Setting up bank account for property management
Started by Helvetia279
over 11 years ago
Posts: 2
Member since: Jul 2009
Discussion about
I have two clients who are buying condo apartments in NYC and they would like me to manage it for them. Each client will buy one condo unit. They are both foreigners. I see a few banks are offering Escrow accounts with sub-accounts for security deposits but how do I go about rent collection and expense payment for each condo? Advice would be greatly appreciated. It's a new field for me and would love to explore it in more depth. Thank you.
You're a licensed broker or a licensed salesperson?
You need to read up..........a lot.
I am a licensed broker and have my own company set up.
It looks like it's not that easy and I'm really curious how other management companies are doing it.
I've been reading a lot about it already and waiting for a few banks to respond.
Why is this so hard? You open up a business bank account. You have multiple people listed on the account (you, the owners). You collect checks, deposit them into the account. You have expenses, you write checks. The owners have access to the account at all times to check up on what you're doing.
This is how management companies do it.