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Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: tips^up on July 09, 2020, 03:16:46 PM

Title: Business banking for rental properties?
Post by: tips^up on July 09, 2020, 03:16:46 PM

I have 3 rental units, owned and financed under my own name.  It's definitely a small business; I am the only employee and sometimes my wife.  I feel like it will make it easier to track revenue and expenses if I separate it from my personal accounts.

1. I would like a checking account for regular debits/credits and a savings account, to hold security deposits.
2. 3 units have monthly revenue (and security deposit amount) of $5500, for an idea of account minimums.
3. I would like the greatest interest-bearing accounts, no monthly/annual fees.
4. Credit/debit card and remote check deposit.  Physical locations is a low priority.

Does anyone have a banking recommendation?

Anyone ever use First Internet Bank?

Title: Re: Business banking for rental properties?
Post by: Dicey on July 09, 2020, 11:32:45 PM

We like Fremont Bank in CA. They are very landlord friendly.