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Bank AccountDo not mix your personal finances with the business finances. There are legal reasons for this which I only have a slight knowledge of. You do not want to use the same credit cards for your life as you do for a flip. You do not want to use the checking account you use to pay your grocery bill to pay for flip material and labor.So go to a different bank. The one which is giving you a mortgage might be a good one. Set up a checking account with overdraft protection. Request online banking. Request a debit card.This phase of your flip preparation should begin well in advance of the actual closing on the property so you will have checks printed with your name to use to make payments as you go along. This will be a great way to keep accurate records.
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Prepared 2006-2010 David Ullian Larson |