Create a separate LLC for each real estate deal and keep its bank account strictly for that property's income and expenses. Mixing personal purchases or vacations with LLC funds pierces the corporate veil and exposes your personal assets to creditors.
I want everybody to understand piercing the corporate veil. So when you have an LLC, like every deal that you do needs to be in its own LLC, right? And the importance of having your own LLC for it is that it protects the asset, but it protects the people and everything around it, right? But there's rules around having an LLC. Your LLC isn't your personal bank account. It is a business bank account. All money coming in and out must only be associated with that particular property or project or LLC. You can't be like taking vacations with it or, hey, I'm going to go buy some shoes and there's like money in that account, so I'm just going to spend it on whatever.
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