You don't need separate accounts for each rental property. This host uses the Profit First system instead, funneling all rent through a third-party platform like PropSperity that handles payments and deposits net proceeds into one business account. Focus on deals, not bookkeeping.
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All right. Q&A Thursday. As a reminder, all these Q&A videos are actually sparked by actual questions that we get from you, from our Smart Real Estate family community, and/or live conversations like as recent as a couple of weeks ago with this particular one, with people looking at our associate or our apprentice programs. So if that's you, these questions I hope are going to fill in a bunch of blanks for you. The question here is, do I need separate bank accounts for every property? No, I mean, again, I'm not an accountant or attorney, guys, but we don't do that. And this is not advice for you accounting-wise. I'm just telling you what we do, what we tend to do with our business. We do follow the Profits First teachings by Mike Michalowicz. Cool book. And then the offshoots more specifically for real estate investors, I highly suggest you go grab this. It's by David Richter and it's called Profits First for Real Estate Investors. Go grab that book. Keep in mind, it's like that Chicken Soup for the Soul. That's Mike's book. And then David did offshoots of it specifically for us. Now, as far as processing payments, you know, from our tenants, because this matters to bank accounts from the buyers and then paying mortgages and sellers and all that, we now get to use a third party. It's a servicing company that handles everything, tracks everything from payments, history, compliance, So instead of managing all that, which we did for so many years, so many hundreds of properties, you actually get to use this company now and you pull clean reports. So for example, your tenant buyer or your buyer pays on a portal. The company will pay, grab that money, pay the underlying debt, whether it's the bank or the seller, and then drop the difference in your bank account. And I'll give you the resource here because we actually acquired the company not too long ago. Learn more about it at prop— PropStream. Prosperity.io. Prosperity.io. Because your job is not bookkeeping, guys. We wrestled with this for years. Your job is deals. Go out and get some deals done at the rate of, you know, $45,000 to $350,000 per deal. You cannot afford to sit in the office and mess around with a bookkeeper or doing it yourself. Even worse. Not sure where to get started? Go to smartrealestatecoach.com/getgoing for free books, strategy calls, and a whole bunch more. We're going to help you get going the wicked smart way. We've been after this for over a decade. Doing exactly that. I hope that helps you get over to Prime and get yourself set up right. Get over to PropSperity.io, get yourself set up right, and off to the races we go and executing on deals. We'll see you next week on the next Q&A Thursday.
