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Purchase Rental Property, Need advice on business bank account for LLC

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  • Purchase Rental Property, Need advice on business bank account for LLC

    I just purchased my first rental property and need advise on where to establish a corporate savings and checking account. Should I go with a large national bank or go with the local bank that has my mortgage??? Although, the bank that my mortgage is through doesn't have as convenient locations. Also, should I establish a line of credit? Any other recommendations?

  • #2
    I personally, would stay with a small bank in your area. I would also prioritize saving an emergency fund, apposed to a line of credit.

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    • #3
      Well, what all do you need from a bank?

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      • #4
        Not sure, I was hoping that those who have rental properties would chime in.

        I plan on using it primarily for depositing tenant checks and paying contractors, lawyers, supplies, etc. All of which is basic, just wondering if I'm missing anything that the landlord veterans could help me with.

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