and repairs. In order for me to do that they would have to be separate accounts to better track the funds for the individual property. I don't think I should absorb the cost of the checks, I will be doing more work with no upgrade in commission and I am fine with that as I do think that would be a better system, but I feel that should be at the expense of the owner. What are your thoughts?